The administrators of Sporting Options, the betting exchange which collapsed exactly one year ago with debts of £5.4 million, recovered £252,938 in the course of their 12-month investigation and paid £38,272 to 23 \’preferential creditors\’.
Menzies Corporate Restructuring managed to track down £100,000 of Sporting Options\’ money in a deposit held with a credit card payment provider, but that was of no use for the exchange\’s customers, which were considered \’non-preferential creditors\’.
However, the report reveals that 44 per cent of Sporting Options\’ customers took up Betfair\’s reimbursement offer, representing 98 per cent of the total owed to customers.
As of November 8, 69 per cent of these customers had been fully compensated. The remainder continue to be eligible to receive cash rebates in the form of a reduced commission rate until their account balance is discharged or until November 30, 2006 at the latest.
To read the full report, please click here.