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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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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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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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 reviews.co.uk 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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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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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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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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The administrators of Signature Living Hotel (the parent company of Signature Capital) have released their latest update.
Much of the report is devoted to an update on the running of Signature Living's hotel properties and the sale of assets, but the expected outcome for retail investors and all other unsecured creditors of the company remains total losses.
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On Thursday 17th, Dame Elizabeth's Gloster's long awaited report into the £237 million collapse of London Capital & Finance was published.
The report is damning and makes very clear that the FCA bears a large part of the blame for LCF accumulating, and losing, as much investor money as it did.
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The latest update from the Blackmore Bond administrators reveals that investors may be facing total or near-total losses.
Potential gross recoveries have been revised from £5 million down to less than £1 million, due to the difficulty of selling properties / building sites as a forced seller during the pandemic, and the fact that Blackmore borrowed money from expensive short-term lenders whose security over the properties outranks the bondholders.
With the administrators' costs and legal costs already standing at over £1 million, which also stand ahead of Blackmore's ordinary investors in the queue, this means bondholders are facing total losses.
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