Canonical evidence records

documentedThe Companies House record lists Paresh Shantilal Raja as Market Financial Solutions Limited’s sole active person with significant control, notified on 5 July 2017, with at least 75% of shares and voting rights and the right to appoint or remove directors. ¹

documentedCompanies House lists Paresh Shantilal Raja as an active director of Market Financial Solutions Limited, appointed on 5 July 2017. ²

documentedThe second filing of the 2022 confirmation statement records Paresh Shantilal Raja holding 475,000 A ordinary shares and Pratibha Raja 25,000 B ordinary shares. Out of 500,000 £1 shares, those holdings are 95% and 5%. The prescribed particulars provide one vote per share, subject to other rights. ^{3 4 5}

qualification

The retained 2021 statement records the same shareholdings. The April 2026 proposals also list 95% and 5% at appointment; later no-update filings do not independently expose all underlying rights.

documentedThe retained GLEIF record identifies Market Financial Solutions Limited by LEI 984500ACDBE0EDA38456 and Companies House number 05994359, with jurisdiction GB and creation date 10 November 2006. The LEI status is ISSUED, initially registered on 20 October 2022 with next renewal on 20 October 2027. ⁶

documentedThe 2023 accounts identify Market Financial Solutions Limited as a private company limited by shares incorporated and domiciled in England and Wales, registered as 05994359, providing bridging-loan services. Its registered office was 134 Buckingham Palace Road and principal business address 46 Hertford Street. ⁷

documentedIn Amber Bridging Limited and Zircon Bridging Limited v Market Financial Solutions Limited, CR-2026-001371, Chief ICC Judge Briggs made the administration order on 25 February 2026. The judgment is [2026] EWHC 631 (Ch); the transcript was approved on 17 March 2026. ⁸

outcome

The court appointed the AlixPartners administrators and refused the requested adjournment; it treated the applicant funders as contingent creditors.

documentedThe judgment records Paresh Raja applying on 19 February 2026 to appoint Stephen Katz and Nimish Patel as administrators of MFS, withdrawing that application on 23 February, and Amber Bridging and Zircon Bridging applying on 24 February for Simon Appell, Benjamin Browne and Alastair Beveridge of AlixPartners. ⁸

qualification

Katz said withdrawal was intended to enable an urgent out-of-court appointment and disputed suggestions of a prior relationship with Raja.

documentedThe administration judgment describes a network of at least 90 associated companies in several jurisdictions, distinct from a statutory corporate group under the Companies Act 2006. It describes MFS providing finance to residential and SME property investors and raising finance through asset-backed securitisation structures. ⁸

documentedChief ICC Judge Briggs held that the administration insolvency condition was satisfied. The judgment records reported audited 2024 net assets of £15,870,706 before adjustments, large contingent creditor claims and frozen bank accounts. ⁸

outcome

The insolvency and statutory-purpose conditions were satisfied; that procedural determination did not adjudicate all alleged misconduct.

documentedThe proposals describe MFS Group funder companies as borrowers under asset-backed facilities that financed mortgage loans introduced and serviced by MFS. Funders granted lenders security over designated repayment accounts and loan proceeds. Nine of ten primary funders had insolvency officeholders as of the April report. ⁵

qualification

The wider financing silos are distinct from the small statutory consolidation in the 2023 accounts.

documentedMFS’s progress report for 25 February–24 August 2026 revises estimated unsecured claims to £2,327,749,371 in its summary table, while its narrative gives £2,237,749,371. It lists ordinary preferential debt of £310,650, secondary preferential debt of £1,263,226 and no secured creditors. Estimates reflected creditor submissions, including the 26 May meeting. ¹³

qualification

The report contains an unresolved £90 million inconsistency between its summary and narrative. Claims remain provisional, not formally adjudicated for distributions, and returns are uncertain.

documentedMFS’s receipts and payments account for 25 February–24 August 2026 shows £21,189,000 received, £13,524,054 paid and a £7,664,946 balance. Most receipts were third-party administration funding; loan-book collections were £244,137. The report records £14,138,142 in administrator time costs for the period, excluding irrecoverable VAT. ¹³

qualification

Time costs are distinct from cash payments. The report says approved administrator fees and expenses had not yet been drawn at its date, and loan collections were subject to competing entitlement claims.

documentedHeliara Finance Limited’s PSC register lists Ocorian (UK) Limited, company 05534412, as active controller, notified on 15 August 2025, with at least 75% of shares and votes and the right to appoint or remove directors. ¹⁵

qualification

The PSC record identifies the registered controller; it alone does not establish the full economics or exclude every possible contractual influence by Raja.

documentedTrident Funding Limited’s PSC register lists TMF Trustee Limited, company 03814168, as active controller, notified on 13 August 2024, with at least 75% of shares and votes and the right to appoint or remove directors. ¹⁶

qualification

The registered controller and security trustee must be distinguished from economic funders; the PSC page alone does not establish all beneficial interests.

