The UK Financial Conduct Authority (FCA) today provided an update on the Avacade case.
In August 2020, following a trial, the High Court ordered illegal pension introducers Avacade, Alexandra Associates and their directors to pay £10,715,000 restitution to consumers.
Following the High Court order, the Court of Appeal upheld findings of breaches against Alexandra Associates (U.K.) Limited trading as Avacade Future Solutions, and Craig and Lee Lummis on 4 August 2021.
The defendants failed to satisfy the restitution order and, as a result, on 21 November 2023, the FCA secured bankruptcy orders against Lee and Craig Lummis.
The Official Receiver (or a Trustee in Bankruptcy) will investigate the financial affairs of the bankrupts and administer their estates.
The third director of Avacade, Raymond Fox, was previously made bankrupt on 19 August 2020.
The FCA secured a winding up order against Alexandra Associates (U.K.) Limited on 22 February 2022 and the company was subsequently dissolved on 10 April 2023.
