Begbies Traynor, Football Index’s administrator for its insolvency process, has begun to work through claims from customers.
UK.- Begbies Traynor, the insolvency practitioner chosen by BetIndex when it entered administration last month, has begun to process claims from Football Index customers whose funds are trapped in the failed platform.
The administrator has issued notification to Football Index customers to advise that it has begun to register claims against the insolvent business. Customers affected must complete an online form.
Football Index went into administration last month just days after reducing dividend payments made to customers for transactions on its football player trading platform.
Customers claim to be owed up to £100m from the site. Legal firm Leigh Day is investigating a class action that may target the Gambling Commission as well as the operator, BetIndex.
The Gambling Commission has been criticised for granting BetIndex a betting licence when it provided no traditional sports betting services.
The UK government is reported to be planning to conduct an independent review of Football Index’s collapse, which has been described as the biggest collapse in UK gambling history.
Begbies Traynor is required to carry out all statutory duties and obligations under the UK’s Insolvency Code of Ethics to ensure that potential creditors can register their claims. The claims process is open to all customers, including those who had self-excluded via Gamstop.
The administrator didn’t provide details on how it would qualify different claims or what criteria would be used to decide compensation.
It stressed that: “Submitting a claim does not mean that the claim is accepted, the validity of claims will be adjudicated upon in due course.”