documentedTwinwin Limited’s insolvency register records a petition dated 6 March 2026 and commencement of compulsory winding up on 18 June 2026. Listed practitioners are the London Official Receiver, David Paul Hudson and Paul David Allen. ¹⁷

qualification

The later winding-up entry is a procedural outcome; it does not by itself prove the substantive allegations underlying the earlier application.

outcome

Compulsory winding up commenced on 18 June 2026.

documentedInterlend Holdings Limited’s PSC register lists Paresh Shantilal Raja as active controller from 31 January 2017, with at least 75% of shares and votes and the right to appoint or remove directors. Berkeley Finch Limited completed his identity verification on 23 October 2025. ¹⁸

qualification

Interlend’s registered controller is evidenced separately from its lending role; its £19.9 million Galaktikos exposure is supplied by the receiver report.

documentedOn 6 March 2026, ICC Judge Burton appointed provisional liquidators of Twinwin Limited on an urgent, private, without-notice application by London Bridging and CLYL SV S.à.r.l, acting for compartment CL-MFS, after a winding-up petition. The court found a good arguable case and a serious risk of dissipation warranting interim protection. ^{19 17}

qualification

The hearing was private and without notice. A good arguable case supporting interim liquidators is not a final adjudication of fraud, knowing receipt or dishonest assistance.

outcome

Provisional liquidators were appointed; the later register records compulsory winding up on 18 June 2026.

documentedIn Ocorian Trustee and Cronus Finance v Chandarana and others, [2026] EWHC 1635 (Comm), the court on 30 June 2026 continued the proprietary injunction against Rihan Dewan pending trial or further order. It dismissed the claims against the other defendants contesting the application: Babu, Neha-Suki and Shashikala Chandarana, Krishna and Priyanka Thakrar, and Minal Yadav. ²⁰

qualification

The dismissals concerned the six other defendants contesting that application. Other defendants had separately resolved the injunction or claims; they were not all adjudicated in this decision.

response

The contesting recipients said they had received repayments of loans in good faith without notice of the trust. Dewan challenged tracing and raised hardship; his good-faith issue was left for trial.

outcome

The injunction continued against Dewan pending trial or further order; the claims against the other six contesting defendants were dismissed.

documentedIn FP Redhill and others v Patel and others, [2026] EWHC 77 (Ch), MFS was ninth defendant and Paresh Raja tenth defendant. The 19 January 2026 judgment records that the claimant investment SPVs had settled with MFS, Raja, Capstan Capital Partners LLP and Anjaljun Holdings on terms unknown to the court. ²¹

qualification

Settlement terms were unknown to the court, which said the settlements had no bearing on the live claims before it.

outcome

Claims against MFS and Raja were settled, with terms unknown to the court.

documentedIn the FP Redhill judgment, the court records MFS’s receipt of £296,400 from Capstan Capital on 6 May 2016. It found that Raja’s 4 May request to amend a £304,000 invoice demonstrated an intention to create deceptive documents to justify illegitimate payments. It also records MFS’s £200,000 acquisition-commission invoice to C2 Hindhead dated 29 June 2016. ²¹

qualification

The court expressly acknowledged making necessary state-of-mind findings concerning a person absent from the trial. MFS and Raja had settled; this was not a fresh damages judgment against them. Its general description of Raja as shareholder and director does not displace the registry’s 5 July 2017 director-appointment date.

response

MFS and Raja had settled before trial on terms unknown to the court.

outcome

MFS and Raja’s own disputes had already settled; the live judgment concerned other defendants.

documentedThe administrators’ statutory appendix records Market Financial Solutions and MFS as trading names of Market Financial Solutions Limited. ⁵

documentedCompanies House records Pratibha Raja as a former person with significant control of Market Financial Solutions Limited, notified on 6 April 2016 and ceased on 5 July 2017, with at least 75% of shares during that recorded period. ¹

qualification

The dates establish recorded PSC succession, not the terms of a share transfer or a family relationship.

documentedPratibha Raja was a director of Market Financial Solutions Limited from 10 November 2006 to 16 February 2026. ²

documentedPratibha Raja’s retained register lists active directorships of MFS BTL LTD from 25 June 2019, Market Financial Solutions (UK) Limited from 19 December 2014, MFSUK.COM. LTD from 22 May 2013, MFSUK Limited from 21 May 2013 and Qatar Investment Ltd from 5 March 2009. ³

documentedPratibha Raja was a director of Riak Properties Limited (05807648) from 5 May 2006 to 30 June 2010. ³

documentedMarket Financial Solutions (UK) Limited (09362715) is a distinct company. Its retained control register lists Pratibha Raja as sole active person with significant control, notified on 6 April 2016 with at least 75% of shares. ⁴

documentedAn MFS director-details change filed on 13 July 2017 refers to Mrs Pratibha Dewan and an effective change date of 1 January 2016. This supplies a historical name for the director now recorded as Pratibha Raja. ⁵

qualification

The filing-list description supports the historical name; it does not itself describe the reason for the name change.

