Ignition Select enters dissolution after administration extension fails to realise funds
Close Brothers are set to lose millions from the broker dissolving.
Ignition Select has entered dissolution after two years in administration, with Close Brothers expecting to lose millions in owed payments.
Administrators from Begbies Traynor made the decision after failing to realise funds from the broker’s debtors over the past year.
Begbies Traynor has conceded that Close Brothers, Ignition Select’s sole secured creditor, will now suffer a “significant shortfall” from the £2,205,058 they are owed.
Close Brothers has received £724,015 from asset
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