Lauren Kreamer recently acted for a creditor of Concept Capital Group Ltd in an application for the appointment of administrators over the company, which order was made by Insolvency and Companies Court Judge Agnello KC on 9 March by way of the appointment of Joanne Hammond and Jason Ainge of BTG.

The administration arises in the context of proceedings which had been brought by the Financial Conduct Authority against the company and various individuals and entities associated with it over an alleged £23 million unauthorised collective investment scheme involving static homes marketed to retail investors. The administration application began life as a winding up petition, with the need for urgency in the appointment of officeholders having become clear only as the proceedings unfolded.

The scheme, in outline, was said to involve investment by way of the purchase of static homes, further to which investors would receive fixed returns in the form of licence fees or rental payments. Those payments were said to arise further to the placement of social housing tenants in the units, and the company claimed that the scheme was government-backed. The FCA considered those claims to be false or misleading, and they will now be investigated by the Joint Administrators, together with the application of the £23 million invested into the scheme, of which the FCA alleges almost £15 million has been transferred out of the company, with the balance seemingly having been applied to finance ongoing payments to investors.

Investors are encouraged to read the FCA’s update on the proceedings, which includes contact details for the Joint Administrators. There is also a dedicated website for investors, which contains further information about the Joint Administrators’ investigations and emphasises the risk of fraud and scams arising out of their appointment.

Lauren is instructed in this matter by Tom Paton, Byron Massarella and Rachel Piper of Irwin Mitchell. The Joint Administrators are Jo Hammond and Jason Ainge of BTG Begbies Traynor.