documentedThe retained MFSUK.COM. LTD officer register, company 08539338, lists Pratibha Raja as its sole director, appointed on 22 May 2013, with a correspondence address at 134 Buckingham Palace Road. ⁶

documentedMFSUK Limited’s PSC register lists Pratibha Raja as active controller from 6 April 2016, with at least 75% of shares. Its ACSP statement names Berkeley Finch Limited as having completed identity checks on 24 October 2025, using the name Tiba Raja. ⁷

qualification

The verification statement uses a different name from the PSC heading; Tiba Raja is preserved as a source-name variation, not a separately established person.

documentedQatar Investment Ltd’s PSC register lists Pratibha Raja as active controller from 6 April 2016, with at least 75% of shares. It records Berkeley Finch Limited’s identity verification on 24 October 2025 under the name Tiba Raja. ⁸

qualification

The name Qatar Investment does not establish a relationship with any Qatari sovereign fund; the retained controller is Pratibha Raja.

documentedPratibha Raja is also named Pratibha Dewan in the retained record. ⁵

documentedStuart Martin Hicks was a director of Market Financial Solutions Limited from 7 March 2025 to 4 February 2026. ¹

documentedThe retained Companies House officer register for Market Financial Solutions Limited contains six officer records and five resignations, leaving Paresh Shantilal Raja as the only active director. ¹

documentedMarket Financial Solutions Limited’s registered office changed on 16 September 2026 from c/o AlixPartners UK LLP, 6 New Street Square, London, to One Millennium Bridge, 1 High Timber Street, London. ²

documentedMarket Financial Solutions Limited’s registered office changed on 6 March 2026 from 134 Buckingham Palace Road, London, to c/o AlixPartners UK LLP, 6 New Street Square, London. ²

documentedThe filing history records an administrator appointment filed on 6 March 2026, an administrator resignation on 27 March, proposals on 29 April, a creditors’ meeting result and committee establishment on 10 June, and a progress report on 6 October 2026. ²

documentedThe retained filing history’s latest accounts are full accounts to 31 December 2024, filed on 11 April 2025. The 2022 and 2023 accounts were group accounts, while the 2021 accounts were small-company accounts. ²

documentedThe filing history records £500,000 capital in the confirmation statement to 7 September 2022 and a second filing of capital/shareholder information. The 2023–2025 confirmation statements are listed as having no updates. ²

documentedThe retained GLEIF record links to reporting exceptions for direct and ultimate parent relationships; it does not identify a corporate parent in that response. ³

qualification

The retained response links parent-reporting exceptions without stating their grounds. It does not establish the absence of all parent or underlying ownership arrangements.

documentedThe retained Companies House appointment record describes Market Financial Solutions Limited as in administration. ⁴

documentedSimon Appell’s evidence identified Ocorian Trustee and Cronus, Trident Funding, GLEU MFS II, GLEU Structured Credit, Barclays, Heliara Finance and Castlelake among creditors supporting AlixPartners’ appointment, alongside unnamed senior lenders to Solar Bridging and Galaktikos. He described aggregate exposure as many hundreds of millions of pounds, with exact losses still to be determined. ⁶

qualification

The senior lenders to Solar and Galaktikos are not named in this passage, and cannot be identified merely from the vehicles’ names.

documentedThe judgment records Mukesh Patel asserting a direct claim exceeding £7.8 million and a wider group of independent unsecured creditors represented by Gregory Banner KC asserting aggregate claims of about £169 million. ⁶

qualification

The claims were assertions at the appointment hearing, not adjudicated dividends or final losses.

documentedThe judgment records Stephen Katz and Nimish Patel administering numerous companies in which Raja was a director; Katz referred to 14 companies connected with MFS and Raja. ⁶

qualification

The court did not decide the alleged prior relationship between Katz and Raja.

response

Katz denied a prior relationship with Raja. The issue was not pursued; the judge said he could not decide it on the papers and discounted the allegation as a counterbalance.

outcome

The court discounted the prior-relationship allegation as a counterbalance when choosing administrators.

documented3C4 Equityco Limited’s retained register lists Sven Ingo Peter and Paresh Shantilal Raja as directors appointed on 16 October 2017, with the same Suite 2, First Floor, 315 Regents Park Road correspondence address. ⁷

documentedCredit Capital Corporation III Limited’s retained register lists Sven Ingo Peter and Paresh Shantilal Raja as directors appointed on 5 July 2017, with the same Suite 2, First Floor, 315 Regents Park Road correspondence address. ⁸

documentedMFS’s retained Companies House charges register lists four registered charges, all satisfied, with no outstanding or partly satisfied charges. ⁹

documentedThree MFS charges, codes 0599 4359 0002, 0003 and 0004, were created on 15 December 2020 in favour of Jupiter Bridging Limited and satisfied on 7 April 2021. ⁹

documentedMFS charge 0599 4359 0001, created on 24 April 2020 in favour of Zircon Bridging Limited over flat 14, Gaymead, Abbey Road, London, was satisfied on 7 November 2020. ⁹

documentedGalaktikos’s charge register records charge 1655 4810 0001, created on 12 September 2025, as outstanding in favour of Ocorian Trustee (UK) Limited, trading as Nordic Trustee (UK), as security agent. ¹⁰

qualification

Creation of a charge is not proof of the first drawdown or that a facility began on that date.

