The administrators of Asset Life have released their initial report.
Asset Life plc, reviewed here in January 2018, raised £8.9 million from investors in three unregulated minibond issues (A, B and C). At the time of my review they were offering 8.75% per year for a three year term.
Series A and B investors were defaulted on when the return of their capital fell due. Asset Life plc asked them to give 12 months' grace, which some gave, but others refused. Asset Life was unable to repay those investors who insisted on getting their money back. Interest payments stopped in November 2018.
In May 2019, the FCA issued a warning (five years after Asset Life plc began operation) that Asset Life might be conducting regulated activities without authorisation.
Asset Life went into administration three months later in August 2019.
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