Creditors of a liquidated ‘alternative’ investment firm have been told some of their money will be returned following an investigation by Begbies Traynor and law firm SGH Martineau.
Centaur Global Limited ran a number of unregulated funds with millions of assets under management, making gains from using online sports exchanges to trade on the odds of different sporting event outcomes.
Liquidators Jamie Taylor and Kirstie Provan of Begbies Traynor have now reached a settlement in respect of the seven figure claim brought against the directors of Centaur.
Centaur was placed into liquidation in January 2012 owing creditors more than £2 million.
Jamie Taylor, joint liquidator of Centaur Global Limited said most of the creditors did not expect to recover any monies owing to them.
He added: “By using our expertise we have been able to recover a significant proportion of the overall loss within an unusually short time frame.
“The operation of the company was the subject of a full investigation by the contentious insolvency division at Begbies Traynor, and by progressing proactive aggressive litigation against the directors, we have within a very short period of time maximized the potential recovery of funds on behalf of the creditors.”
It is anticipated that all assets will be realised over the next 12 months.