Argentex LLP (in special administration), Re

Argentex LLP (in special administration), Re

The relevant contractual clauses do not entitle Argentex or its Joint Special Administrators to terminate or close out customer contracts, or enforce debts, based on Argentex's own insolvency, loss of hedging, or economic interests. Such powers are limited to risks arising from the customer's position, not Argentex's internal financial circumstances. The applicants' construction is inconsistent with the contract structure, business common sense, and the absence of an express clause permitting termination for Argentex's own insolvency.

Parties
Applicant: Daniel Conway; Applicant: Tony Wright; Applicant: David Hudson; Respondent: Matthew Plass; Respondent: Alpha Development Europe Ltd; Respondent: Well-Safe Solutions Limited; Respondent: Czarnikow Group Limited; Respondent: Dawn Capital LLP; Respondent: Seasalt Limited
Jurisdiction
England and Wales
Judgment Date
27 November 2025
Procedural Posture
Special Administration Application / Judgment on Directions
Outcome
Directions sought by the Joint Special Administrators are refused.
Legal Topics
Construction of Contractual Clauses, Termination of Contracts, Special Administration, Margin Calls, Hedging Arrangements
Insolvency Contract Law Financial Regulation Construction of Contractual Clauses Termination of Contracts Special Administration Margin Calls Hedging Arrangements

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Parties

Daniel Conway

Applicant

Tony Wright

Applicant

David Hudson

Applicant

Matthew Plass

Respondent

Alpha Development Europe Ltd

Respondent

Well-Safe Solutions Limited

Respondent

Czarnikow Group Limited

Respondent

Dawn Capital LLP

Respondent

Seasalt Limited

Respondent

Procedural Posture

Special Administration Application / Judgment on Directions

Legal Issues

  1. 1 Whether the Joint Special Administrators are contractually entitled to trigger 'close out' provisions under the General Terms and/or MiFID Terms
  2. 2 Whether Argentex can terminate customer contracts and enforce debts prior to maturity based on its own insolvency or economic interests

Ratio Decidendi

The relevant contractual clauses do not entitle Argentex or its Joint Special Administrators to terminate or close out customer contracts, or enforce debts, based on Argentex's own insolvency, loss of hedging, or economic interests. Such powers are limited to risks arising from the customer's position, not Argentex's internal financial circumstances. The applicants' construction is inconsistent with the contract structure, business common sense, and the absence of an express clause permitting termination for Argentex's own insolvency.

Court Disposition

Directions sought by the Joint Special Administrators are refused.

Orders

  • The Joint Special Administrators are not entitled to close out, terminate, or enforce debts under customer contracts based on their own insolvency or economic interests.
  • Further directions to be considered if required.