Connaught investors try to oust administrator

Connaught entered administration in September after the collapse of its Income Series 1,2 and 3 unregulated collective investment schemes (UCIS) which invested in bridging loan finance. Peter Hollis, a partner at KPF Advisory, was appointed as administrator of the funds. Series 1 investors claim they tried to vote him out at a meeting on 3 December but that the administrator and law firm Kennedy's Law, whose role is to act on behalf of investors, miscalculated creditors' stakes therefore diminishing their voting rights and enabling Hollis to continue in post. According to a spokesp...