The saga of Privilege Wealth has all but come to an end, as the administrators of the collapsed minibond scheme have filed their final report, before handing the last of the clean-up to the Official Receiver.
Readers and investors will probably be unsurprised that the outcome was 100% losses for investors, despite Privilege Wealth's claims that its bonds were "low-risk" and "insured".
Basset & Gold, which offered unregulated bonds, "pensioner bonds" and 30-day "cash bond" notice accounts, announced today that it has gone into administration.
[Hat tip to reader John Doe for spotting the announcement.]
As at its last accounts for September 2018, the company had raised £30 million from investors.
According to the Lancashire Telegraph, the Official Receiver has sold the freehold, associated assets and goodwill of Store First's 15 storage centres to Store First Freeholds Limited.
The assets of the service company, SFM Services, have been transferred to Pay Store Limited.
Both Store First Freeholds Limited and Pay Store Limited are wholly owned by Jennifer Whittaker, reportedly the wife of Store First CEO Toby Whittaker.
A company which formerly offered bonds paying up to 16.8% per year has been shut down in the High Court.
A creditor petitioned the High Court in June 2019 and his petition was granted in October. FRP Advisory as been appointed as liquidators.
With a few exceptions, investors in collapsed unregulated investment schemes generally find sympathy in short supply.
The media will occasionally print the hard-luck story of a someone who invested their entire pension lump sum, or an injury compensation payment, but the news cycle usually moves swiftly on.
Reader Sally Jones has drawn my attention to some eye-opening posts over the past year from collapsed unregulated car park investment scheme Park First's Russian Instagram account.
All quotes below have been machine translated from the original Russian.
Smith & Williamson has succeeding in seeing off rival Quantuma's bid to investors to be appointed administrator of Park First.
A letter sent to Park First investors on Monday 2nd confirms Smith & Williamson's proposals for the administration were accepted in full.