No further bonds were issued to retail investors from May 2019. The Administrators will also send regular updates via email, when there are matters that need to be brought to the attention of Bondholders. Lastly all our investments are 100% asset backed. Section 2 of this document sets out some queries which Bondholders may have.
Following the appointment of the Joint Administrators there will be no further bond issuances or related investment activity. Basset & Gold has collected 294 reviews with an average score of 4.52. The information currently available on the Companies’ platform is based on the Companies’ records at the time of the Administration.
Categories . In view of the latest coronavirus updates, our offices are currently operating a reduced staff rota system, but may close completely subject to changing circumstances. While the administrators have managed to recover £2.3 million in cash, they do not expect “any material recoveries for bond holders from the Administration of Uncle Buck”. I asked how the money was invested and told it was the purchase at a lower price of unpaid invoices to a company in need of the money ASAP, then claiming the full value from the orginal debtor. It’s almost as if a former Prime Minister was a West Ham FC fan. What this nonsense has to do with Basset & Gold, which gave its investors little chance of understanding that they were investing almost all of their money in a single payday lender, or that “no additional fees” meant 20% of investor monies would be paid to companies controlled by B&G owner Hadar Swersky as commission, is unclear. I did receive a monthly interest payment for eighteen months from what was intended to be a five year investment with the principle returned. Paul Boyle, David Clements, And Tony Murphy of Harrisons Business Recovery and Insolvency (London) Limited were appointed Joint Administrators of Basset & Gold Plc and B & G Finance Limited on 1st April 2020. No direct links are provided to the investment opportunities on this website.
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We receive no commission or any other payment from any business or investment reviewed here. Where financial firms enter into administration, experience is that fraudsters may sometimes approach investors claiming to be able to recover their investment in return for an advance fee. The same individuals have also been appointed as Joint Administrators to Uncle Buck Finance LLP. Given that the investigation into the failure of B&G and the inability of Uncle Buck, as the main borrower, to repay their loan is still in progress, it is too early for the Administrators to say categorically how much money will likely be returned to Bondholders (and other creditors) or when any payments will be made to them, an estimate cannot be determined at this time. All reports and email communications can be accessed via the Harrisons webpage for B&G as follows: www.harrisons.uk.com/bassetandgold. A substantial proportion of the funds raised from investors have been utilised in the funding of a High Cost Short Term Credit (“HCSTC”) business called Uncle Buck Finance LLP (“Uncle Buck”). The Companies’ investor portal is maintained by a third party. Subject to statutory duties we, also being the Administrators of Uncle Buck as well as B&G, will do nothing which will adversely impact the borrowers’ ability to repay their debts due to the Companies. The Joint Administrators are officers of the Court and need to comply with all insolvency law. There is nowhere to hide for Basset and Gold or the F.C.A. Strengthen your review by uploading photos & videos. Share page On 1 April 2020, the directors of B&G plc and B&G Finance decided to place the firms into administration. We’ve been examining if B&G Finance owes a civil liability to customers that would enable them to sue the firm in court. Investors hopes for recovery rest largely on the FSCS. and again the answer is yes. It also approved and communicated financial promotions relating to these mini-bonds.
The relevant FSCS eligibility criteria can be found on the FSCS’s website, www.fscs.org.uk/your-claim/eligibility-rules. Industry News, News, Top 3 The Joint Administrators will conduct an orderly wind down of the business and seek to recover the assets of the Company for the benefit of its creditors. Paul Boyle, David Clements and Tony Murphy of Harrisons Business Recovery and Insolvency (London) Limited were appointed as joint administrators of Basset & Gold PLC (the Company) on 1st April 2020 (the Joint Administrators).
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