Asset Life plc update: both underlying investments blank administrators

A

The adinistrators of Asset Life plc, which collapsed in August 2019 owing £8 million to bond investors, have released their latest update.

Unfortunately there’s not much to report as both of the investments that constitute what is left of Asset Life plc have gone dark on the administrators. Prospects for recoveries from either still look bleak.

We have not identified a realisation strategy for the Company’s investments in Aprelskoe Limited and Lori Iron and Steel Limited that would result in a tangible return to the Company’s debenture holders. Aprelskoe’s two remaining UK-based directors resigned on 5 December 2019 and the company has not responded to any communication from the Joint Administrators. A new Moscow-based director, Mr Sergei Bezborodov, was appointed on 6 July 2020.

[…] Lori has not responded to any communication from the Joint Administrators.

Little is disclosed regarding either the “potential alternative avenues for recovery” being explored by the administrators and their lawyers, or in respect of the insurance policy that supposedly covered Series C bondholders.

In the six months to July 2020, £592 was recovered from a residual balance owed by Keystone Law, plus £7 in interest. Time costs incurred by the administrators over the same period amounted to £21,360.

Add comment

By Marcus

Recent Posts

Recent Comments