Updated: 22nd July 2021
Updated: 26th March 2021
FOOTBALL INDEX STATEMENT – 22.07.2021
Begbies Traynor, the Joint Administrators of Football Index, is urging players to access their e-wallet funds following its announcement last week (12.07.2021) that funds could now be withdrawn.
Arrangements were finalised on 12.07.2021 by the Joint Administrators and the Board of Index Lab for the opening up of customer accounts for withdrawals. It wishes to do all it can to ensure that all players are fully aware that they can access the funds through their Football Index account.
These arrangements followed the High Court handing down a judgement to release Player Protection Fund monies on 22.06.2021, following a postponement of the decision on 21.05.2021.
Statement from the Joint Administrators of BetIndex Limited:
“Following our statement announcing that the Board of Index Labs has agreed to process the customer repayments, we are urging players of Football Index with e-wallet balances to access their accounts and withdraw their money as soon as possible.
“The joint administrators are concerned that after an initial flurry of players removing money from their e-wallets the process has slowed and customers risk missing out on this opportunity to access the Player Protection Funds that have been released."
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Richard Toone, Adrian Hyde and Adrian Rabet from Begbies Traynor LLP were appointed joint administrators of BetIndex Ltd, which trades as Football INDEX in the UK following a High Court order on 26.03.2021.
The Begbies Traynor team has been working closely with all relevant authorities, including the Gambling Commissions in the UK and Jersey to find a solution for the company and its various stakeholders.
The joint administrators have also been in discussions to generate funding or investment to take the platform forward.
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.
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