Hyde & Ors (Joint Administrators of Betindex Ltd), Re [2021] EWHC 1542 (Ch) (08 June 2021)

Hyde & Ors (Joint Administrators of Betindex Ltd), Re [2021] EWHC 1542 (Ch) (08 June 2021)

Customer entitlements to trust assets are fixed by reference to their Customer Funds as at 26 March 2021 (date of administration order); trust funds should be distributed as soon as practicable based on those entitlements; calculation does not include future dividends; any surplus after payment of customer claims is to be paid to BetIndex; costs and administrators' fees for administration of trust assets are to be paid out of trust assets.

Citation
[2021] EWHC 1542 (Ch)
Parties
Applicant: Adrian Hyde; Applicant: Richard Toone; Applicant: Adrian Rabet; Company: BetIndex Limited; Representative of Certain Beneficiaries of a Trust: H&J Director Services 1 Limited
Jurisdiction
England and Wales
Judgment Date
08 June 2021
Procedural Posture
Application for Directions Under Paragraph 63 of Schedule B1 Insolvency Act 1986 / Post Administration Order, Determination of Distribution of Trust Assets
Outcome
Application granted; directions given for distribution of trust assets.
Legal Topics
Interpretation of Trust Deed, Distribution of Client Funds, Customer Protection in Insolvency, Calculation of Entitlements, Administration Costs
Insolvency Trusts Gambling Regulation Interpretation of Trust Deed Distribution of Client Funds Customer Protection in Insolvency Calculation of Entitlements Administration Costs

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Parties

Adrian Hyde

Applicant

Richard Toone

Applicant

Adrian Rabet

Applicant

BetIndex Limited

Company

H&J Director Services 1 Limited

Representative of Certain Beneficiaries of a Trust

Procedural Posture

Application for Directions Under Paragraph 63 of Schedule B1 Insolvency Act 1986 / Post Administration Order, Determination of Distribution of Trust Assets

Legal Issues

  1. 1 Timing of distribution of trust assets
  2. 2 Date for fixing customer entitlements
  3. 3 Inclusion of future dividends in calculation

Ratio Decidendi

Customer entitlements to trust assets are fixed by reference to their Customer Funds as at 26 March 2021 (date of administration order); trust funds should be distributed as soon as practicable based on those entitlements; calculation does not include future dividends; any surplus after payment of customer claims is to be paid to BetIndex; costs and administrators' fees for administration of trust assets are to be paid out of trust assets.

Court Disposition

Application granted; directions given for distribution of trust assets.

Orders

  • Trust funds to be distributed as soon as practicable based on customer entitlements as at 26 March 2021.
  • Calculation of entitlements excludes future dividends.