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Donre Advisory Limited has gone into liquidation, two months after the FCA imposed restrictions on its business activities. The London-based IFA firm entered creditors’ voluntary liquidation (CVL) on Thursday, 11 July, according to a notice from the regulator.
On 17 May, the FCA placed restrictions on Donre Advisory, preventing it from conducting any regulated business due to the absence of FCA-approved senior manager function holders and inadequate resources. Following an assessment of the firm’s financial position, the directors decided to appoint liquidators.
The firm’s directors have appointed Sean Bucknall and Andrew Hosking of Quantuma Advisory Limited as joint liquidators. Donre Advisory, established in 2010 and formerly known as Basi & Basi Financial Planning Limited, advised on and arranged investment deals, including defined benefit pension transfers.
It served as the parent company of three subsidiaries: PSG SIPP Limited, a UK-authorized self-invested personal pensions (SIPP) operator; Relay Administration Ltd, a pension scheme administrator based in Gibraltar; and MC Holdings (Malta) Limited, based in Malta.
Additionally, Donre Advisory managed two appointed representatives, Express Newspapers and Onvestor Advisory Limited. Onvestor provided defined benefit advice to UK nationals living overseas, while Express Newspapers focused on introductions and distributing financial promotions.
The FCA stated that Donre Advisory remains under supervisory oversight and that it is working closely with the joint liquidators. Sean Bucknall and Andrew Hosking of Quantuma are licensed insolvency practitioners authorised by the Insolvency Practitioners Association (IPA).
Although PSG SIPP Limited is owned by Donre Advisory, it operates independently and continues trading. To protect customers, PSG SIPP is subject to requirements to retain assets and governance restrictions on appointing new board directors.
Certain sectors, such as financial advisory and investment services, appear more susceptible to liquidation in the UK’s current economic situation. This is due to complex regulatory requirements and the critical need for robust financial health and governance. The increase in liquidations is also indicative of broader economic challenges facing small to medium-sized enterprises (SMEs) in the country.
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