Creditors of collapsed advisory group Honister Capital have been told that trail commissions claimed by its former advisers actually belong to the group.
The development comes after the group's administrator, Grant Thornton, received definitive legal opinion endorsed by a leading QC.
In August 2012, Grant Thornton appointed TLT solicitors to undertake a detailed investigation into the legal ownership of commissions received from product providers in respect of work introduced by advisers.
The move followed the sale of Honister advisers' trail commission by Grant Thornton to specialist advisory firm MacRobins in July last year.
The sale led to an impasse between providers Aegon, Skandia, Standard Life and Aviva and Grant Thornton because the providers agreed to bypass the group and novate commissions in bulk for advisers looking to join a new firm.
Advisers that did not take this route were asked to pay a percentage of their commission to MacRobins in return for novation of their commissions.
Grant Thornton said in Friday's statement: "We have had a positive uptake of the novation offer with 216 of the group's advisers confirming they will take up the novation offer.
"This represents approximately 36% of the total advisers that have been reauthorised since our appointment."
'Life catches up with us in the end'
‘Personalised Predictive Analysis’ tool
Summer series continues
Both start in August