Supercapital Administration

jshaw937

No update as of yet. Originally they said December 2019 but thats well gone 

n1c9f6c6

markwok - what do you mean by the "right licences offering protection"? Apologies if this is a dumb question but I don't understand the legal requirements.
My frustration is that if these people, and I mean both Magna and Supercapital, are bound by the Payment Services Regulations, how can they not comply with those requirements and avoid prosecution? It seems as though the protection that the Regulations are supposed to give to the consumers has failed. If we were getting all our money back it wouldn't be as much of an issue but the money was clearly not safeguarded as Magna advised it would be. I just don't see how they can make such claims and then simply wipe their hands of it.

jshaw937

This just doesn't seem to be progressing any further. I dont understand why they are keeping my money so long.

n1c9f6c6

I haven't heard anything for a couple of weeks. I hope the coronavirus doesn't mean that it will be delayed even further

jshaw937

I spoke with Griffins insolvency and they said they was trying to push it through due to coronavirus but it sounds like it is a court date they are waiting for. Not convinced though.

devast8ted

I am also owed a lot of money from Supercapital ltd. 
I sold a property in Tenerife and the solicitor I used there recommended Magna to transfer the funds over to Australia for me.  I took the solicitors advice and used Magna to transfer the money, which obviously never arrived. I was told lie after lie from magna, who told me they had sent the money and that the problem was on my banks side in Australia. After almost 4 weeks of being told one lie after another i found out that my money had been caught up in this mess with Supercapital. 
I made the transaction with Magna and couldnt understand why Supercapital had my money. 
I was assured by the directors that my money was held in a segregated account and that it was safe. 
Its been 8 months since I sold my property and I still havent received a penny. 
At first Griffins seemed to be really helpful and reassuring, but now we cant speak to anyone and its a nightmare getting a reply on email. 
We thought this would be sorted in December, but here we are nearly in April and still no closer to getting paid out. 
Has anyone heard anything lately about when were likely to get a court date? 
This has gone on too long!!

jshaw937

Not heard anything lately, think they are trying to buy time for something.

markwok

Email sent out yesterday, there is progress

jshaw937

Yes, hopefully shouldn't be long then.

n1c9f6c6

This is just the application to the court though. Surely it will depend on when the Court are able to make a decision and whether they have sufficient information? I don't even know if they are currently conducting hearings due to Coronavirus.

We're rapidly approaching seven months now and I'm afraid I'm still not going to hold my breath.

Just on a separate note, is anyone planning to do anything about attempting to recover the shortfall? I'm considering a private legal action but it might be useful to share knowledge/ideas.