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

Watch Professional Adviser's Working Lunch with Schroders - Beyond the Pulse: Essential insights for financial advisers in 2025

Catch up on the discussion

Professional Adviser
clock 10 July 2025 • 1 min read
Investors 'do not understand' implications of private markets investing

Investors 'do not understand' implications of private markets investing

House of Lords Financial Services Regulation Committee looked at the issues

Linus Uhlig
clock 09 July 2025 • 1 min read
NextWealth MD Hopkins on staying ahead of advice sector changes, data challenges and flattening MPS fees

NextWealth MD Hopkins on staying ahead of advice sector changes, data challenges and flattening MPS fees

Making technology work better

Katrina Lloyd
clock 03 July 2025 • 9 min read