BetIndex’s joint administrators have announced their intention to apply to Court for an order to end administration.
According to the joint administrators, the purpose of said administration has not been adequately achieved, therefore they have considered making an application to Court. The application’s aim is to end the administration and move the company into liquidation.
If the Court grants them the application, the joint administrators are to issue their final report of the administration; afterwards, the company will be placed into liquidation.
If started, BetIndex’s customers will receive further correspondence regarding the company’s status and its affairs, and the numerous branches of work the joint liquidators plan to undertake during the course of the liquidation.
The company’s incorporation is under the law of Jersey and the hearing, which will also take place in Jersey, has been fixed for 5 November 2021. Creditors are allowed to attend the hearing.
Following a request from the Royal Court of Jersey, in March 2021, the High Court of England and Wales issued orders that the company be subject to an administration order under the Insolvency Act 1986.
According to the ruling, insolvency practitioners, Richard Toone, Adrian Hyde and Adrian Rabet were appointed joint administrators of BetIndex and any creditor or other person with an interest in the insolvency of the company were to contact the Joint Administrators.
BetIndex is the operator of Football Index and it was suspended in the UK by the Gambling Commission over concerns that “activities may have been carried on in purported reliance on the licence, but not in accordance with a condition of the licence, and that Football Index may not be suitable to carry on with licensed activities.”