Blue Gate Capital has entered liquidation following censure from the FCA over investors who lost money investing in the Connaught Income Fund.
When the FCA issued a statutory demand for payment, Blue Gate’s shareholder decided to place the business into insolvent liquidation via a creditors voluntary liquidation.
Blue Gate appointed Cowgill Holloway Business Recovery as the liquidator yesterday.
The FCA said it will make a claim in the liquidation, as a creditor, for the full £203,007.
The Connaught Income Fund, also known as the Guaranteed Low Risk Income Fund Series 1, went into administration in 2012 and cost investors £100m in losses.
In December, a critical report was released about the FCA’s role in regulating Connaught with the regulator accepting it had “lessons to learn.”