London Court provided bond administration and ISA management services through its ‘My Investment Hub’ platform.
The Joint Liquidators’ function is generally to act in the interest of the Company’s creditors as a whole, and this must be done as quickly and efficiently as is reasonably practicable. The Joint Liquidators will contact all affected parties in due course.
The Joint Liquidators can be contacted as follows:
Email: londoncourt@quantuma.com
Address: London Court Limited – in Liquidation c/o Quantuma Advisory Limited, 14 Derby Road, Stapleford, Nottingham, NG9 7AA.
Telephone: 0115 939 2454
The Joint Liquidators have been made aware that investors are being targeted by fraudsters impersonating Insolvency Service staff as well purporting to being court appointed liquidators. Fake letters have been issued claiming that the Insolvency Service and the courts have authorised third party companies to help with the recovery of funds in exchange for an up front fee. In some instances, real company names are being used without the owners knowledge.
The Insolvency Service are aware of the scams and have set up a scams page to help people verify communications that they have received and make a report to Action Fraud, if necessary.
In addition, the Joint Liquidators have been made aware that investors are being targeted by fraudsters claiming to be appointed as the Liquidator of London Court Limited and claiming to be instructed by the Court to assist with investor claims. Letters have been issued to investors with fake Companies House documents. As noted above, Rehan Ahmed and Tauseef Rashid of Quantuma Advisory Limited were appointed as Joint Liquidators on 15 July 2024, this position remains unchanged.
The Liquidators have reported these companies to the Insolvency Service and Action Fraud and request that should investors receive any such correspondence that they make a report to Action Fraud as well as notifying the Joint Liquidators.
FAQs
A Liquidation is the event in which Liquidators are appointed to take control of the Company and to manage the Company’s affairs. The Liquidators must be a Licensed Insolvency Practitioner.
This process results in the Liquidators winding down the Company’s affairs and realising any assets for the benefit of creditors.
Once the Joint Liquidators are appointed, the director’s powers cease and they no longer run the Company. However, the director has a duty to co-operate with the Joint Liquidators in their duties without being paid.
The Joint Liquidators are therefore responsible for taking the necessary steps to close the Company down.
There is no legal time limit on how long a liquidation will last. A typical liquidation takes 12 months to 18 months to complete however this can be longer depending on asset realisations and the length of time it takes to agree creditor claims.
The liquidation is complete when all the assets have been realised, and where there are funds available to creditors, their claims have been adjudicated and net realisations (after expenses of the liquidation) have been distributed to them.
The Joint Liquidators will write to all known creditors of the Company as well as all investors who bought a bond via London Court or the ‘My Investment Hub’ platform within 28 days of appointment and invite them to make a claim via a proof of debt form which will be provided by the Joint Liquidators. If you believe you have a claim against the Company, please contact the Joint Liquidators using the details above.
Within 28 days of appointment, the Joint Liquidators will be contacting creditors with details of the Joint Liquidators’ initial report. This document will set out the progress of the liquidation thus far.
Creditors will receive a letter with access to a website portal from where they will be able to download the Joint Liquidators’ proposals. The Joint Liquidators’ report will contain essential updates for the creditors.
Please also note that the Joint Liquidators also plan to issue updates to all concerned parties on a continuous basis via the Quantuma website, and other formats as considered appropriate.
As it is only the start of the liquidation, our answers are likely to be necessarily brief on certain details although these answers will develop with further detail over the coming weeks.
Investors
London Court’s business model was to provide administrative functions for investment scheme issuers. These investment scheme issuers are not affected by London Court’s liquidation and therefore, your relationship with the investment scheme issuers will not change.
Should you have a specific query about your investment it is recommended that you speak directly to the scheme issuer.
If you are unable to contact the scheme issuer or have any other concerns then please contact the Joint Liquidators using the details above or the Financial Services Compensation Scheme (“FSCS”). Should you be concerned about investments made through London Court Limited then the Financial Conduct Authority (“FCA”) have provided guidance on how to complain which can be accessed HERE.
