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One can only feel sympathy for Mr McCarthy. Without knowing the full facts and not having read the full judgment, one cannot comment on the adequacy of his arguments in defence. One would like to think that equity could have ridden to the rescue, e.g. with an estoppel argument. As the LLP no doubt cannot meet any claim for damages, one assumes that he will be investigating whether he has any recourse against those who controlled the LLP: whether any such claim would be merited, from distance one cannot say.