Cases & Deals

Additional liquidator of CGL Realisations Limited, Geoffrey Lambert Carton-Kelly, investigates claims relating to 2012 collapse of Comet Group Limited

Clients Geoffrey Lambert Carton-Kelly as additional liquidator of CGL Realisations

Jones Day is representing Geoffrey Lambert Carton-Kelly, the additional liquidator of CGL Realisations Limited (formerly Comet Group Limited), in respect of his investigation of, and prosecution of substantial preference and other claims relating to the collapse of the high street retail giant, Comet, in 2012 (one of the largest corporate retail failures in British history). Mr Carton-Kelly was appointed in the wake of an investigation into the original liquidators of Comet by the ICAEW based on the alleged conflict of interest arising from their pre-existing relationship with Comet's secured creditor. Despite the scale of the investigation, within months of his appointment (and up against limitation), claims were issued against multiple parties on the basis of breaches of fiduciary duty and Insolvency Act claims. Following a near unique "Rule 6.48" application to use a Defendant's assets to fund the claim, settlements were concluded with a number of parties in November 2019. Jones Day is now pursuing Darty Holdings SAS, part of the French listed electronics conglomerate, for c.£115 million of claims arising out of the circumstances of its disposal of Comet in 2012.