Denaro (UK) Limited (in liquidation) v Anthony Bracken & Ors

Facts

Denaro (UK) Limited, an English company incorporated in July 2011, opened an account with Barclays Bank PLC in around January 2013, as did Denaro Partners LLP, a limited liability partnership of which the company was a member. Both accounts were handled by the Bank's relationship manager for the area, Mr Andrew Wileman, whose portfolio covered some 300 to 400 small and medium enterprises; he periodically completed high risk business reviews for the company and the LLP throughout 2014 to 2020. In 2018 PLC's assets and business, including the accounts, were transferred to Barclays Bank UK PLC under a ring-fencing Sanction Order. The company was placed into court-ordered liquidation on 9 November 2023 and joint liquidators were appointed on 17 November 2023. The liquidators, alleging that the directors had operated a Ponzi scheme through the company and the LLP from 2013 onwards, issued this claim on 25 March 2025 against the directors and the Bank, serving Particulars of Claim on the Bank on 18 July 2025. They allege that Mr Wileman dishonestly assisted the directors' breaches of fiduciary duty and that the Bank breached its Quincecare duty in executing transfer instructions given between 3 May 2013 and 11 August 2023, worth approximately £37.8 million. The Bank applied to strike out both claims; the liquidators applied to amend.