Jonathan Avery-Gee, Edward Avery-Gee and Daniel Richardson (‘the Administrators’) of CG & Co (‘CG’) were appointed Administrators of the Company on 23rd October 2019. The administrators are working closely with the FCA who consented to their appointment over the Companies.
The Company was placed into administration on 23rd October 2019 by a resolution of the board of directors of the Company. As a result of the administration no legal proceedings may be commenced or continued with against the Company without the consent of the Administrators or leave of the Court. The Company is now protected from any third party actions by virtue of a statutory moratorium.
The administrators have set up a dedicated email address for creditors to contact the administration team.
We will only be able to respond to urgent queries. However, key updates on loans will be ongoing and accessable on the investor platform.
Due to the early stages of the administrations, the information we have is limited, we therefore request that creditors continue to consult the website and historic investor updates in the first instance. We will continue to update investors and creditors as additional information becomes available so please watch this website for updates.
The business and affairs of the Company are now controlled by the Administrators who act as agents of the Company and act without personal liability.
Jonathan Avery-Gee, Edward Avery-Gee and Daniel Richardson are licensed as insolvency practitioners in the United Kingdom by the Institute of Chartered Accountants In England and Wales and the Insolvency Practitioners Association.
The administrators have received a claim from a creditor relating to monies paid into the Company’s client account prior to the administration, including an assertion that the said monies are subject to what is termed a “Quistclose Trust”. The administrators are currently investigating this claim and also taking legal advice on the same. However, pending proper investigation of the claim and its resolution, the administrators have no alternative but to suspend further payments to the investors by way of distribution from the client account/platform until further notice.
Since our last update in December 2021 regarding the freezing of the e-wallet account, discussions have continued with the creditor claimant’s solicitors. It is likely that the creditor claimant will now issue proceedings to seek to recover the monies held in the e-wallet account, which it claims are subject to a trust in its favour. As the monies in the e-wallet account are not assets of the Company, the Joint Administrators will take a neutral position in any proceedings. Discussions are ongoing as to how to best protect the interests of affected investors, in particular allowing them an opportunity to be joined to any proceedings, if they so wish after taking legal advice.
Further to our previous announcements regarding the potential Quistclose Trust claim, we are now able to provide further details of the proceedings which are to be brought against FundingSecure Limited (in Administration). As per our previous announcement, the Joint Administrators will take a neutral position in any proceedings. The claimant is JC Starr Holdings Ltd and the claim concerns the payment of £500,000, which was paid into FundingSecure Limited’s client account in April 2019 pursuant to a written agreement between those parties dated 12 April 2019 and headed "Underwriting Agreement". JC Starr Holdings Ltd claims that the monies were subject to a Quistclose Trust in its favour. As part of the proceedings, those Investors who have balances in the e-wallet account are being given the opportunity to be joined to any proceedings, if they so wish after taking legal advice. Those Investors who believe they have an interest in any claim should email email@example.com stating their full name, Username and the current balance within their e-wallet account by 25 July 2022. Boodle Hatfield LLP, the solicitors for JC Starr Holdings Ltd, will then provide such Investors with draft Particulars of Claim as soon as possible and no later than 8 August 2022, whereupon the Investors will be able to obtain legal advice and then decide whether or not they wish to participate in proceedings. Those Investors who do wish to participate in proceedings must confirm their intention to do so by 19 September 2022. Boodle Hatfield have advised that should any Investor contact them after 25 July 2022 then those Investors will still be provided with the draft particulars but will only have until 19 September 2022 to confirm their intention to participate in proceedings.
The Joint Administrators have received a significant number of requests asking what the e-wallet balance is. This is the amount of your current available funds (plus any pending withdrawals). These sums can be found in the “Current Overview” under “Account Information”. Please note that the previous update was as agreed with Boodle Hatfield LLP, the solicitors for JC Starr Holdings Ltd. In the first instance, you should request a copy of the draft Particulars of Claim, which will give you more information on the claim. You then should obtain legal advice on the claim. If you or your adviser then still have any queries, we will endeavour to deal with them. It is recommended that all Investors (irrespective of their current balance) request the Particulars of Claim and review the same with their legal advisors in order to fully understand the nature and application of the Claim and whether or not this is limited to any particular sum.
