CR-2025-005034 - [2025] EWHC 2625 (Ch)

IN THE HIGH COURT OF JUSTICEBUSINESS AND PROPERTY COURTS OF ENGLAND AND WALESINSOLVENCY AND COMPANIES LIST (ChD)

IN THE MATTER OF ARGENTEX LLP (IN SPECIAL ADMINISTRATION)

AND IN THE MATTER OF THE PAYMENT AND ELECTRONIC MONEY INSTITUTION INSOLVENCY REGULATIONS 2021

AND IN THE MATTER OF THE PAYMENT AND ELECTRONIC MONEY INSTITUTION INSOLVENCY (ENGLAND AND WALES) RULES 2021

AND IN THE MATTER OF THE INSOLVENCY ACT 1986

Royal Courts of Justice, Rolls BuildingFetter Lane, London, EC4A 1NL

Before :

ICC JUDGE AGNELLO KC

BETWEEN:

(1) DANIEL CONWAY

(2) TONY WRIGHT

(3) DAVID HUDSON

(In their capacity as Joint Special Administrators of Argentex LLP (in Special

Administration))

Applicants

-and-

(1) MATTHEW PLASS

(2) ALPHA DEVELOPMENT EUROPE LTD

(3) WELL-SAFE SOLUTIONS LIMITED

(4) CZARNIKOW GROUP LIMITED

(5) DAWN CAPITAL LLP

(6) SEASALT LIMITED

Respondents

Mr Christopher Boardman KC and Ms Kate Rogers (instructed byBird and Bird LLP) for the Applicants

Mr Marcus Haywood (instructed by Macfarlanes LLP) for the First to the Fifth Respondents Mr Richard Fisher KC (instructed by DLA Piper LLP) for the Sixth Respondent

Hearing date: 25 September 2025

JUDGMENT

ICC Judge Agnello KC :

Introduction