Business Recovery

Begbies Traynor appointed as BetIndex/Football index administrators

The Begbies Traynor team was advised by a legal team at Bird & Bird LLP led by partner Joss Hargrave

Begbies Traynor has revealed it has been appointed as administrators to embattled betting firm Betindex Ltd.

It said that Richard Toone, Adrian Hyde and Adrian Rabet have been appointed joint administrators of BetIndex, which trades as Football INDEX in the UK following a High Court order.

The Begbies Traynor team was advised by a legal team at Bird & Bird LLP led by partner Joss Hargrave.

Hyde said: “This appointment will mean progress can be made for the player community and the business as until now the BetIndex Ltd board has been unable to move forward after its initial application to the court in Jersey.

“However, this is still a complex situation spanning the UK, Jersey and Gibraltar. As such we and the board will continue to work closely with all relevant authorities, including the Gambling Commissions in the UK and Jersey on this.”

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He added: “We believe we are now in a position from which we can progress restructuring proposals to achieve the best outcome for the player community and the business.
This is a complex and fast-moving situation, and we will endeavour to provide updates to the player community on an ongoing basis when appropriate.”

Hargrave at Bird and Bird said: “This was a highly challenging administration application involving UK and Jersey proceedings and Gibraltar and Isle of Man issues. Following the granting of the administration order, urgent work will be undertaken in relation to customer monies held in trust and to restructure the business.”

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