London Capital Finance Insolvent in 2017

By J Drew -
According to today's FT, LCF were insolvent as far back as 2017.

The FT used an accountant to analyse the published accounts which suggests that LCF had negative assets of almost £10 million in 2017. According to the quote in the FT:

“LCF was effectively insolvent almost from the beginning,” said Tim Bush, head of governance and financial analysis at the shareholder advisory group Pirc. 


It begs the question of how two major accountancy firms could sign off their accounts as auditors when the picture was so misleading.

Could there be a way for investors to claim against them for their lack of warning of the state of the company?

https://www.google.com/url?rct=j&sa=t&url=https://www.ft.com/content/09df4f72-5222-11e9-9c76-bf4a0ce37d49&ct=ga&cd=CAEYACoUMTQyODE3NjU4NzU3MjQ0MzI1MzEyGjdlMWYzMmUxZDI0OGNkMzE6Y29tOmVuOlVT&usg=AFQjCNHCLOGcwRKsqVtWcG6Uybvg5siXhg

Comments

  1. Jones1 April 2019 at 07:10

    We should be able to claim 100% funds back due to this shocking twist of events. Only a corrupt system and lacklustre administrators will stop money being returned.

    ReplyDelete
  2. Anonymous6 April 2019 at 01:59

    I agree, if auditors make such a hash of clear malfeasance their feet should be held to the fire and they should have to pay compensation.

    ReplyDelete

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