Judgment was given last Thursday by ICC Judge Burton in Re Allied Wallet Ltd [2022] EWHC 402 (Ch). The case concerned an application by liquidators for the directions of the court in respect of the interpretation and operation of the Payment Services Regulations 2017 and the Electronic Money Regulations 2011. More specifically: did a statutory trust arise in respect of certain monies held by a company where the Regulations required their segregation? Yes was the answer.
Update (9 March): While ICC Judge Burton found that a trust arose, he noted at the end of his judgment that his view was in conflict with Ipagoo LLP, Re (Electronic Money Regulations 2011 and Insolvency Act 1986) [2021] EWHC 2163 (Ch), the judgment in which arose between hearing the application and the circulation of his draft judgment, and which was binding on him. The Court of Appeal has now expressed its position: no trust arises (see Baker v Financial Conduct Authority (Re Ipagoo LLP) [2022] EWCA Civ 302).
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