Supercapital Administration

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Replies

  • markwokmarkwok Forumite
    7 Posts
    First Post
    Ten percent being deducted for fees?
  • jshaw937jshaw937 Forumite
    9 Posts
    First Post
    MoneySaving Newbie
    For now may get some more back if they can recover more cash. Not expecting much though. 
  • n1c9f6c6n1c9f6c6 Forumite
    8 Posts
    Part of the Furniture Combo Breaker First Post
    MoneySaving Newbie
    Doesn't look like there's much more to come back but one statement in the latest papers is a little unclear where it suggests that Clients may have future claims as Unsecured Creditors. Not sure what that means and by the sounds of it, it doesn't look like Supercapital have anything left to claim against.

    I'm considering speaking to a Litigation Solicitor to understand whether there are further options available for recovery of the shortfall. Has anyone else taken legal advice? If not feel free to DM and I'll let you know how I get on.
  • Pabs78Pabs78 Forumite
    2 Posts
    First Post
    MoneySaving Newbie
    Hi all, am in much the same situation and was also ‘sidelined’ by Magna. Not happy with a 10% shortfall considering funds were supposedly secured and have requested further clarification in layman’s terms from Supercapital on the various docs they sent 2 weeks ago and am yet to receive a response from them. I am also wondering what help I might need to seek. I feel we should try to lobby as a group to ask questions and resolve this situation rather than each one going into unchartered waters alone.
    Any thoughts?
  • markwokmarkwok Forumite
    7 Posts
    First Post
    If you have some documents from manga are you willing to share them. They will decide if a legal claim can be made.  I am a solicitor and am getting advice from a barrister on court proceedings 
  • mfnthjrmfnthjr Forumite
    1 Post
    First Post
    MoneySaving Newbie
    The main point of frustration for me is that less than 90% of the funds are coming back despite the funds supposedly being in segregated accounts. A huge amount of money was lost in incorrect payments being sent out. That points to SERIOUS mismanagement. 

    According to Companies House, the CEO of Supercapital Joel Smalley has moved on from Supercapital to a new venture Supermoney (!). Where is the accountability here? The early updates from Griffins suggested that there could be action to disqualify the management from holding directorships in the future, but this has not materialised. 

    Hundreds of people have lost huge sums of money and yet those responsible have simply jumped ship and started new ventures. That seems incredibly unjust to me.
  • fumin8fumin8 Forumite
    1 Post
    First Post
    MoneySaving Newbie
    Hello, only just found this forum. We were also strongly advised to use Magna Financial by a Tenerife solicitor. We have lost a large amount of money from our life savings because the money didn't arrive in time to complete the purchase on an apartment in Tenerife we have not only lost the 10%+ from our original exchange sent to Magna but also the 10% deposit on the purchase price. The currency rates also worked against us as the money we did receive back was at a lower value than when we exchanged back in September. What really annoys me is that Magna is still trading and has many 5 * reviews on Trust Pilot !
  • edited 1 July 2020 at 7:13PM
    catokellycatokelly Forumite
    354 Posts
    Part of the Furniture 100 Posts Combo Breaker
    ✭✭
    edited 1 July 2020 at 7:13PM
    Unfortunately alot of these overseas Solicitors’/Notaires get a hefty commission when they refer specific forex firms to a client, so unfortunately the Solicitor wouldn’t have had your best interests in mind when recommending them. As for Trustpilot reviews, you would have to take them with a pinch of salt, look at all the 5 star reviews still coming through for Magna on it, makes you wonder?!?
  • jshaw937jshaw937 Forumite
    9 Posts
    First Post
    MoneySaving Newbie
    Hi, I was just wondering if anyone got any where with the shortfall?
  • Pabs78Pabs78 Forumite
    2 Posts
    First Post
    MoneySaving Newbie
    Nowhere.....yet! Have chased up Griffins today to ask if any further updates and process to follow as an unsecured creditor.
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