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England and Wales decisions
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The High Court dismissed liquidators’ insolvency claims over Project Chicago, holding the share-capital withdrawals were not an undervalue and the preference claim failed.
Cohen & Anor v Co-Operative Group Ltd & Ors [2026] EWHC 1228 (Ch) (21 May 2026)
The High Court considered whether Project Chicago share withdrawals and transfers were transactions at an undervalue or preferences under the Insolvency Act 1986.
The High Court held that payments by A & D Joinery Limited to its former owner were transactions at an undervalue and a partial breach of duty.
The Court of Appeal held that a dividend, not the wider sale arrangement, was the relevant s.238 transaction; the s.238(5) defence failed and the case was remitted.
Permission to adduce business valuation and restructuring expert evidence was refused because the pleaded case did not support the relevance or necessity of such evidence, and the issues could be resolved by factual evidence without expert opinion.
Source excerpt
The court held that both directors of SJ Pay Limited breached fiduciary duties by diverting payroll revenues to Vision Payroll Limited, and awarded equitable compensation.
High Court Financial List judgment on a section 423 Insolvency Act claim arising from the Greensill/Katerra restructuring and SoftBank-related transactions.
The High Court considered bankruptcy trustees’ claims over proceeds from several properties, allowing recovery only of the Wycombe Place proceeds and dismissing the rest.
The High Court held that Mrs Harrow was not entitled to exoneration for most of the secured lending, treating her and Mr Russell as joint principal debtors, but allowed limited exoneration for one Merchant Money loan.
The High Court held the defendants failed to prove an oral agreement varying a property sale, and entered judgment for unpaid sums plus section 423 relief.
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