documentedGalaktikos’s filing history records incorporation on 1 July 2025 with £1 capital, registration of the 12 September 2025 charge, receiver-appointment filings in April and May 2026, a statement of affairs in administrative receivership and a receiver’s report filed on 2 July 2026. ¹³

documentedNeptune Funding Limited’s PSC register lists TMF Trustee Limited as active controller from 20 October 2023, with at least 75% of shares and votes, and Intertrust Corporate Services Limited as former controller from 6 October 2022 to 20 October 2023. ¹⁴

qualification

The register’s Neptune entry omits the leading zero in Intertrust’s number; Mercury’s corresponding record gives 03920255. The companies are distinguished from Intertrust Trustees Limited.

documentedThe Gazette’s official administration notice records the appointment of Ben Browne, Alastair Beveridge and Simon Appell of AlixPartners to MFS on 25 February 2026, in case CR-2026-001371. ^{15 16}

qualification

This is the original appointment. MFS’s later progress report says Beveridge resigned on 19 March 2026 and Browne and Appell remained.

documentedAmber Bridging’s filing history records administrator appointment in February 2026, proposals in April, replacement and removal filings in May and June, deemed approval in May and a progress report filed on 22 September 2026. ¹⁷

qualification

Filing dates do not substitute for effective personnel-change dates or establish the contents of a report not read here.

documentedOcorian Trustee (UK) Limited and Cronus Finance were the two claimants in CL-2026-000217. The judgment names fifteen defendants, corresponding to the twelve bank accounts receiving MFS repayments on 23 December 2025. The June return-date application involved seven defendants; the others had separately resolved the injunction or claims against them. ¹⁸

qualification

Defendant status and receipt of money do not establish wrongdoing. Joint account payments are counted once, not twice for the joint holders.

response

The contesting recipients said they had received loan repayments in good faith without notice of the trust.

outcome

Claims against Babu, Neha-Suki and Shashikala Chandarana, Krishna and Priyanka Thakrar and Minal Yadav were dismissed. The injunction against Rihan Dewan continued pending trial or further order.

documentedA statutory notice records the appointment of Paul Cooper of BTG Begbies Traynor and David Hudson and Simon Baggs of FRP as administrators of Mayfair (BS) Limited (15357389) on 11 March 2026, in case CR-2026-001837. The company’s registered office was 134 Buckingham Palace Road and its stated activities concerned its own real estate. ¹⁹

documentedThe FCA’s clone-warning page identifies the genuine Credit Capital Corporation Limited as an authorised firm with Firm Reference Number 768185 and gives its address through Georgina Marie Eason and Steven Illes at MHA MacIntyre Hudson. ²⁰

documentedThe MFS insolvency register records that Alastair Paul Beveridge ceased to act as joint administrator on 19 March 2026; the Heliara proposals place his initial appointment at 25 February 2026. ^{21 22}

outcome

Beveridge ceased to act on 19 March 2026.

documentedHeliara’s statement of affairs at 9 March 2026 recorded a secured-loan portfolio at book value £87,409,112 and cash £19,506,628, against senior-noteholder claims £99,685,024.56, subordinated funding £9,776,895.60 and trade claims £248,653. The recorded deficit was £2,794,834.16; book values do not establish realisable proceeds. ²²

documentedTrident Funding Limited (15894362) was incorporated on 13 August 2024 with £1 share capital and granted a charge on 13 November 2024. Abdul Qayyum replaced Nita Ramesh Savjani as director on 2 May 2025. An administrator-appointment notice was filed on 18 March 2026, whereas the proposals date appointment to 10 March. ^{23 24}

documentedTrident’s initial investigations identified a sub-charge over twelve loans originated by Twinwin using Trident funding, valued at £28.7 million. Twinwin’s administrators retained borrower servicing; redemption funds were ring-fenced pending investigation of Trident’s beneficial interest. ²⁴

documentedMercury’s receivers recorded Barclays principal £190 million, interest £2.2 million, fees £19.4 million and hedge-counterparty claim £37,295. They also recorded £197,000 due to original servicer MFS and £61,130 to the back-up servicer, plus lower-ranking mezzanine, introducer and subordinated claims. Recoveries for Barclays and the lower-ranking debt remained uncertain. ²⁵

outcome

Recovery for Barclays and lower-ranking creditor positions remained uncertain.

