[2025] EWHC 2316 (Ch)

Case Numbers: CR-2021-001548, CR-2022-000144 & BL-2024-001058

IN THE HIGH COURT OF JUSTICE

BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES

INSOLVANCY AND COMPANIES LIST (ChD) and BUSINESS LIST (ChD)

7 Rolls Buildings

Fetter Lane, London, EC4A 1NL

Before:

THE HONOURABLE MR JUSTICE THOMPSELL

IN THE MATTER OF CORE VCT PLC (IN LIQUIDATION), IN THE MATTER OF CORE VCT IV PLC (IN LIQUIDATION), IN THE MATTER OF CORE VCT V PLC (IN LIQUIDATION)

AND IN THE MATTER OF THE INSOLVENCY ACT 1986

 BETWEEN:  1. LAURENCE PAGDEN (as Liquidator of Core VCT IV plc and Core VCT V plc)

2. SIMON JAMES UNDERWOOD

3. DAVID ROBERT BAXENDALE

4. STEVEN ANTHONY SHERRY (as Joint Liquidators of Core VCT plc) Applicants

- and -

1. MARK ROBERT FRY

2. NEIL JOHN MATHER

(as former Joint Liquidators of Core VCT plc, Core VCT IV plc, and Core VCT V plc)Respondents

AND BETWEEN: 1. CORE VCT PLC (in liquidation)

2. CORE VCT IV PLC (in liquidation)

3. CORE VCT V PLC (in liquidation)  Claimants

- and –

1. SOHO SQUARE CAPITAL LLP

(formerly ESO Capital Advisors LLP and, before that, Core Capital Partners LLP)

2. Mr WALID KHALIL FAKHRY

3. STEPHEN PETER EDWARDS

4. MARK ROBERT FRY

5. NEIL JOHN MATHER

6. BEGBIES TRAYNOR (CENTRAL) LLP

7. BTG ADVISORY LLP (formerly BTG Financial Consulting LLP)

8. BEGBIES TRAYNOR GROUP PLC

9. SOHO SQUARE CAPITAL I LP (formerly Core Capital I LP)

10. SOHO SQUARE CAPITAL II LP (formerly Core Capital Partners II LP)

11. RHONDA NICOLL

12. DAVID JOHN ALEXANDER STEEL

13. PETER MENZIES SMAILL  Defendants

Ms Catherine Addy KC, Daniel Lewis and Charles King (instructed by Harcus Parker Limited and from 3 September 2025, Michelmores LLP) for the Claimants

Mr Adam Deacock (instructed by Reynolds Porter Chamberlain LLP) for the Defendants

Hearing dates: 18-19 June 2025

APPROVED JUDGMENT

This judgment was handed down remotely at 10.30am on 10 September 2025 by circulation to the parties or their representatives by e-mail and by release to the National Archives