Betindex: Liquidation Statement
The Administrators of Betindex (Begbies Traynor) posted the following statement yesterday afternoon, signalling the intention, having exhausted all other options, to place the company into Liquidation.
‘The Administrators have been working tirelessly in the period immediately prior to and since the commencement of the Administration to formulate a proposal (“the Proposal”) for a Company Voluntary Arrangement (“CVA”). The purpose of formulating the Proposal was to seek to rescue Betindex Limited (“Betindex”) as a going concern and to enable a relaunch of the Football Index Platform (“the Platform”). At the outset, it was anticipated that the Proposal would be circulated to customers for their consideration within a number of weeks, however for a multitude of reasons this was not possible.
Any rescue of Betindex would require significant funding to be injected into both Betindex and the wider Football Index group. With this in mind, the Administrators have been in extensive dialogue with a number of parties interested in providing the funding required for a relaunch of the Platform. It was essential that any third-party funder was included in the development of the Proposal, which it was anticipated would include a change to the format of the Platform and a financial return to customers.
Unfortunately, despite these extensive discussions, the Administrators believe that there is no longer a realistic prospect of them being in a position to issue a viable Proposal for a CVA as there do not appear to be any parties willing to provide the funding required to support the CVA.
As a result of the above, the Administrators will shortly be taking steps to place Betindex into Liquidation and are currently taking legal advice on the appropriate jurisdiction for the Liquidation. The Administrators have been exploring every possible route to avoid this outcome, as a CVA would have resulted in a higher return for customers than in a Liquidation, however there is no longer any viable alternative.’
A final report on the Administration will be circulated to customers shortly which will provide further detail on the work done in the Administration to date and will set out some further information on the Liquidation process. The Administrators would ask that customers refrain from emailing in the meantime asking for an update on the insolvency process as responding to each query individually only serves to increase costs as the details will be provided in a report in the coming weeks.
As set out in the previous update to customers, the Platform is due to be decommissioned today, therefore going forward if customers wish to withdraw their cash balances, requests should be made to the new customer support email address which is: support@footballindexinsolvency.co.uk.
There are likely to be delays in the return of these cash balances as manual payments will need to be made, therefore the Administrators ask for patience in this process.