documentedMercury’s statutory information identifies Berkeley Finch as auditor, Barclays as banker, Abdul Qayyum and two TMF corporate entities as directors, and TMF Trustee as appointing chargeholder under a charge created on 4 October 2023. ²⁵

documentedCredit Capital Corporation V’s PSC register records 3CG Holdings Limited (10443468) from 16 October 2017 with at least 75% of shares and voting rights and the right to appoint or remove directors. The register identifies 3CG as incorporated in England. ²⁶

documentedCredit Capital Corporation IV’s PSC register records 3CG Holdings Limited (10443468) from 16 October 2017 with at least 75% of shares and voting rights and the right to appoint or remove directors. ²⁷

documentedCredit Capital Corporation’s administrators identified six unsecured creditors, five connected: its current and former directors, 3CG Holdings, MFS and Credit Capital Corporation International. Management accounts recorded £1,841,176 subordinated funding and £550,085 other payables and accruals attributed to those parties, but the allocation and total current amounts were unconfirmed. ³⁰

outcome

Allocation of connected-party debts remained unconfirmed.

documentedRiak Properties’ PSC register lists Jennifer Ng, Richard Ng and Steven James Weston from 6 April 2016, each holding more than 25% but no more than 50% of shares. The retained current PSC entries do not list the Raja family; Pratibha Raja’s former directorship is a separate historical role. ³¹

documentedSolar’s estimated creditor list records £101,000 for MFS and £19,000 for Berkeley Finch, with uncertain amounts for parties including Icon Funding, Trident, Amber, Zircon and Lenvi. It is a potential-creditor estimate based on available records, not adjudication of those debts or proof of common ownership. ³²

documentedMARKET FINANCIAL SOLUTIONS LIMITED is identified in the retained record by company/register number 05994359. ^{37 38}

documentedMFS BTL LTD is identified in the retained record by company/register number 12067873. ^{4 39}

documentedCREDIT CAPITAL CORPORATION V LIMITED is identified in the retained record by company/register number 11015341. ⁴

documented3C4 EQUITYCO LIMITED is identified in the retained record by company/register number 11013515. ⁴

documentedCREDIT CAPITAL CORPORATION IV LIMITED is identified in the retained record by company/register number 11015338. ⁴

documentedCREDIT CAPITAL CORPORATION III LIMITED is identified in the retained record by company/register number 10851732. ⁴

documentedUNIVERSAL LIQUOR MART (LONDON) LTD is identified in the retained record by company/register number 06590422. ⁴

documentedBerkeley Finch Limited is identified in the retained record by company/register number 08219077. ⁴⁰

documentedMARKET FINANCIAL SOLUTIONS (UK) LIMITED is identified in the retained record by company/register number 09362715. ^{41 42}

documentedMFSUK.COM. LTD is identified in the retained record by company/register number 08539338. ^{41 43}

documentedMFSUK LIMITED is identified in the retained record by company/register number 08538729. ^{41 44}

documentedQATAR INVESTMENT LTD is identified in the retained record by company/register number 06838222. ^{41 45}

documentedRIAK PROPERTIES LIMITED is identified in the retained record by company/register number 05807648. ⁴¹

documentedASCELIS LIMITED is identified in the retained record by company/register number 16474098. ^{46 47}

documentedASCELIS GROUP LIMITED is identified in the retained record by company/register number 16474105. ^{46 48 49}

documentedASCELIS LENDING LIMITED is identified in the retained record by company/register number 16474142. ^{46 49}

documentedASCELIS FINANCE LIMITED is identified in the retained record by company/register number 16474145. ^{46 49}

documentedASCELIS LOANS LIMITED is identified in the retained record by company/register number 16474149. ^{46 49}

documentedDAVID P CLARK & CO LIMITED is identified in the retained record by company/register number 04397579. ⁵⁰

documentedSTANHOPE GARDENS (F6) LIMITED is identified in the retained record by company/register number 14344565. ⁵¹

documentedCALIBRA COURT PROPERTY LIMITED is identified in the retained record by company/register number 14227466. ⁵¹

documentedAmber Bridging Limited is identified in the retained record by company/register number 13664578. ^{52 49}

documentedZircon Bridging Limited is identified in the retained record by company/register number 11168447. ⁵³

documentedHeliara Finance Limited is identified in the retained record by company/register number 16653491. ⁵⁴

documentedCronus Finance Limited is identified in the retained record by company/register number 16644459. ⁵⁵

documentedTrident Funding Limited is identified in the retained record by company/register number 15894362. ⁵⁶

documentedCredit Capital Corporation Limited is identified in the retained record by company/register number 09407456. ⁵⁷

documentedLondon Bridging Limited is identified in the retained record by company/register number 13664654. ^{58 49}

documentedSolar Bridging Limited is identified in the retained record by company/register number 13213135. ^{59 49}

documentedMercury Funding Limited is identified in the retained record by company/register number 14662285. ⁶⁰

documentedGalaktikos Limited is identified in the retained record by company/register number 16554810. ¹⁰

