Asset Life plc administration update

The administrators of collapsed minibond scheme Asset Life plc have released their latest six monthly report.

Unfortunately there's been little reportable progress, with the two investments that form the ashes of Asset Life plc, Kyrgyzstani gold hunter Aprelskoe and Armenian metal grubber Lori Iron and Steel, continuing to blank the administrators. The administrators continue to attempt to extract blood from both stones but say they "do not anticipate material realisations in this regard".

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IPM liquidators report, FCA drops case despite £16m investor losses

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Independent Portfolio Managers facilitated two minibond investments which collapsed back in 2015 and 2016, Secured Energy Bonds and Providence Bonds, losing in the region of £8m each.

IPM was finished off by the zombie corpse of its former customer, after the administrators of Secured Energy Bonds put it into administration seeking £5.6 million.

The liquidators have now issued their second progress report.

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Hudspiths liquidator reports, funds “apparently misappropriated by directors”

The administrators of the collapsed forex Ponzi Hudspiths Limited have released their first full report after being appointed.

Contrary to sex shop owner and Hudspiths director's Karl Lubienicki, who claimed to the Daily Mail "There’s no money missing. You can’t hide £50million" and that only £7.5 million was outstanding to Hudpsiths creditors, the administrators report that £85 million of claims have been received from 153 creditors. In the original Statement of Affairs, there were only 109 creditors with debts totalling £41 million.

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Harewood Associates update: SPV investors given cold shoulder, FCA-kitemarked reboot disappears

The administrators of Harewood Associates have released their latest report.

£2.8 million owed by another Kiely-owned company, Lansdown Investment Management, has now been fully repaid.

The administrators are however still expecting only 7p in the pound to be paid to Harewood Associate's £32 million worth of unsecured creditors.

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Quinshaw Finance collapses, liquidators appointed

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Liquidators have been appointed to Quinshaw Finance, whose bonds were reviewed here in September 2019.

Quinshaw claimed to offer “secure property high yield bonds” and that “investor protection is our number 1 priority”.

Posts to suggest the scheme stopped paying investors around the middle of 2020. Prior to collapsing Quinshaw had over 120 universally positive reviews.

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Viderium Limited collapses, administrators appointed

Cryptocurrency minibond scheme Viderium has collapsed and gone into administration. MHA MacIntyre Hudson LLP have been appointed as administrators.

Viderium raised £3.9 million (as at December 2018) from bonds paying 9.8% per year for a three year term, claiming "A Rated Indemnity Insurance" on the front page of its brochure.

Whether anything has happened to trigger that insurance is unknown, but I wouldn't bet on it, given that the insurance covered "any Actual or Alleged act, Error, Misstatement, Misleading Statement, Omission, Neglect or Breach of Duty or loss" and running out of money to pay bondholder returns doesn't fall under any of those things.

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Carlauren administration update: recovery still uncertain for creditors but boat and plane sold

The administrators of Carlauren Group have released their latest regular report.

There's little of interest to report on the realisation of Carlauren's property assets or hotel business. Nor is there any real further news on the personal bankruptcy of Sean Murray. Murray has had a £40 million asset freezing order imposed (which does not necessarily reflect the value of any assets held by him) but the administrators remain tight-lipped on whether any recoveries are expected from that quarter.

The administrators have managed to sell a private jet, a boat and a car, raising a net amount of £120,000 after accounting for fees and a loan secured on the jet.

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Treasury announces further compensation scheme for LCF investors

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Shortly after the release of the Gloster report into the FCA's failings over London Capital & Finance, the Treasury announced that it would announce a scheme to compensate London Capital & Finance bondholders... maybe.

Taking into account the various channels through which people affected can seek compensation, the government will… set up a scheme to assess whether there is a justification for further one-off compensation payments in certain circumstances for some LCF bondholders.

John Glen, Economic Secretary to the Treasury

"Various channels" is a reference to the essentially random basis on which the Government has paid out compensation to LCF investors so far.

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