Begbies Traynor LLP appointed as BetIndex/Football INDEX administrators

Administration

| March 26th 2021

More News by Adrian Hyde

Updated: 7th October 2021
Date Published: 26th March 2021

Begbies Traynor LLP appointed as BetIndex/Football INDEX administrators

Update 07/10/2021

NOTICE IN RESPECT OF THE REPRESENTATION OF THE ADMINISTRATORS OF
BETINDEX LIMITED (in Administration) (the ''Company'')
Company No.: 119040

Please note that the English administration of Betindex Limited cannot achieve any of its statutory
purposes and accordingly the Joint Administrators are applying to bring the administration to an end
and to be appointed as Joint Liquidators of the Company under Jersey law (the law of the Company's
incorporation).

The Jersey hearing has been fixed to take place on Friday 5 November 2021 at 2pm.
Creditors may attend the hearing if they so wish

Adrian John Denis Rabet
Joint Administrator
7 October 2021

---------------------------------------------------------------------------------------------------------------------------------------------------------------

Update 15/09/2021

“Dear Customers,

Further to previous updates, the Football Index customer service team have been retained until 30 September to assist with the return of customer cash balances. The customer service team are actively contacting customers that have not yet withdrawn their cash balances. Customers may therefore receive an email requesting evidence of bank details in order to process the return of these funds. If you receive an email from the customer service team at Football Index requesting this information, this is a legitimate request as this evidence is required to make the payment.

The customer service team can be contacted at [email protected] until 30 September. 

If you wish to get in touch to request the payment of your cash balance after 30 September, please contact the Administrators directly at [email protected]  

Kind Regards,

The Joint Administrators of Betindex Limited acting as agents and without personal liability”

--------------------------------------------------------------------------------------------------------------------------------------------------------------------

Dear Customers

 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 further details on the position for customers will be provided in a report in the coming weeks.

Message from the Joint Administrators

Customers wishing to withdraw funds from their e-wallets should now do so by email to [email protected]. As explained last week, withdrawals will take longer as these will be done manually but we are endeavouring to return customer funds as soon as possible so please bear with us.


About the author

Adrian Hyde

Partner

Meet our Team of Experts

Adrian is an Insolvency Practitioner and a solicitor. Prior to joining CVR (acquired by Begbies Traynor Group in 2021), he was a Partner in two well-known law firms, specialising in insolvency, proceeds of crime and fraud work.

Experienced in working on a wide range of insolvency matters, the majority of Adrian’s assignments involve crime or dishonesty and many involve overseas issues at offshore jurisdictions and business centres.

Adrian has been splitting his time between London and Gibraltar while working on the liquidation of an international law firm. This has provided an opportunity to focus on the expansion of CVR’s international business and has led to an increasing amount of international work.

Adrian is President of R3, the UK trade body representing the insolvency profession.

116 Regional UK Offices

Find your local Begbies Traynor Group office and speak to an adviser today.

Find your Local Office
0800 063 9221

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...
Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...
0800 464 0871

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...
Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...
0161 837 1700

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...
Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...
Begbies Traynor Group plc, announces that it has completed the acquisition of CVR Global LLP
CVR is a leading independent firm of insolvency practitioners, forensic accountants and experts in other related complementary disciplines.
Read More →
 
Coronavirus pushes financially distressed companies over the half-million mark
Number of businesses in significant distress stands at 509,000 – the highest number measured by the Red Flag Alert research
Read More →
 
BTG Advisory accelerates growth with appointment of four new partners to its London office
BTG Advisory, the boutique advisory arm of Begbies Traynor Group announces the appointment of four new partners to its Canary Wharf office
Read More →
 
Eighty jobs saved with £1m sale of engineering business
South Yorkshire company Newburgh Precision rescued through administration
Sale enables 75-year-old business to continue trading
Read More →
 
Join thousands of professionals by signing up for our updates
Analysis and Opinion from our Partners
Top Industry News
Register Now →
 

Advice you can trust

We are accredited by the following industry leading organisations

Insolvency Practitioners Association Institute of Chartered Accountants in England and Wales R3: Association of Business Recovery Professionals ICAEW Business Advice Service Turnaround Management Association ICAS | The Institute of Chartered Accountants of Scotland

Contact the Begbies Traynor Group team

or Find your Nearest Office

Here at Begbies Traynor Group we take your privacy seriously and will only use your personal information to contact you with regards to your enquiry. We will not use your information for marketing purposes. See PRIVACY POLICY

Processing...

This site uses cookies to monitor site performance and provide a more responsive and personalised experience. You must agree to our use of certain cookies. For more information on how we use and manage cookies please read our PRIVACY POLICY