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.
NOTE
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.
NOTE 2
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.
NOTE 3
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 ebladon@boodlehatfield.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.
NOTE 4
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.
NOTE 5
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.
NOTE 6
We have previously updated investors as to the claim made by JC Starr Holdings Ltd (JC Starr) against FundingSecure. JC Starr issued its claim in the High Court on 6 September 2023. JC Starr is asserting a proprietary interest in the sum of £499,985 (“the Disputed Money”), which the Joint Administrators are currently treating as belonging to the investors. FundingSecure itself does not assert any interest in the Disputed Money – it either belongs to the investors or to JC Starr. On 4 April 2024, Paul Mundy (Mr Mundy) applied to the High Court for an order that he be appointed as a representative party of the investors in order to defend the claim brought by JC Starr. Mr Mundy is a member of FundingSecure’s creditors’ committee. A High Court hearing was held before Deputy District Judge Hassall on 19 April 2024. At the hearing, Mr Mundy’s application to be appointed as a representative of the investors was accepted by the Judge. Mr Mundy also applied for an order that he be “indemnified” by the investors – i.e. the investors are to pay his legal fees. FundingSecure’s barrister suggested to the Judge that Mr Mundy’s legal fees be subject to a cap to ensure that, for example, they do not exceed the amount of JC Starr’s claim. Mr Mundy’s barrister opposed that suggestion and the Judge agreed with Mr Mundy’s barrister that there should no such cap. The court has therefore ordered that Mr Mundy’s legal fees are to be paid by the investors, out of funds currently held by FundingSecure / the Joint Administrators for the investors – but subject to what is called a “detailed assessment” by the court on the “indemnity basis”. The assessment will happen at some point in the future. In the meantime, the mechanism for payment of the legal fees is that Mr Mundy’s solicitors will provide a certificate and request a payment each month and, pursuant to the terms of the court order, FundingSecure / the Joint Administrators will be required to pay an equivalent amount of investors’ money to Mr Mundy’s solicitors. Accordingly, the amount available for investors will reduce each month as their money is paid across in respect of Mr Mundy’s legal fees. These deductions are not being used by FundingSecure or in respect of the Joint Administrators’ expenses – they are deductions made pursuant to the court’s order that Mr Mundy’s legal fees are to be paid by the investors. Prior to the hearing on 19 April 2024, Mr Mundy filed a statement of costs seeking costs of £53,094 in the period 6 February 2024 to 18 April 2024 – approximately £22,000 per month. On 1 May 2024, Mr Mundy’s solicitors wrote to FundingSecure seeking payment of £50,000. That sum was paid from the funds held for investors on 9 May 2024. Although the court order has been made, FundingSecure and the Joint Administrators are currently awaiting a copy of the “sealed” (i.e. court-stamped) order from the court. The order will provide that “each of the General Investors has permission to apply to vary or discharge [the provisions relating to the payment of Mr Mundy’s legal costs] of this Order on the condition that such application is issued by 4pm on 15 May 2024”. We assume that the date will be pushed back in light of the time it has taken to formalise the order. The Court has ordered that JC Starr’s solicitor should serve the Order once it has been sealed by the Court. FundingSecure and the Joint Administrators have no interest in the Disputed Money and no interest in the ongoing proceedings – save as onlookers who wish for the litigation to be conducted efficiently and proportionately in the interests of all investors. They cannot offer any legal advice and any investor who has concerns or comments about the litigation should seek their own independent advice. The Joint Administrators will continue to update the investors as to the progress of JC Starr’s claim and the amount of investor funds that have been paid in respect of Mr Mundy’s legal fees. If any investor would like details as to the solicitors representing JC Starr and/or Mr Mundy, these can be obtained by contacting the Joint Administrators at fundingsecure@cg-recovery.com.NOTE 7
An update to the JC Starr claim is available here
NOTE 8
A further update to the JC Starr claim is available here
NOTE 9
A further update to the JC Starr claim is available here
It doesn't matter to us what you need the money for, or even what your credit history is like, we offer quick and easy loans with your assets or property held as security, similar to a high-street pawn broker.
Contact us with your appraisal of the Property Development or Asset
We carry out our due diligence of your Property Development or Asset then contact you with a customised solution to fund your project
We appoint a RICS Valuer if related to property or carry out a valuation from our approved panel of Valuers
Subject to a satisfactory Valuation we will instruct Solicitors to prepare the legal charge
We feature your project on our platform, once the target has been reached, we will release the funds to you
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 lend against anything from a simple diamond tennis bracelet through to a complete jewellery collection
If you're looking to develop land or even take a holiday of a lifetime, we can lend money against a wide range of properties
We have lent against custom hotrods, bmws and land rovers. Most modern and classic cars are considered
Medals, stamp collections, old comic books, autographs, model trains and even vintage wines can be used as collateral.
Because we only lend money against assets, we aren't interested in credit checks or what you need the money for. Borrowing money from us won't impact your credit history either as we are only interested in the assets that you want to loan against.
Providing the asset that you wish to loan against is legally owned by you, has a value above your loan amount (plus interest) and isn't electronic, we will always try and help you out.
On first contact with us you will be given your own personal account manager who will help guide you through the whole process and answer any questions that you may have. Although your assets are at risk if you fail to pay at the end of your loan we will generally try and help you out, wherever possible, to ensure that doesn't happen.
At any point during the loan you can request your account balance and we will not penalise you if you decide to repay early.
(For larger loans or loans secured against property please contact us for rates)
Amount of credit: £10,100; Loan term: 6 months; Monthly interest rate (fixed): 2.73%; Total interest: £1,654; Total amount repayable: £11,754
Representative APR 35.4%.
If you own something that is worth more than you want to borrow, there is a good chance that we can lend you money. We offer loans against lots of different things so get in touch with us today. To get a free loan quote call or apply online now
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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.
