// Mike Ashley applies to the High Court to set aside Debenhams settlement
// Under the settlement Ashley was not to pursue legal action
Mike Ashley’s Frasers Group has applied to the High Court to set aside a settlement reached earlier this year with Debenhams’ administrators.
The move was designed to “kickstart investigations into the collapsed department store group’s directors and advisors,” The Times reported.
Under the settlement agreed with Debenhams’ administrators at FRP Advisory, Ashley was not to pursue legal action.
According to the publication, “Ashley’s anger relates to the first time Debenhams filed for administration in 2019 – when his near 30 per cent holding was wiped out.”
In January, FRP sold the Debenhams brand and website to Boohoo for £55 million, resulting in the closure of 118 stores and around 12,000 job losses.
After a court application by Ashley, Debenhams was wound up by judge Daniel Schaffer in the Insolvency and Companies Court in January.
The winding up order was made after the news that Boohoo had bought the brand and website emerged.