There is no need for investors to do anything. The Joint Liquidators have contacted each investor held on the London Courts database either by email or writing to provide an update in respect of the liquidation and to confirm that the scheme issuers are not affected by London Court’s liquidation.
However, if investors have not received this update then please contact the Joint Liquidators using the contact details above.
The Joint Liquidators are now responsible for the business of London Court only, specific queries regarding investments should be directed to your scheme issuer.
However, we have been made aware that investors holding Whisky Scotland bonds are unable to contact their issuer, the FCA has previously issued the following guidance for these investors which can be accessed HERE.
If you have any specific queries regarding the liquidation of London Court, please contact the Joint Liquidators using the contact details above.
Queries regarding your investment should be directed to your investment scheme issuer, further guidance in respect of Whisky Scotland investments can be located HERE.
Notification of the Liquidation and the Joint Liquidators appointment has been communicated to the FCA.
The FCA have provided the following guidance for investors of London Court which can be accessed HERE.
The Joint Liquidators will continue to liaise with the FCA, although the FCA does not have legal responsibility for regulating liquidations.
If you already have a claim with the Financial Ombudsman Service (“FOS”), you don’t need to take any action at the moment. As London Court has entered liquidation, FOS will no longer assess complaints against it. The FOS will contact you shortly to ask permission to transfer your complaint to the Financial Services Compensation Scheme (“FSCS”).
The Joint Liquidators will work with FSCS so that the FSCS can determine if claims meet the qualifying conditions for compensation.
You will need to submit a new claim to FSCS, but if FSCS is receiving your file, there will be no need to submit all of your claim documents again. The FOS letter will have more details.
For complaints regarding director or Company conduct, please contact the Joint Liquidators using the details above.
The FSCS protects consumers when authorised firms fail and can pay compensation of up to £85,000 for investment claims. More details about the FSCS are available on the FSCS website: www.fscs.org.uk.
The FSCS has set a dedicated webpage for London Court.
https://www.fscs.org.uk/making-a-claim/failed-firms/london-court
You can make a claim to the FSCS for the losses you might have incurred, however FSCS will need to investigate whether claims meet the qualifying conditions for compensation before claims can be processed.
If FSCS is able to protect claims, there is no obligation to accept compensation, however, as referred to within these FAQs, the prospect of any return to creditors within the Liquidation, and outside of the FSCS, is negligible given the limited known assets of London Court and the expected level of creditor claims. As a result, the only possible route for recovery for affected customers is via compensation from the FSCS.
Any losses in excess of FSCS compensation limits will rank as an unsecured claim in the Liquidation.
If you are approached by a company offering to help you recover your money, you should proceed with caution. For most investors, there will be no benefit in involving a third party in making a claim.
The FCA has provided guidance in respect of involving a third party in making a claim, the guidance is located HERE.
Being Alert to Scams
All investors should remain alert to the possibility of fraud. If you are cold called by someone claiming to be from London Court, Quantuma Advisory Limited or the FCA, please end the call and contact them directly.
In situations such as this, the FCA advises that investors should remain alert to the possibility of fraud and should remain vigilant if unauthorised firms contact them offering to help get back investments for a fee.
They recommend investors review the information on the FCA website, through ScamSmart to help protect people from scams.
If you've lost money to a scam, report to the FCA HERE and then contact Action Fraud.
If you have received letters from companies claiming to be instructed by the Insolvency Service a scams page has been set up to help people verify communications that they have received and make a report to Action Fraud, if necessary.
In addition, if you receive correspondence from other firms claiming to be appointed as Liquidator of London Court Limited you are requested to report details of these companies to the Insolvency Service, Action Fraud as well as notifying the Joint Liquidators.
Further enquiries
Any other customer enquiries should be directed to londoncourt@quantuma.com.
The Joint Liquidators are Data Controllers and a privacy policy statement as required by the General Data Protection Regulation is available at: https://www.quantuma.com/privacy-policy.
Should you wish to be supplied with a hard copy, free of charge, please contact the Liquidators’ team on 0115 939 2454, or e-mail: londoncourt@quantuma.com.
