The original dispute arose when Debenhams filed for administration in 2019, as his near 30% stake in the firm was lost as a consortium of lenders took control of the business via a pre-pack administration.
In turn, Ashley agreed to settle for a purchase deal for the fixtures and fittings in the group’s empty stores.
The pre-pack administration cost Ashley a reported £150m, with appointed administrators FTI Consulting claiming at the time that the deal was in the best interests of Debenhams’ creditors and not subject to conflicts of interest.
While Judge Daniel Schaffer ruled that the circumstances of the firm’s collapse should be investigated by the official receiver, the Times reported that the current agreement between Ashley and FRP blocks this from happening.
FRP Advisory declined to comment.