In Pagden (as liquidator of Core VCT IV plc and Core VCT V plc) and others v Fry and other cases [2025] EWHC 2316 (Ch) (Pagden), the High Court of England and Wales (Court) addressed a critical question: Can individual liquidators and/or their professional firms contractually limit their personal liability under letters of engagement?
Despite the importance of this issue and the long history of the liquidation regime, there has been a surprising lack of case law on this topic.
This update examines Pagden and the Court’s reasoning, considers how the same issue might be treated in Singapore, and discusses potential practical solutions for liquidators and their firms.
If you would like information or assistance on the above or any other area of law, you may wish to contact the Partner at WongPartnership whom you normally work with or any of the following Partners:
Smitha MENON
Head – Restructuring & Insolvency
Partner – Special Situations Advisory
d +65 6416 8129
e smitha.menon@wongpartnership.com
Click here to view Smitha’s CV.
Lionel LEO
Partner – Restructuring & Insolvency and Special Situations Advisory
d +65 6517 3758
e lionel.leo@wongpartnership.com
Click here to view Lionel's CV.
Joel CHNG
Partner – Restructuring & Insolvency and Special Situations Advisory
d +65 6517 8707
e joel.chng@wongpartnership.com
Click here to view Joel's CV.
Daniel LIU
Partner – Restructuring & Insolvency and Special Situations Advisory
d +65 6416 2470
e zhaoxiang.liu@wongpartnership.com
Click here to view Daniel's CV.
TAN Kai Yun
Partner – Restructuring & Insolvency and Special Situations Advisory
d +65 6416 6869
e kaiyun.tan@wongpartnership.com
Click here to view Kai Yun's CV.
Adnaan NOOR
Partner – Restructuring & Insolvency and Special Situations Advisory
d +65 6416 2477
e adnaan.noor@wongpartnership.com
Click here to view Adnaan's CV.
Eden LI
Partner – Restructuring & Insolvency and Special Situations Advisory
d +65 6517 3766
e eden.li@wongpartnership.com
Click here to view Eden's CV.
Muhammed Ismail NOORDIN
Partner – Restructuring & Insolvency and Special Situations Advisory
d +65 6517 3760
e muhammedismail.konoordin@wongpartnership.com
Click here to view Ismail's CV.
Clayton CHONG
Partner – Restructuring & Insolvency and Special Situations Advisory
d +65 6416 2472
e clayton.chong@wongpartnership.com
Click here to view Clayton's CV.