MJS Capital plc offered unregulated bonds paying up to 14% per annum (via certain introducers).
A number of online posts over the past couple of months suggest the company is unable to is being slow to repay a few investors whose bonds have fallen due. MJS Capital has blamed “banking issues”.
We have asked Mr Hidderley whether he is still awaiting repayment of capital but have not received a reply at time of going to press.
Update 07.06.18: Jo has confirmed that he has since received his capital back with interest.
In March 2018 MJS Capital’s chairman and House of Lords member Lord Razzall resigned from the company, saying in his resignation notice that he hoped his resignation would resolve MJS Capital’s banking issues. With the company still unable to repay investors two months later, it doesn’t seem to have had the desired effect.
The company is currently two months overdue with filing annual accounts to Companies House, and almost certainly as a result, has been served with notice to strike off the company.
If MJS Capital continues to fail to submit accounts, and no valid objection is received by Companies House, the company will be dissolved in two months, and any remaining assets will be forfeited to the UK Government.
Investors can object to the striking off by contacting Companies House.
There was little sign of MJS Capital’s approaching troubles in September 2017, when members of the company appear to have enjoyed a highly agreeable dinner at the Tower of London, according to a video posted on Facebook by JetSmarter (a private jet hire company).
Update 7 June 2018: The strike-off has been suspended as according to Companies House, “cause has been shown why the above company should not be struck off the register”. As MJS Capital remains over two months overdue with its accounts, the most likely cause is an objection from a creditor.
If MJS Capital continues to fail to file accounts, the strike-off action may be resumed and the directors may be liable to prosecution.