documentedMARKET FINANCIAL SOLUTIONS INTERNATIONAL LIMITED is identified in the retained record by company/register number 12062430. ⁶¹

documentedTwinwin Limited is identified in the retained record by company/register number 11938414. ⁶²

documentedZircon Group Limited is identified in the retained record by company/register number 11168409. ⁶³

documentedMarket Financial Solutions (Funding) Limited is identified in the retained record by company/register number 15955116. ^{64 49}

documented3cg Holdings Limited is identified in the retained record by company/register number 10443468. ⁶⁵

documentedEarth (Ehl) Holdings Limited is identified in the retained record by company/register number 12826895. ⁶⁶

documentedMarket Financial Solutions (GB) Limited is identified in the retained record by company/register number 15952541. ⁶⁷

documentedTilia Holdings Limited is identified in the retained record by company/register number 11167788. ⁶⁸

documentedNeptune Funding Limited is identified in the retained record by company/register number 14401456. ¹⁴

documentedMayfair (BS) Limited is identified in the retained record by company/register number 15357389. ^{69 70}

documentedU.S. Bank Trustees Limited is identified in the retained record by company/register number 02379632. ⁷¹

documentedCOOLMORE GROUP LIMITED is identified in the retained record by company/register number 16227779. ⁷⁰

documentedGLOBAL BRIDGING FINANCE LIMITED is identified in the retained record by company/register number 14954770. ⁷⁰

documentedEARTHAVE BRIDGING LIMITED is identified in the retained record by company/register number 13181834. ⁴⁹

documentedRHC PROPERTY LIMITED is identified in the retained record by company/register number 16094163. ⁴⁹

documentedICON FUNDING LIMITED is identified in the retained record by company/register number 15185226. ⁴⁹

documentedMRIDA SOLUTIONS LIMITED is identified in the retained record by company/register number 07057784. ⁴⁹

documentedANJALJUN HOLDINGS LTD is identified in the retained record by company/register number 07119665. ⁴⁹

documentedATLAS BRIDGING LIMITED is identified in the retained record by company/register number 14620140. ⁴⁹

documentedATLAS (AHL) HOLDINGS LIMITED is identified in the retained record by company/register number 14620138. ⁴⁹

documentedPEARL BRIDGING LIMITED is identified in the retained record by company/register number 13664628. ⁴⁹

documentedBUY TO LET LOANS LIMITED is identified in the retained record by company/register number 13425563. ⁴⁹

documentedBRIDGE LENDING LIMITED is identified in the retained record by company/register number 13418054. ⁴⁹

documentedBUY TO LET CAPITAL LIMITED is identified in the retained record by company/register number 13416819. ⁴⁹

documentedEARTH BRIDGING LIMITED is identified in the retained record by company/register number 12828356. ⁴⁹

documentedSATURN FINANCE LIMITED is identified in the retained record by company/register number 12828206. ⁴⁹

documentedMERCURY BTL LIMITED is identified in the retained record by company/register number 12830346. ⁴⁹

documentedZTZ PROPERTY VENTURES LTD is identified in the retained record by company/register number 12780118. ⁷²

documentedARAMIT PROPERTIES LTD is identified in the retained record by company/register number 12589869. ⁷²

documentedZTS PROPERTIES LTD is identified in the retained record by company/register number 10010608. ⁷³

documentedU.S. Bank Trustees Limited is identified in the retained record by LEI 254900D6EU6LB1JGAM82. ⁷⁴

documentedU.S. Bank Trustees Limited is recorded as incorporated in United Kingdom. ⁷⁴

documentedU.S. Bank Trustees Limited is also named BANK OF AMERICA TRUSTEES LIMITED in the retained record. ⁷⁴

documentedU.S. Bank Trustees Limited has the former legal name LASALLE GLOBAL TRUST SERVICES LIMITED in the retained record. ⁷⁴

documentedU.S. Bank Trustees Limited is also named LASALLE TRUSTEES LIMITED in the retained record. ⁷⁴

documentedU.S. Bank Trustees Limited is also named ABN AMRO TRUSTEES LIMITED in the retained record. ⁷⁴

documentedU.S. Bank Trustees Limited has the former legal name BROADGATE INVESTMENT MANAGEMENT LIMITED in the retained record. ⁷⁴

documentedU.S. Bank Trustees Limited is also named WESTEROLE LIMITED in the retained record. ⁷⁴

documentedU.S. Bank Trustees Limited is also named HOARE GOVETT LIMITED in the retained record. ⁷⁴

documentedU.S. Bank Trustees Limited has the former legal name WESTROLE LIMITED in the retained record. ⁷⁴

documentedCATHERINE PLACE PROPERTIES LIMITED is identified in the retained record by company/register number 14230749. ⁷⁰

documented17 HERTFORD STREET LIMITED is identified in the retained record by company/register number 15404028. ⁷⁰

documentedWHITE ORCHID INVESTMENTS UK LIMITED is identified in the retained record by company/register number 14317087. ⁷⁰

