Updated: 26th March 2021
Richard Toone, Adrian Hyde and Adrian Rabet from Begbies Traynor LLP have been appointed joint administrators of BetIndex Ltd, which trades as Football INDEX in the UK following a High Court order today (26.03.2021) The Begbies Traynor team was advised by a legal team at Bird & Bird LLP led by partner Joss Hargrave.
Adrian Hyde at Begbies Traynor said:
“This appointment will mean progress can be made for the player community and the business as until now the BetIndex Ltd board has been unable to move forward after its initial application to the court in Jersey.
“However, this is still a complex situation spanning the UK, Jersey and Gibraltar. As such we and the board will continue to work closely with all relevant authorities, including the Gambling Commissions in the UK and Jersey on this.
“We believe we are now in a position from which we can progress restructuring proposals to achieve the best outcome for the player community and the business.
“This is a complex and fast-moving situation, and we will endeavour to provide updates to the player community on an ongoing basis when appropriate.”
Joss Hargrave at Bird & Bird said:
“This was a highly challenging administration application involving UK and Jersey proceedings and Gibraltar and Isle of Man issues. Following the granting of the administration order, urgent work will be undertaken in relation to customer monies held in trust and to restructure the business.”
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.