Supercapital Administration

edited 30 November -1 at 1:00AM in Reclaiming Mortgage Fees, Council Tax, etc
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Part of the Furniture Combo Breaker First Post
MoneySaving Newbie
Apologies if I've posted this in the wrong thread.

I am currently in the process of buying an overseas property using cash from an inheritance. I am using the services of a Currency Exchange Service Provider (Magna Finance) to exchange pounds to euros.

To date I have exchanged just over £250,000 which is sat in a Customer Segregated Account.

I was advised on Monday that the company who are holding my money on behalf of Magna are Supercapital who have now entered Administration. This means I am unable to access my money and the Administrators have requested details to initiate a claim for recovery. As far as I am concerned I was dealing with Magna and they should be responsible for my money but whilst they are offering advice in the form of email templates etc. they do not seem to accept responsibility for the failure of their service partner.

I have two questions:

1) Has anyone been in a similar situation and if so how long did it take to gain access to the money?

2) Is there any benefit to be gained from appointing any legal adviser to support my claim?

I'm told that as long as the money is held in a Client Segregated Account then there should not be a problem to recover this in full but given the situation we are in I am concerned that I could lose money due to the stage in the purchase process we have reached. Given this the timescales for recovery are critical.

If anyone can offer any advice I would be extremely grateful as this is a very stressful and upsetting experience.


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