Can a cheque issuer appeal a performance order judgment?

After a Performance Order judgment is issued for a cheque return case, there is an appeal period of 15 working days I believe.

Can the cheque issuer appeal on the grounds that he never received the amount in cash, but it was rather a guarantee cheque for trading for which he was a guarantor and the money was lost in the market?

Whereas the cheque was actually issued as a guarantee to cover any loss. Please note there was no written proof of the trade deal.