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

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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 The customer service team are actively contacting customers that have not yet withdrawn their cash balances.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”

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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.