CR-2024-000675 - [2025] EWHC 2069 (Ch)

The Company was incorporated on 2 October 2020. It was the holding company for a group of companies collectively known as the “RDCP Group”. By way of background I was shown the Group Structure from about mid-late 2023 by way of contrast with the current structure, from which it is apparent there is no value left in the group. A winding up petition was presented against the Company on 2 February 2024 (“Date of Presentation”). The Company was wound up by order dated 20 March 2024. The liquidators were appointed as provisional liquidators on 26 February 2024 and as full liquidators on 17 April 2024. At all material times, the Respondents, who are husband and wife, were the only acting directors and shareholders of the Company, subject to one point which I mention in the next paragraph.

On the Date of Presentation, the Respondents:

There is no statement of affairs and it is relatively early days in the liquidation. The Liquidators’ current estimated deficiency is around £11m, although only approximately £1,199,269 is owed to creditors unconnected to the Respondents.

The underlying claim for misfeasance is brought by the Liquidators under s.212 of the Insolvency Act 1986 (‘IA’) on the basis that the Respondents have misapplied the Company’s funds in breach of their duties as directors. I was told that the Particulars of Claim in the bundle were produced on the usual basis that, as s.212 is a summary remedy, a claim is usually initiated by application notice and a supporting witness statement but often proceeds thereafter by way of pleadings. So the Applicants expect that the court will direct the service of statements of case in due course. Having said that, the case as expounded in the Particulars of Claim was fully explained in the extensive evidence before me (as recorded in the Order) and in the Skeleton Argument.