documentedGARNET BRIDGING LIMITED is identified in the retained record by company/register number 13667311. ⁴⁹

documentedZEUS BRIDGING LIMITED is identified in the retained record by company/register number 12828807. ⁴⁹

documentedRUKHMILA PROPERTIES LIMITED is identified in the retained record by company/register number 12089564. ⁷²

documentedSharon Mary Anne Hewes was a director of Market Financial Solutions Limited from 7 March 2025 to 1 January 2026. ¹

documentedGarry Nigel Charles was secretary of Market Financial Solutions Limited from 10 November 2006 to 10 October 2007. ¹

documentedDavid Paul Clark was secretary of Market Financial Solutions Limited from 11 October to 11 November 2007. His recorded correspondence address was The Barn, Stisted Cottage Farm, Bradwell, Braintree; Pratibha Raja’s former control record used Stisted Cottage Farm. ¹

qualification

A correspondence-address overlap establishes no ownership or misconduct.

documentedThe control register for MFS BTL LTD (12067873) lists Paresh Shantilal Raja personally as its sole active person with significant control, notified on 25 June 2019 with at least 75% of shares. ²

qualification

Common personal control does not make MFS BTL a subsidiary of MFS Limited.

documentedThe control register for Market Financial Solutions International Limited (12062430) lists Paresh Shantilal Raja personally as its sole active person with significant control, notified on 20 June 2019, with at least 75% of shares and voting rights and the right to appoint or remove directors. ³

qualification

Common personal control does not establish MFS Limited owning this company; an insolvency navigation link alone does not establish a particular insolvency status.

documentedHewes’s register records directorships of Ascelis Limited, Ascelis Group Limited, Ascelis Lending Limited, Ascelis Finance Limited and Ascelis Loans Limited from 27 May 2025 to 6 July 2026. Four were listed as dissolved, while Ascelis Limited was active. Berkeley Finch completed her Companies House identity checks on 4 November 2025. ⁴

documentedDavid Paul Clark’s retained appointment register reports 97 appointments and several secretarial/director roles using Stisted Cottage Farm correspondence addresses. It records a directorship of David P Clark & Co Limited from 19 March 2002 to 8 August 2016. ⁵

qualification

Appointment counts and correspondence addresses do not establish nominee or beneficial-owner status.

documentedStuart Martin Hicks’s retained Companies House appointment register reports one appointment, his MFS directorship. ⁶

qualification

The one-appointment count describes the retained officer record, not all professional activities.

documentedMFS changed its registered office from Stisted Cottage Farm, Bradwell, to 140 Buckingham Palace Road on 4 November 2019, and to 134 Buckingham Palace Road on 6 August 2021. ⁷

qualification

These are registered-office filings, not proof of common ownership or operational control by an address provider.

documentedThe officer register for Market Financial Solutions International Limited, company 12062430, lists Paresh Shantilal Raja as sole director, appointed on 20 June 2019. The retained entry is on a separate officer appointment profile. ⁸

documentedMarket Financial Solutions (Funding) Limited, company 15955116, entered administration on 24 February 2026. The retained register lists Stephen Mark Katz and Nimish Chandrakant Patel as practitioners. ⁹

documentedMarket Financial Solutions (GB) Limited’s PSC register lists Paresh Shantilal Raja as active controller, notified on 12 September 2024, with at least 75% of shares and votes and the right to appoint or remove directors. ¹⁰

documentedMarket Financial Solutions (Capital) Limited’s PSC register lists Paresh Shantilal Raja as active controller from 8 April 2016, with at least 75% of shares and votes and the right to appoint or remove directors. Berkeley Finch Limited completed his identity checks on 23 October 2025. ¹¹

documentedMarket Financial Solutions International Limited entered administration on 24 February 2026. The retained insolvency register lists Stephen Mark Katz, Nimish Chandrakant Patel and David Birne as practitioners, recording Patel’s cessation on 10 September 2026. ¹²

qualification

The register does not supply David Birne’s appointment date in the retained entry; it must remain unknown.

documentedMarket Financial Solutions (London) Limited’s PSC register lists Paresh Shantilal Raja as active controller from 12 September 2024, with at least 75% of shares and votes and the right to appoint or remove directors. ¹³

documentedThe retained Companies House search results distinguish MFS, company 05994359, from five other companies with the Market Financial Solutions name recorded as in administration: Capital, Funding, GB, International and London. Market Financial Solutions (UK) Limited, company 09362715, is a further distinct entry. The subject’s recorded office is One Millennium Bridge; the five other administration entries use One Canada Square. ¹⁴

qualification

Search results distinguish legal identities and addresses. Similar names and the shared address of five affiliates do not prove that every entity shares MFS’s current address, ownership or creditor status.

