London Capital Gets Unit Shut Down To Recoup Loans

Law360, London (July 27, 2020, 8:39 PM BST) -- Scandal-plagued London Capital & Finance successfully forced one of its units into insolvency Monday to claim money it is owed for loans as administrators fight to recoup losses for investors.

High Court Judge Clive Jones said that London Capital Marketing Ltd. is to be wound up after he determined that the company took loans totaling at least £386,582 ($497,460) from the financial services firm.

Both companies were owned by Michael Thomson, also known as Andy Thomson, until 2015 when LCM became a subsidiary of London Financial Group Ltd., which he also controlled. LCM was directly involved in the sale of mini...

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