The co-administrators of BetIndex have announced their intention to seek a termination order from the court.
According to the joint administrators, the objective of the said administration was not adequately achieved, so they considered bringing the matter before the Court. The purpose of the application is to end the administration and put the company into liquidation.
If the Court grants them, the co-administrators draw up their final administration report; thereafter, the company will be put into liquidation.
In the event of a start-up, BetIndex clients will receive additional correspondence regarding the status of the company and its affairs, as well as the many branches of work that the co-liquidators plan to undertake during the liquidation.
The incorporation of the company is governed by the law of Jersey and the hearing, which will also take place in Jersey, has been set for November 5, 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 ordered the company to be subject to an administrative order under the Act on 1986 insolvency.
According to the ruling, insolvency practitioners Richard Toone, Adrian Hyde and Adrian Rabet were appointed joint directors of BetIndex and any creditor or other person with an interest in the company’s insolvency was to contact the joint directors.
BetIndex is the operator of Football Index and it has been suspended in the UK by the Gambling Commission over concerns that “some activity may have been carried out allegedly relying on the license, but not in accordance with a condition of the license, and that Football Index may not be suitable for carrying out licensed activities.