BrickVest Limited served with court order over “materially inaccurate” accounts

By John Reynolds on Thursday 14 November 2019

Alternative Lending

BrickVest founder Thomas Schneider stands down as director.

 BrickVest Limited served with court order over “materially inaccurate” accounts
Image source: BrickVest CEO Emmanuel Lumineau.

A subsidiary of fintech lender BrickVest which has fallen into administration was issued with a High Court order, saying it had filed accounts that were "materially inaccurate".

The Companies House filing was made on 12 November, disclosing details of the order by the High Court of Justice Business and Property Courts of England and Wales against BrickVest Limited. The court order was dated September 26.

The order comes as filings at Companies House also reveal that a BrickVest founder and company director have recently stood down as directors of BrickVest Limited.

The court order says that BrickVest's "audited accounts for the year-end 31 December 2018 and directors' and auditors' reports, filed at Companies House on 12 August, contain statements that are materially inaccurate."

BrickVest was ordered to remove the accounts from Companies House or prove that they weren’t inaccurate.

According to Companies House, BrickVest Limited has removed the accounts, saying "accounts [were] removed from the public register pursuant in order of court."

Meanwhile, BrickVest founder Thomas Schneider stood down as a director of BrickVest Limited on October 30, according to Companies House.

Another BrickVest Limited director Matthias Arnheiter quit on October 5.

Four subsidiaries of BrickVest, the fintech which offers investment opportunities in commercial properties, have gone into administration.

BrickVest Limited, BrickVest Technology, BrickVest Sevices and BrickVest Talent are the businesses that have gone into administration, according to the administrator.

BrickVest employs more than 20 people. It is unclear if the businesses falling into administration will lead to job losses.

The administrator, ReSolve, said it was looking for possible suitors to buy the four subsidiaries.

Mark Supperstone, Managing Partner ReSolve, the administrator, said: "Whilst we are disappointed to see such a leading fintech player in this situation. We are determined to secure a sale of the business and its assets and deliver the best possible outcome for the creditors. We would encourage any interested parties to contact us as soon as possible."

BrickVest has other businesses including BrickVest IM and BrickVest Markets, which continue to trade. 

The BrickVest website is also still live and investors can register on the platform.

BrickVest has offices in London, Nice and Berlin.

BrickVest was launched in 2014 by Emmanuel Lumineau, who is still a director of BrickVest Ltd and Schneider, who has a background in investment banking, real estate and fintech.

No details for the reason why the subsidiaries have fallen into administration were given.

It has around 1,000 retail partners and 6,000 clients in Europe and the US. BrickVest was unavailable for comment.

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