Investors who helped to crowdfund the Rebus group will be unable to recoup any of the money they put into the struggling claims management company.
The company was supported last year by an injection of £816,790, raised by109 people through the website CrowdCube. However, it went into administration in February. The Law Society Gazette has reported that those investors will not receive their money back. The Gazette also said that a statement of joint administrators’ proposals shows that unsecured creditors will not be paid either.
Unsecured creditors’ claims are estimated at £740,746, of which 18 claims have been made coming to £230,028.
Rebus, set up in 2008, helped clients who suffered losses from negligent financial advice. It first got into trouble in May 2014 when its directors sought to raise capital through the crowdfunding scheme.
It emerged that the CMC had lost £863,000 in 2015.