We refer you to previous updates on the claim by JC Starr Holdings Ltd (JC Starr) regarding the payment of £500,000 (the Payment) paid into the e-wallet/client account (the Account) in April 2019. Following the taking of legal advice, consultation with the Creditors’ Committee and the development on the Platform of a mechanism to allow funds to move whilst preserving the frozen account, we have now started paying monies due to investors on those loans made by FundingSecure prior to April 2019. We are now investigating whether payments can be made on those loans made after April 2019; that is after the Payment was paid into the Account. However, based on legal advice to date, payments on these loans will be more problematical as the loans were made after the Payment was paid into the Account. We continue to keep the matter under review and we will update you further, but while JC Starr’s claim is extant and unresolved we need to be cautious regarding any payments and follow legal advice./
With FS30, you can receive a targeted 5.3% on shorter term investments, with monthly interest payments. Read more
Our tax efficient Innovative ISA programmes and peer-to-peer lending opportunities are carefully selected, appraised in detail, robustly structured and professionally managed by teams of proven sector specialists.
Great customer service, dynamic investment projects, asset-based lending that works. Our investors range from £25 to £4+ million, so call us today to learn how we can improve your financial world.
Borrowers and businesses can find it hard to secure loans due to bank lending restrictions, and those with funds to invest continue to suffer low returns from traditional market partners. With FundingSecure, we can broaden your financial horizons. We connect borrowers and lenders, so that everyone can mutually benefit.
Being part of our platform allows investors an opportunity to obtain high returns whilst diversifying across a range of alternative assets and portfolios that has been historically reserved for institutional lenders, high net worth individuals or family offices.
With the lending restrictions imposed by banks anyone wishing to obtain finance has to overcome major hurdles that may take months to complete. FundingSecure enables anyone with suitable assets to secure finance, speedily and discreetly.
Please fill in the form below to start investing:
As one of the country’s most established Peer-to-Peer platforms, we know that alternative investments are a great way to diversity your portfolio. From commercial and residential property to fine art, collectables and classic cars. Each of our opportunities offer the potential for high returns with low entry points.
FundingSecure now offers an Innovative ISA - A category of ISA that allows qualifying UK investors to invest on our platform without incurring tax on earned interest (more information is available here). This enables you to invest, tax efficiently, into the growing Peer-to-Peer market. Speak to us today to learn more about how IFISAs can work for you.
FundingSecure is a Peer-to-Peer, asset-based lending platform that offers anyone requiring funds a convenient way to borrow against assets. Because of our unique lending structure, we put less onus on the credit worthiness of the borrower and more on the asset itself. Depending on the nature of the assets used to secure a loan, borrowers can receive loan approval and funds in as little as 24 hours.Click here to learn more
We offer loans against a wide range of assets. Providing there is a value above the loan amount, we will consider it. Some of the more common items we offer loans against, are listed below:
We offer interest rates well above those offered by high street banks
The assets are used as security if the borrower is unable to repay the loan
You can pick and choose which loans and rates you want to invest in
Invest as little as £25 in each loan
As soon as you invest in one of our loans, you will start earning interest immediately
You will have access to a simple system to manage all of your investments
Please note: Your capital is at risk if a loan defaults.
None currently available
Company Number: 8120200 / Authorised and Regulated by the Financial Conduct Authority
(Reference number 698305) - (In Administration)
website designed by The Wonky Agency
© Copyright 2023 FundingSecure
Please note: No investment is without risk. FundingSecure manages the risk by ensuring all assets are professionally valued and restricting the amount lent to a typical maximum of 70% of the value (LTV). Despite these measures, your capital remains at risk.