London Capital & Finance creditors could get back just 10%

Update from administrator Evelyn Partners paints worrying picture

Hope William-Smith
clock • 1 min read

Victims who lost their money following the collapse of mini-bond provider London Capital & Finance (LCF) in 2019 may receive as little as 10% of the funds owed to them, administrators have confirmed.

Evelyn Partners, the joint administrators, said creditors could expect to get between 10% and 18% of the funds owed to them. It gave the latest update in a progress report for the period from 30 January 2023 to 29 July 2023 released last month.  This is a significant revision down from original compensation estimates, which said at least a quarter of monies would be returned to creditors. Evelyn Partners confirmed there had been a reduction to what investors could expect back due to "the valuation of certain assets" and "the need to expend very substantial further costs" relating to t...

To continue reading this article...

Join Professional Adviser

  • 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 Regulation

Financial services pressure grows with ESG rules main culprit

Financial services pressure grows with ESG rules main culprit

‘No let-up in regulatory intensity facing industry’

Jenna Brown
clock 27 September 2023 • 2 min read
FCA cancels advice firm's permissions over £11,000 unpaid fees

FCA cancels advice firm's permissions over £11,000 unpaid fees

Failed to do business in a 'sound and prudent' manner

Jenna Brown
clock 21 September 2023 • 1 min read
The Financial Conduct Authority’s SDR regime was introduced in October 2022 and the UK regulator stressed that it was a labelling regime, and not a disclosure regime as its European counterpart was.

EU review of SFDR welcomed despite potential future 'frustration'

Industry-wide review of SFDR undertaken

Eve Maddock-Jones
clock 18 September 2023 • 3 min read