Core VCT Plc – in Members’ Voluntary Liquidation (“the Company”)

Background / Change of Liquidators 

Core VCT Plc (Entity) was restored to the Register of Companies and entered members’ voluntary liquidation on 20 July 2018.  Simon Underwood and Laurence Pagden of Menzies LLP (former liquidators) were appointed joint liquidators at the time by an order of the High Court. 

On 28 July 2022, a subsequent order of the High Court ordered:

• Simon Underwood and Laurence Pagden be removed as liquidators of Core VCT plc with effect from the date of the order as a result of the decision taken by the members of Core VCT Plc at a General Meeting held on 20 December 2021;

• David Baxendale and Steven Sherry of PricewaterhouseCoopers LLP (joint liquidators) each be appointed as liquidators of Core VCT PLC with effect from the date of the order.

Upcoming Court Hearing

Since the appointment of the Liquidators on 28 July 2022, High Court claims issued by and on behalf of the Entity have been stayed.  On 12 January 2024, the Liquidators made an application to lift the stays for the purpose of continuing the claims.  

The application is due to be heard on 25 or 26 September 2024, with a time estimate of one day.  The details of the time and venue will be found in the Business and Property Courts Rolls Building Cause List published on the on the HM Courts & Tribunal Service website the day before the hearing.  The cause list is updated every day and is accessible via the following link.

Although the venue will be confirmed when the Cause List is published, the address of the Rolls Building is 7 Rolls Building, Fetter Lane, London EC4A 1NL.

Update December 2024 

The Court hearing took place on 25 September 2024 and the application to have the stays lifted has been approved.  The stays of the High Court claims have therefore been lifted with immediate effect and the Liquidators are now able to move forward with the claims.  

Since the lifting of the stays:

1. The Liquidators have made an application to amend the Claimants’ Particulars of Claim (the ‘Amendment Application’), which is a document setting out the case of the Claimants and specifying the facts relied upon, and:

2. Groups of Defendants made applications to strike-out some of the claims, and/or applications for reverse summary judgment in respect of the same. These applications are due to be heard at the same time as the Amendment Application (the ‘Cross-Applications’). 

3. The former liquidators and Defendant entities associated with the former liquidators made an application for the determination of a preliminary issue in the claims against them. 

A five-day long hearing of the Amendment Application and the Defendants’ Cross-Applications is scheduled to take place in early July 2025.  The trial of the preliminary issue is expected to be listed separately, on the first available date after 21 March 2025, with a time estimate of two days.

The Liquidators are unable to advise at present whether there is likely to be a distribution to Members. 

We will update this page should there be any further significant updates before the next Progress Report is issued. 

Latest Document 

• Joint Liquidators' progress report for the period 20 July 2023 to 19 July 2024 issued on 17 September 2024
• Joint Liquidators' progress report for the period 20 July 2022 to 19 July 2023 issued on 19 September 2023
• Joint Liquidators’ progress report for the period 20 July 2021 to 19 July 2022 issued on 16 September 2022

Useful Links

• Copies of previous progress reports can be obtained from the former liquidators.  If shareholders require a copy of these reports or login details to the portal page for the previous liquidators, please reach out to Menzies LLP directly at their London office. Their portal link is https://www.turnkeyinsolvencyservices.biz/hl-login.html

• Alternatively you can also view progress reports at Companies House as they are a matter of public record. It is a free online service.

If you have any queries regarding Core VCT Plc (in liquidation), please contact Joanne Ridley at PricewaterhouseCoopers LLP, One Chamberlain Square, Birmingham, B3 3AX or alternatively via email:  uk_corevct_queries@pwc.com

David Baxendale and Steven Sherry have been appointed as joint liquidators of the Company. They are licensed in the United Kingdom to act as Insolvency Practitioners by the Institute of Chartered Accountants in England and Wales. The joint liquidators are bound by the Insolvency Code of Ethics which can be found at: https://www.gov.uk/government/publications/insolvency-practitioner-code-of-ethics.

The joint liquidators may act as controllers of personal data as defined by UK data protection law depending upon the specific processing activities undertaken. PricewaterhouseCoopers LLP may act as a processor on the instructions of the joint liquidators. Personal data will be kept secure and processed only for matters relating to the joint liquidators’ appointment. Further details are available in the privacy statement on the PwC.co.uk website or by contacting the joint liquidators.  

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