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

Fecha: 15-Oct-2025

Introduction

This is the judgment in relation to two paragraphs of directions sought by the Applicants, the Joint Administrators of the above named LLP (Argentex or the Firm). Argentex was placed into special administration on 21 July 2025. By application notice dated 12 August 2025, the Joint Special Administrators ( the JAs ) seek direction from the court pursuant to paragraph 63 of Schedule B1 of the Insolvency Act 1986, as applicable by Regulation 37 of the Payment and

Electronic Money Institution Insolvency Regulations 2021 (“the 2021 Regulations”).

The directions specifically sought before me are as follows:-

(1)

A direction as to whether the Joint Special Administrators will be (i) incurring liability as an expense of the special administration; or otherwise (ii) adopting the contracts entered into between the Company and its customers for both forward contracts and OTC derivatives (“the Trading Book”), by:

not performing the contracts in the Trading Book as they reach maturity following the appointment of the Joint Special

Administrators; or

closing out some or all of the customer contracts that make up the Trading Book and enforcing the debts that arise under the terms of those contracts (‘direction 1(a) and direction 1(b)’).

There are further directions sought but those are not before me for

determination. The direction sought in 1(a) is clearly urgent in that currently the JAs are not performing the contracts and therefore they require to have the determination by the Court as a matter of urgency. After hearing from all parties

on 25 September 2025, I determined that the JAs will not be incurring liability as an expense of the special administration under direction 1(a). This judgment sets out my reasons for that determination as well as my decision in relation to direction 1(b). I should add that before me the parties were agreed that direction 1(b) was referring to termination of the contracts pursuant to clauses 13 and 26 of Argentex’s general terms and conditions and clause 11 of Argentex’s ‘terms applicable to the provision of MiFID II Services’.