This was a large case brought by the joint liquidators of One Blackfriars Ltd against two partners of BDO who acted as that company’s former administrators, one of whom has since died - with around £250m being claimed
The case centred around the sale of the property One Blackfriars by the administrators, with claims it had been undervalued when sold for £77m. It was subsequently valued at £232m.
BDO was appointed as administrators in October 2010 following the collapse of the developers.
The court has dismissed all of the joint liquidators’ claims against the former administrators.
The judge concluded: ‘The [joint liquidators] have failed to persuade me that the [former administrators] acted in breach of any of their duties. It was therefore not necessary for me to consider any of the issues relating of loss of chance, damages or causation.
‘The [joint liquidators’] claim is dismissed in its entirety.’
Gervase MacGregor, head of risk & reputation at BDO, said: ‘We always considered that the claims made against us were entirely without merit. We are pleased with the result. Thanks go to our legal team at Mayer Brown and 4 New Square and to the technology providers who enabled a four-week trial to take place completely remotely.’
The five-week trial at the High Court was held remotely due to the coronavirus pandemic.