The High Court has found it seriously arguable that a supplier defrauded before a company’s liquidation can still rescind in equity afterwards and trace into the company’s assets, casting doubt on the 2015 decision in Crown Holdings.
In Glencore Energy UK Ltd v Prax Lindsey Oil Refinery Ltd (in liquidation) [2026] EWHC 2394 (Ch), Mr Justice Trower considered Glencore’s application under section 130(2) of the Insolvency Act 1986 for leave to sue the refinery company, which was wound up on 30 June 2025. Edward Cumming KC and Erin Hitchens appeared for Glencore, and Joseph Curl KC and Clara Johnson for the company.
Glencore seeks equitable rescission of five sales confirmations for crude oil worth more than US$230 million, an account of…