IN THE HIGH COURT OF JUSTICE CR2021-000510 BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES INSOLVENCY AND COMPANIES LIST (ChD) Tuesday 8 June 2021 Mr Robin Vos (sitting as a Deputy Judge of the High Court) IN THE MATTER OF BETINDEX LIMITED (IN ADMINISTRATION) AND IN THE MATTER OF THE INSOLVENCY ACT 1986 BETWEEN (1) ADRIAN HYDE (2) RICHARD TOONE (3) ADRIAN RABET (Joint Administrators of BetIndex Limited) Applicants
UPON BetIndex Limited (the Company) maintaining a separate client money bank account held for the benefit of its customers under the terms of an express trust set out in a Deed of Trust dated 18 February 2020 (the Trust Deed)
AND UPON the funds located in the separate client money bank account (the Funds) now being held by the Viscount’s Office of the Royal Court in Jersey
AND UPON the application dated 30 April 2021 (Application) of the Joint Administrators of the Company seeking directions from the Court concerning the distribution of the Funds and in particular whether the Relevant Date (as defined and described in the Application) for determining the interests created by the Trust Deed is 26 March 2021, 11 March 2021 or a date after 26 March 2021
AND UPON hearing Lexa Hilliard QC for the Joint Administrators and Anthony de Garr Robinson QC and Michael Kotrly for H&J Director Services 1 Limited, each party acting as a representative party
AND UPON reading the Court bundle IT IS ORDERED AND DIRECTED that:
1. The entitlements of the Customers (as defined by the Trust Deed) are to be fixed at 26 March 2021 by reference to their Customer Funds (as defined by the Trust Deed) as at that date. 2. The Funds are to be distributed as soon as possible. 3. The Funds shall be used first to pay each Customer’s entitlement to Customer Funds as at 26 March 2021, such entitlement to include
dividends which had accrued up to and including 26 March 2021 even if they had not been credited to the Customer’s account with the Company as at 26 March 2021. 4. The costs of the Joint Administrators and H&J Director Services 1 Limited occasioned by the Application be paid out of the Funds. Such costs to be assessed on an indemnity basis if not agreed. 5. The fees incurred by the Joint Administrators in relation to the administration of the Funds to be paid out of the Funds. 6. All remaining Funds following the payments made in paragraphs 3 to 5 above to be paid to the Company. 7. In so far as any Customer has a claim to dividends which accrued or might accrue after 26 March 2021, any such claim will fall to be treated as an unsecured claim to the assets of the Company.