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It must surely be the case that, as someone else has commented, equity will ride to the aid of Mr McCarthy?

The decision probably is correct from a contractual standpoint.

However, it does appear from the details in the judgement that the LLP Deed created a trust upon which capital was held by the LLP for Mr McCarthy, and was to be repaid by the LLP to RBS upon ('as soon as reasonably practicable') the retirement of Mr McCarthy.

Those funds should have been ringed-fenced and not capable of forming part of the administration funds for distribution (or, rather not!).

A case, it appears, of over-zealous, fat-cat administrators loading-up their cash-barrows and leaving not a single leaf on the tree.

Good luck on the appeal, Mr McCarthy (there must be one).