Name: lucasross.co.uk
Telephone: 03301289489
Rating: 2.8

Jonny Guest

Liquidator liquidating?

As a creditor of a company [EBLN (UK) Ltd] - whose initial liquidation some nine months' ago is being administered by Lucas Ross - alarm bells are ringing.Lucas Ross have not filied their financial accounts with Companies House (due by August 24th 2022). This has led to a First Notice on October 25th in 'The Gazette' which, if unaddressed, will lead to this company to being struck off the register on, or after, 60 days from the First Notice. Needless to say, the optics of a liquidator going into compulsory liquidation are, for a company barely two years' established, eye-catching and worrisome.How this situation has affected, or will affect the capacity of Lucas Ross in the performance of their professional duties remains unknown.

Date of experience: Dec 02, 2022

AC30 Guest

3 years ago

this is what I sent to LR:

this is what I sent to LR:Sir, I am writing to you as a client and creditor of EBLN UK.It is apparent to me that EBLN UK has been trading whilst insolvent and therefore fraudulently. I have reported this to the FCA, with necessary documentation required.I had many conversations and promises from Jack O’Malley, also emails from Neel and Chloe, regarding trade confirmations and statements. I was led to believe that assets were being bought and sold, when in fact this was paper-trading and thereby they were continually liquidating my assets without permission. I tried unsuccessfully to withdraw funds onward from early 2021.I have bank statements that refer to the Dubai registered parent company EBLN DMCC and I would like to know from you as the present Insolvency Practitioner, its relevance to the liquidation of EBLN UK, as this has not been addressed.Equally, why does EVR Bullion (the company that was supposed to be doing the actual buying and selling) not appear as a debtor on EBLN UK’s balance sheet, and will you be placing EVR Bullion in liquidation as part of tracing and recovering assets?I would be most grateful if you could also address the following.The possibility that no assets were ever bought, has this been investigated? There is also absence of evidence and justification for why EBLN UK are greatly understating amounts owed to creditors. Please can you indicate what you have been doing for the past 6 months?For instance, have you reported the director of EBLN for trading while insolvent? If not, why not? Have you reported Luke Ryan as a shadow or de facto director of EBLN? Have you reported the director(s) of EBLN for fraudulent trading?Have you reported the director(s) of EBLN for failure of basic fiduciary of care to clients?Have you received full cooperation from Beverly Ryan?Have you taken possession and gained access to the Orb System (where all 'trades' are recorded)?Have you established whether EBLN's supposedly largest 'creditor', White Knight One Limited (now dissolved) was genuine?Have you found evidence that EBLN ever actually owned crypto in the quantities clients were led to believe? To date, Lucas Ross have not informed creditors in any way as to what they are, or are not doing to complete the liquidation.

Date of experience: Oct 12, 2022

Davy Guest

3 years ago

Poor impression so far

[Review written & posted on 5 July 2022]Context: I am a creditor of a specialist investment/trading firm where assets vanished from my non-discretionary account without permission or explanation. Public records at Companies House show I am one of 200 or so such individual creditors. The firm in question - which traded through an associated company using unnamed suppliers, and had a foreign-domiciled parent - put forward Lucas Ross Limited to handle its proposed liquidation. Poor impression of proceedings so far: After receiving details of all creditors from their client in early December 2021, it took Lucas Ross almost 10 weeks just to hold an initial Creditors’ Meeting, mid-February 2022. A choice of two proposed liquidators - Lucas Ross and AN Other - was put to creditor vote. Although the live vote at the Meeting appeared in clear favour of AN Other, the following day it was Lucas Ross who declared themselves appointed Liquidator. The published final voting tally revealed 6 previously undisclosed creditors - their ballots submitted by proxy - had swung the vote in Lucas Ross’ favour.Anomaly: not one of these 6 previously undisclosed creditors had been recorded on the List of Company Creditors (part of a document signed as a sworn ‘Statement of Truth’) circulated ahead of the Meeting. 5 of these creditors had demonstrable links to Lucas Ross’ client. The sixth was purportedly the largest of all creditors. You would have thought these were not the profile of creditor you could forget you had. Why had they not featured on the official record? Were they genuine creditors and thus properly entitled to vote? It seems short-sighted of Lucas Ross not to have issued any form of appropriate statement to address this anomaly - if only to explain how and when it would be clarified. Instead, the matter has been passed over in silence for almost 5 months, the questions have lingered and grown with the entirely predictable consequence that many continue to question the legitmacy of the liquidator’s appointment. Separately, communication from Lucas Ross has in my experience been poor: far too many emails have not been replied to or even acknowledged. Basic requests for information have gone unanswered. I write as a creditor who has tried to provide relevant information to aid a liquidator perform their statutory duties.Overall, I question and remain to be convinced whether Lucas Ross have the personnel and comparable case experience to address the specific demands of this particular liquidation in which public interest is so high.The staff at Lucas Ross I have spoken to - each very personable over the phone - recognise that the inner workings, inter- and intra-company dealings of this particular specialist investment/trading firm, are a far cry from those of the companies and sectors with which Lucas Ross are more familiar.