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.
At a court hearing in London last week, Carlauren Group was finally put into administration.
Lawyers for Carlauren investors alleged that Sean Murray transferred significant sums into his own personal account.
Murray responded that the money was accounted for and was just resting in his personal account.
Continue reading...
Unregulated hotel investment scheme Signature continues to struggle with repayments to investors, and has been the subject of a series of news articles from outlets including the BBC and the Liverpool Echo in recent weeks.
Six months ago in May the BBC first covered Signature's late payments to investors.
Two weeks ago the BBC reported on international investors flying into the UK in attempt to chase their money.
Continue reading...
Blackmore Bond is to delay its already-late October interest payment again, The Times reports.
Days before its October interest payment fell due, Blackmore announced that payment would be unilaterally delayed until November. That deadline has now also been missed.
Continue reading...The FCA dramatically announced yesterday that it would ban minibonds from being marketed to retail investors for a period of 12 months, starting on 1 January.
In addition, all marketing material approved by an authorised firm will have to declare any commissions paid to third parties (something we've already seen from Blackmore and The Capital Bridge in recent months).
During the temporary 12 month ban, the FCA will consult on more permanent measures.
What exactly this is supposed to achieve is difficult to see, until you remember that a decision on who will replace Mark Carney as the UK's top economic panjandrum is expected any day now. Former bookies' favourite Andrew Bailey is badly in need of something that makes it look like he has a grip. This is something.
Continue reading...
Allansons investors watching Companies House hoping for some clue as to where £20 million of their money went will have to wait a bit longer, as Allansons LLP again used the one-day-trick to avoid filing accounts within the deadline.
The Companies Act requires private companies to file accounts within nine months of their accounting year ending, but due to a loophole in UK company law, you can extend the deadline by shortening your accounting period by a single day, which gives you an extra three months.
Allansons deployed this trick in August and now again on 18 November, meaning its last published accounts are now almost two years old.
A crucial court date looms on Monday 25th as stricken Park First investors decide whether to appoint Park First's own choice of administrators, Smith & Williamson, or rivals Quantuma LLP, proposed by an investor group.
A reminder of where we stand at the moment:
Back when the FCA shut down Park First as an illegal collective investment scheme, £33m of assets were ringfenced by the FCA to meet repayments to investors.
Smith & Williamson claimed that this sum would only be available to investors if they voted to appoint Smith & Williamson, otherwise Park First would withdraw it, and investors would risk getting nothing.
#TeamQuantuma claimed that this was false, and that the FCA had confirmed to Quantuma that the £33m was still ringfenced for investors regardless of which administrator they appointed.
Continue reading...
