Begbies Traynor LLP appointed as BetIndex/Football INDEX liquidators


Updated: 30th September 2022
Date Published: 26th March 2021

Begbies Traynor LLP appointed as BetIndex/Football INDEX liquidators

Update 30/09/2022

Dear Customer

BetIndex Limited – In Liquidation (“the Company”)

As a result of an Order from the Jersey Court resulting from an application by the Joint Liquidators of the Company, we are contacting all customers requesting that those customers who have yet to reclaim their cash balance should do so within the next 40-days from the date of this email.  Any requests received after this time period will not result in repayment. 

Customers who wish to reclaim their cash balance should provide a copy of their bank statement, no older than 3-months old and proof of ID.  When sending ID please note that we will only accept a valid and in-date driving licence or passport.  These documents must be sent to [email protected]

Your bank statement must clearly show your name, registered address, account number, and sort code.

If you are having difficulty in providing either a copy of your bank statement or proof of ID, please contact us using the email address [email protected] .

Any requests received after the 40-day time period will no longer result in the payment of a customer’s cash balance via this method.  Customers whose cash balance remains unclaimed after 40-days will have one further chance to recover all or part of their balance as part of the process when dividends will be paid to creditors, including customers with sums owed in respect of open bets.  Please note that the time frame for this, how open bets will be valued, and the likely pence in the pound return to customers in respect of open bets is uncertain. 

When we are in a position to make such payments a further notification will be sent.

Richard Toone, and Adrian Rabet of Begbies Traynor were appointed Joint Liquidators, both are authorised to act as Insolvency Practitioners by the Institute of Chartered Accountants in England and Wales, and are bound by the Insolvency Code of Ethics.

 For and on behalf of the Joint Liquidators of Betindex Limited acting without personal liability.

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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.


About the author

Richard Toone

Partner

Meet our Team of Experts

Richard has more than 20 years’ experience in the field of business recovery.

He gained his insolvency grounding with a Big Four accounting practice, before moving on to the largest specialist recovery firm in the country.

Richard advises on a broad range of industry sectors and provides inventive yet realistic solutions to the problems of financially distressed and under-performing businesses.

He has conducted a wide range of appointments dealing with a variety of property, leisure and licensed trade matters, ranging from Michelin Star restaurants, international property realisations and a specialist demolition operation.

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