VC Fund Shareholders To Mull Probes Into Ex-Liquidators

Law360, London (September 16, 2020, 4:53 PM BST) -- The Court of Appeal has asked the shareholders of three closed venture capital companies to meet and decide whether they want insolvency experts to continue investigating their former accountants after a London judge was inadvertently misled into reviving the dormant funds.

Appellate judges in London ordered shareholders of three venture capital funds managed by Core Capital to convene and decide if liquidators at Menzies LLP should investigate the actions of their predecessors.

The funds, which had raised £66 million from 2,700 retail investors in the early 2010s, were placed into voluntary liquidation in 2015 and accountants were appointed to review their...

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