The company formerly known as Adelpha Bond PLC, which previously issued unregulated bonds paying up to 7.6% per year, has converted from a public limited company to a private limited one.
At the same time, it has extended its accounting period by five months (one shy of the maximum permitted).
Whereas Adelpha was previously required to file its first annual accounts by November 2019 (six months after the conclusion of its first year), the extension and conversion to a private limited company means it now has until July 2020 (nine months after the new accounting end date).
It should be emphasised that giving itself two years and two months after it began operating to file accounts is entirely legal, and not a loophole.
Adelpha’s website has been almost entirely wiped since the date of our review. It now consists of the brief statement:
Adelpha Capital sources bespoke commercial funding solutions for trading business and property investors and developers.
As an independent and privately owned company, Adelpha Capital provides a quick and flexible approach to funding that is tailored to suit our clients specific needs.
plus a few boilerplate legal statements.
And of course taking the company private removes the need for its accounts, when and if they finally go into the public domain, to be audited.
OMG we all know what’she coming FCA get a grip
“Not a Loophole”? That’s exactly what it is! This time next year we will see this investment firm hit the wall and call in the administrators taking everyone’s money down the drain. It’s a legal loophole, we all use them in day to day lives whether at work, our children’s schooling, paying/not paying taxes etc, just call it what it is.