On 11 April 2022, the directors of Vector Wealth Ltd made an application to the High Court for an order to administer the company. On 22 April 2022, James Alexander Snowdon and Michael Colin John Sanders of MHA MacIntyre Hudson LLP were appointed as co-managers of Vector Wealth Ltd.
Vector Wealth Ltd, an FCA authorised company, issued a mini-bond called the Absolute Return Forex Bond to investors. This mini-bond marketing says that bond proceeds will be used to generate returns for investors through currency pair trading. Vector Wealth Ltd told the FCA that all buyers of the mini-bond were high net worth or self-certified sophisticated investors.
The FCA said about 40 clients had invested in Vector Wealth Ltd bonds, totalling around £4m. If you are a customer of Vector Wealth Ltd, the administrator will contact you as soon as possible and you can find the latest progress on their website. If you do not receive a letter from the administrator by Friday, April 29, 2022, you should contact them.
Details of the administrator:
Company name: MHA MacIntyre Hudson, the trading name of MacIntyre Hudson LLP. The company is registered in England with registration number OC312313.
Address: MHA MacIntyre Hudson, 6th Floor, 2 London Wall Place, London, EC2Y 5AU
Website: https://www.macintyrehudson.co.uk
Email: mathew.adams@mhllp.co.uk; james.mackie@mhllp.co.uk; james.snowdon@mhllp.co.uk; mharestructuringrecovery@mhllp.co.uk
Tel: +44(0)20 7429 410
The manager will conduct an assessment of Vector Wealth Ltd’s assets and send bondholders information, including proposals for allocation of funds, within eight weeks of their appointment.
The FCA said Vector Wealth Ltd had entered administration, but the Financial Services Compensation Scheme (FSCS) was unlikely to pay claims based on the company’s failure to repay the minibonds as the issuance of minibonds was not itself a regulated activity.
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