Secured Energy Bonds, which collapsed in 2015 owing £7.5 million to investors, has been moved from administration to liquidation.
Throughout the administration the administrators have recovered £289,000 from SEB’s assets, and spent almost all of it. £275,000 has been spent on the costs of the administration, mostly administrators’ fees (£85k), legal fees (£107k) and VAT (£43k).
Other than shares in BlueNRGY Group, which is still attempting to regain entry to the NASDAQ market and whose value is unknown, the main item on SEB’s books is an outstanding claim of £5.8 million plus costs against Independent Portfolio Managers, the FCA-authorised company that signed off SEB’s misleading literature.
The administrators of Secured Energy Bonds have posted their latest six monthly update, which can be read in full on Companies House.
So far the administration has realised £288,579 in assets, of which £272,905 has been paid out in administration costs, predominantly the administrators' own fees and the fees of their legal advisors (and VAT). According to a schedule in Appendix B, a further £169,842 has been incurred in legal fees to date but not yet paid out. Bondholders' claims stand at £7.5 million.
In 2013 Secured Energy Bonds raised £7.5 million from investors promising returns of 6.5% per annum. In 2015 the company went bust and administrators were appointed.
The administrators published their latest progress report on 3rd January 2018.
The report makes it clear that it is extremely unlikely that investors will see a penny of their money back. In total, the administrators have recovered £109,000 net from Secured Energy Bonds plc, after legal and other costs. The administrators' costs currently stand at £561,000, none of which has yet been paid.
This means that as it stands, the costs of the administrator (who always stands first in the queue) will swallow up all of the money recovered from Secured Energy Bonds, and the investors will receive nothing.