Advice firm, Chancery LLP, later trading as Suber PCS, has held insolvency meetings meaning that investors could be out of pocket by millions of pounds.
Chancery UK has gone into liquidation leaving a trail of creditors claiming hundreds of millions of pounds. The company advised investors to put money into films as well as property-based schemes that offered favourable tax structures.
The collapse of Chancery UK means that around 2,000 investors are now facing the prospect of claiming compensation under the Financial Services Compensation Scheme (FSCS) but this only offers a maximum pay-out of £50,000. Some investors may have handed over hundreds of thousands of pounds into schemes that will now not pay out.
Investors claim that the company gave them bad advice and persuaded them to invest in schemes that were unlikely to ever see decent returns. Many of the clients are doctors and dentists who paid into investments between 2005 and 2012.
Any investors that registered as creditors prior to liquidation may be able to claim from the firm’s professional indemnity insurer and be eligible for any money recovered. Those investors who are not listed or who haven’t notified the indemnity insurers of their claim may only be able to seek recourse from the FSCS.
If you have been affected by the liquidation of Chancery UK or Suber PCS, please get in touch with Slater and Gordon’s specialist litigation team. Call us on freephone 0800 916 9015 or contact us online and we will call you.