Another Blackbee company being wound up

And down comes the axe.

A parent company of Blackbee, the troubled €180 million Cork-based investment fund, has been wound up with debts of more than €1.7 million owed to Revenue, the High Court has heard. Blackbee Group Holdings Ltd, which sits over a number of Blackbee-connected subsidies, was placed into liquidation by Ms Justice Nessa Cahill this morning.

The application was moved by barrister Sally O’Neill for the Revenue Commissioners, who said that the company owed her client more than €1.7 million in unpaid taxes and interest. Included in this was over €1.4 million in PAYE, PRSI, and USC and interest on the amounts owing.

The judge made an order appointing Luke Charleton and Alan Large of EY as joint liquidators of Blackbee Group Holdings.

Companies within the Blackbee Group took investment from the public, many of which were those planning for retirement, and issued loan notes in return for promised returns of over 6 per cent annually. As previously reported by the Business Post, officers from the Garda National Economic Crime Bureau (GNECB) are investigating Blackbee Holdings Ltd and its subsidiaries. Blackbee Group Holdings is a subsidiary of this company, but it is also the holding company for a number of other group companies. The structure of Blackbee is extremely complex and involves dozens of subsidiaries.
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www.businesspost.ie

Blackbee parent company placed into liquidation with tax debts of over €1.7m, High Court hears

Ms Justice Nessa Cahill told an investigation by officers from the Garda National Economic Crime Bureau (GNECB) remains ongoing.
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Timely considering my other post re investor protection! What happens to client monies in this situation?
 
MelF said:
What happens to client monies in this situation?
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If they were invested in one of Blackbee's Regulated Funds, then the investors will - eventually - get at least some of their money back from the Investor Compensation Company: https://www.investorcompensation.ie/compensation-cases/blackbee-investments-limited.523.html.

However, if they had the misfortune to have invested in one of Blackbee's many unregulated funds, then they'll be at the very bottom of the repayment queue whenever the liquidators finally manage to untangle the Blackbee Godian knot.
 
why hasnt a group been set up by blackbee investors.a big group has an advantage in putting forward their concerns.fiancial institutions that have been afilated to blackbee have to be investigated.
 
Got another kick the can down the road notification saying updates will be forthcoming for a Blackbee Alternatives/City Quarter Capital 2 investment.
Not holding my breath obviously.

Anyone else get any update on Blackbee Alternatives?
 
@moonshadow I'd be interested in doing this. We are most unhappy with our financial advisor who advised we put our money as inexperienced first time investors into not one but two unregulated funds. Blackbee and Solar 21. Is there a way to contact other investors who have been advised by the same company? Do you know of a any group put together by Blackbee Investors? I feel at a loss as to what to do. We emailed our grievance to our financial advisor of course but he was arrogant and combative.
 
If there is a group for Blackbee Alternative investors please let me know. Not getting any answers from Investment Company or advisor.

Thanks
 
I also would be interested, not getting information or help from any of the entities on either regulated or unregulated investments.
Filing a complaint with the ombudsman on the advisor was a total waste of time
 
Axelrose said:
BB Alternatives could also be going into liquation depending on results of the high court case coming up in June.
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Correspondence was received from the liquidators of BB Alternatives Ltd. earlier this week.

In essence: "please tell us what fund(s) you invested in and when and how much are you owed ....."

the unwritten subtext being

".....because the Blackbee Alternatives records are in such a mess that it will probably take us years to get to the bottom of them".

I'm hoping that the battery in my pacemaker won't run out before the liquidators recoup some element of my investment.
 
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I'd also like to join a discussion group if anyone decides to start one. I naively agreed to invest in Blackbee Alternatives (Aperee nursing home properties) and Solar21 (Teesside Project) in 2021 based on what a financial advisor recommended. I should've known better, but a friend recommended this advisor and I assumed they'll be careful given that they handle pensions and such and the projected returns sounded reasonable...
 
@dublinresident it sounds like we may have had the same advisors! We also invested in both Blackbee and Solar 21. I'd be happy to start a small WhatsApp group for those wanting to be in a discussion group where we can speak more freely. If anyone would like to be involved PM me your numbers and I will set up in the coming weeks. I don't know of we can set a private thread on here?
 
If you were an advisor who sold some of this stuff and wanted to exit the business or retire I'd say you'd have an issue with trying to do that. Couldn't see others queuing up to buy the entire book of business with these ongoing legacy cases.
 
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