BCI obtained leave to amend, but only in a limited form. The orders expressly allowed a further amended statement of claim to be served substantially in the proposed form, subject to important carve-outs. Most significantly, BCI had to omit amendments to paragraphs 55A, 82A, 99A, 128B and 135 to the extent they related to loss of value, described in the orders as the loss of value case. The catchwords explain the reason in direct terms: the claim in relation to loss of value of business had been raised previously and not included in the eventual pleading, BCI's expert report calculated such a claim, and the proposed amendments were not a mere alignment of pleadings with the evidence but a substantial new case at a late stage in the proceedings. On that basis, amendment was not allowed.
That is the most commercially significant part of the decision. The Court did not say that expert evidence is irrelevant or that loss of value can never be claimed. The point was procedural and strategic. A party cannot wait until late in the case and then use an expert report to introduce a substantial new damages theory, especially where the issue had already surfaced earlier in the litigation.
The Court also dealt with the paragraph 43 particulars issue in a nuanced way. It did not simply reject all of BCI's proposed material. Instead, it required BCI to re-plead paragraphs 43 to 43(vii) so that certain matters that BCI had sought to particularise would instead appear as pleaded material in the body of the pleading. The orders identify the affected particulars as 43(v) particular (ii), 43(vi) particular (iv), and 43(vii) particulars (i) and (iii), including their sub-paragraphs. The Court then allowed BCI to file a consolidated particulars document, but with those specific particulars omitted, because they had to be re-pleaded as material facts rather than left in particulars.
This reflects the Court's concern that some material facts had been placed in particulars when they more properly belonged in the pleading itself. The judgment's discussion of the earlier review decision shows why this mattered. In that earlier contest, BCI had resisted the proposition that it was running a necessarily inferential case. The new particulars, however, included wording that it was to be concluded that customers and prospective customers were induced to believe certain things based on pleaded matters. That raised a real pleading issue. If the case depends on that inferential step, the respondents are entitled to know the foundational facts in the pleading.
On the strikeout application, BCI failed. The Court dismissed the interlocutory application filed on 21 July 2025 with costs. The catchwords state that the denials were not untenable, and the non-admissions were not untenable where the pleading dealt with issues of knowledge of third parties. That is a useful reminder that strikeout is not a routine tool for forcing admissions. If a defendant has a legitimate basis to deny or not admit an allegation, especially where the issue turns on what third parties knew or believed, the Court may allow those responses to stand.
The costs orders were also significant. BCI was ordered to pay the respondents' costs of the amendment application and the strikeout application. The Court also vacated an earlier costs order made on 12 June 2025 and ordered BCI to pay the respondents' costs of the application to vacate the hearing filed on 24 June 2025, as agreed or taxed. For a business funding litigation, that is a concrete warning that unsuccessful procedural manoeuvres can materially increase legal spend.