Connaught investors try to oust administrator

Laura Miller
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A group of investors caught up in the failed Connaught Asset Management funds have voiced their anger at the continued appointment of the funds' administrator despite an attempt to oust him at a general meeting.

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...

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