Thursday, 25 February 2016
Crowdcube's Rebus rides the Domino Line
While we wait for the full story behind the collapse of Crowdcube funded Rebus Investment Group, we thought this might interest you.
Back in October 2015 the film finance and tax planning firm Chancery UK, went into liquidation, owing hundreds of millions of pounds. The firm also offered wealthy clients tax advise based on property tax breaks.
The founder, Peter Nichols is a Michelin man and now runs the same operation with a new name. He used to be an HMRC inspector so clearly knows his ways around the dark back allies.
Back to Rebus.
Rebus was handling the claims of 90 of Chancery's clients when it too went into liquidation also owing large amounts. There, you see, off they go once you have pushed the first one. Estimates are that these 90 clients were claiming a total in excess of £65m via Rebus.
In a lovely twist, Martin Taylor, Head of Rebus' Client Relations when Chancery collapsed, told reporters ' Yet again we see another firm fold leaving behind a mass of debts and claims'. A few months later his dominoes were travelling along the same line.