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Tiuta International in administration

by Kevin Rose
24 July 2012
Connaught Asset Management
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Connaught Asset Management

Connaught Asset Management (CAM) has confirmed that Tiuta International Ltd has been placed into administration.

The joint administrators are Danny Dartnaill and Malcolm Cohen of BDO LLP. They were appointed on 5 July.

Mike Davies, chairman of Connaught Asset Management, said: “Following the acquisition of Tiuta International by Connaught Asset Management (CAM), the directors of CAM decided to place Tiuta International Ltd, as the company holding and owning the loan book for the Connaught Income Fund Series 1, into administration in order to secure the orderly wind-down of the loan book and to ensure Connaught is being as transparent as possible during this process.

“This decision has nothing to do with the wider Tiuta plc group. We have opted for this as Connaught has never handled any investor monies and we have no intention of doing so now. Between the acquisition of Titua International and placing it into an administrative process all bank accounts have effectively been frozen with no monies leaving its bank account. The independent administrator will be responsible for all money within bank accounts and investors will be able to see that any monies transferred around will be done so transparently.”

Davies added: “CAM’s objective has been to effectively appoint an independent custodian to manage the wind down of the loan book and our decision to opt for administration protects investors and Connaught, and clearly demonstrates that we have no other intention but to recover as much money as possible for investors in an open and transparent manner.”

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© 2018 Trek Publishing Limited. Website design by Bedazzled Media Limited.
Company Number 11335497. Registered Office: Butterick Building Unit K, 38 New Lane, Havant, P09 2ND

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  • MORTGAGES
    • Mortgage type
      • Discount mortgages
      • Fixed rates
      • Fee-free
      • Interest-only
      • Offset
      • Remortgages
      • Trackers
      • Variable rates
    • Conveyancing
    • First time buyers
    • Help to Buy
    • New build
    • Overseas
    • Regulation
    • Self build
    • Shared ownership
  • BRIDGING
  • BTL
    • Consumer BTL
    • HMOs
    • Limited Company BTL
  • COMMERCIAL
    • Asset finance
    • Auction finance
    • Commercial mortgages
    • Development finance
    • Invoice finance
    • SME finance
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  • G.I.
  • LATER LIFE
    • Equity release
      • Lifetime mortages
      • Drawdown
    • Pensions
    • Retirement borrowing
  • LOANS
  • PROTECTION
    • Critical illness
    • Income protection
    • Group protection
    • Life cover
    • PMI

© 2018 Trek Publishing Limited. Website design by Bedazzled Media Limited.
Company Number 11335497. Registered Office: Butterick Building Unit K, 38 New Lane, Havant, P09 2ND

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