Former Arck bosses received £4m from failed scheme 'without explanation'

Laura Miller
clock

The ex-directors of failed unregulated collective investment scheme (UCIS) Arck received in excess of £4m from the business before it collapsed, according to a liquidator's report.

Arck was a UK based investment vehicle that was set up to develop and sell overseas based properties. The liquidator's report states that sums in excess of £63m passed through the business' main account. The report, seen by IFAonline, by joint liquidators Butcher Woods and Rendle & Co who were appointed in spring 2012, claims that Kathryn Clark received payments from Arck in excess of £580,000 for which she has not been able to provide an adequate explanation. Fellow former director Richard Clay received payments in excess of £3.6m, for which he similarly can not provide an adequate e...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Muted response as Labour names Grimsby Town FC co-owner next investment minister

Muted response as Labour names Grimsby Town FC co-owner next investment minister

After the sudden exit of Poppy Gustafsson last week

Eve Maddock-Jones
clock 08 September 2025 • 2 min read
Hargreaves Lansdown and Schroders to launch double LTAF offering

Hargreaves Lansdown and Schroders to launch double LTAF offering

From next week

Eve Maddock-Jones
clock 08 September 2025 • 2 min read
Darius McDermott: Complacency at the peak

Darius McDermott: Complacency at the peak

'Markets to hit new highs, while credit spreads are at multi-decade lows'

Darius McDermott
clock 08 September 2025 • 5 min read