Football Index hearing moved to High Court

Football Index collapsed after an exodus of customers and investors in March.
Football Index collapsed after an exodus of customers and investors in March.

The hearing that will decide how to divide Football Index funds among bettors has been moved to a higher court.

UK.- The Football Index insolvency hearing, which must decide on the division of the platform’s £4.5m player protection fund, has been moved to the High Court of Justice for England and Wales.

It had been expected that the hearing would be heard by the Insolvency List at the Business and Property Courts of England and Wales on Monday, with administrators pushing for a quick resolution.

A date for a High Court hearing has not yet been set, but it will result in a delay for customers waiting for their funds to be returned. 

Administrators Begbies Traynor had asked for the case to be heard “as soon as possible” because of stress suffered by customers who had money trapped in the platform, and because Bet Index, the operator of Football Index, wanted to relaunch the platform for the 2021-22 football season.

However, the administrators have said it is not clear how Football Index’s £4.5m player protection fund should be divided because of doubts over how active bets should be dealt with

The player protection fund is sufficient to cover claims for funds held in customer accounts at the time of Football Index’s collapse, which come to £3.2m, but not to cover all possible claims for dividends on players, depending on the date set as a cut-off point.

The administrators have recommended setting the date at March 26, which is the date administration proceedings began, but the court will be asked to make the decision.

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