documentedAscelis Group’s PSC register records Paresh Shantilal Raja from 27 May 2025 with at least 75% of shares and voting rights and the right to appoint or remove directors. It records Berkeley Finch’s verification of Raja’s identity on 23 October 2025. ¹⁵

documentedA second retained Companies House appointment profile for Paresh Raja lists 78 appointments. Its entries record directorships across MFS-related funding and holding companies, including London Bridging, Amber Bridging, Pearl Bridging, Earthave, MFS (Funding), Garnet, Atlas, Icon Funding and several buy-to-let vehicles. Company status and dates must be read from each entry rather than inferred from the headline count. ¹⁶

documentedThe retained appointment entry lists Ascelis Lending Limited (16474142) as dissolved and Paresh Raja as director appointed on 27 May 2025. ¹⁶

documentedThe retained appointment entry lists Ascelis Finance Limited (16474145) as dissolved and Paresh Raja as director appointed on 27 May 2025. ¹⁶

documentedThe retained appointment entry lists Ascelis Loans Limited (16474149) as dissolved and Paresh Raja as director appointed on 27 May 2025. ¹⁶

documentedDavid P Clark & Co’s officer register records Alison Moira Clark as director from 1 April 2003 and Matthew David Clark from 19 March 2011. David Paul Clark served from 19 March 2002 to 8 August 2016; Garry Nigel Charles served as secretary from 19 March 2002 to 10 October 2007 and as director from 1 April 2003 to 1 April 2006. Historical MFS secretarial roles and shared offices require separate evidence; these entries do not establish family relationships. ¹⁷

documentedCompanies House lists Paresh Shantilal Raja as an active director of MFS BTL LTD (12067873), appointed on 25 June 2019. ¹

documentedParesh Shantilal Raja’s appointment register records directorships of Credit Capital Corporation V Limited, 3C4 Equityco Limited and Credit Capital Corporation IV Limited from 16 October 2017, and Credit Capital Corporation III Limited from 5 July 2017. The retained register describes all four companies as dissolved. ¹

documentedParesh Shantilal Raja was a director of Universal Liquor Mart (London) Ltd from 11 September 2017 to 27 February 2020. ¹

documentedThe administration judgment describes Paresh Raja as MFS’s founder, chief executive and sole director; it records the other three directors’ resignations on 1 January, 4 February and 16 February 2026. ²

documentedThe April proposals report litigation against Raja and freezing orders from courts in England and Dubai. ³

documentedThe MFS filing history records Pratibha Raja’s cessation as a person with significant control and Paresh Shantilal Raja’s notification as a person with significant control, both effective 5 July 2017, but filed on 23 October 2018. Pratibha’s notification effective 6 April 2016 was filed on 13 July 2017. ⁴

qualification

The filing and effective dates are distinguished. The listing alone does not establish an adjudicated filing offence.

documentedParesh Raja’s appointment as an MFS director on 5 July 2017 was filed on 13 July 2017. An allotment on 5 July 2017, filed on 18 July, took share capital to £50,000. ⁴

qualification

Coincident appointment and allotment dates do not establish whether the change of control involved a share purchase, an allotment or both.

documentedMFS’s confirmation statement dated 28 May 2018 records Pratibha Raja holding 12,500 ordinary shares and Paresh Raja holding 37,500 ordinary shares: respectively 25% and 75% of the 50,000 shares listed. ⁵

qualification

This is a historical shareholder snapshot and is not the ownership position throughout the later administration.

documentedThe PSR Equities Limited PSC register, company 09406074, lists Paresh Shantilal Raja as an active person with significant control, notified on 30 June 2016, with at least 75% of shares and voting rights and the right to appoint or remove directors. ⁶

documentedZircon Group Limited’s PSC register, company 11168409, lists Paresh Shantilal Raja as an active person with significant control, notified on 24 January 2018, with at least 75% of shares and voting rights and the right to appoint or remove directors. ⁸

documentedZircon Bridging Limited’s PSC register records Zircon Group Limited as its active controller, notified on 24 January 2018, with at least 75% of shares and voting rights and the right to appoint or remove directors. ⁹

documentedAmber Bridging Limited’s PSC register records Zircon Group Limited as its active controller, notified on 6 October 2021, with at least 75% of shares and voting rights and the right to appoint or remove directors. ¹⁰

documented3CG Holdings Limited’s PSC register lists Earth (EHL) Holdings Limited as active controller, notified on 31 October 2024, with at least 75% of shares and votes and the right to appoint or remove directors. ¹¹

documentedEarth (EHL) Holdings’ PSC register lists Paresh Shantilal Raja as active controller, notified on 20 August 2020, with at least 75% of shares and votes and the right to appoint or remove directors. ¹²

documentedTilia Holdings Limited’s PSC register lists Paresh Shantilal Raja as active controller from 24 January 2018, with at least 75% of shares and votes and the right to appoint or remove directors. Berkeley Finch Limited completed his identity verification on 23 October 2025. ¹³

qualification

The creditor-list spelling Tila Holdings does not conclusively identify Tilia Holdings; no £848,000 creditor balance is assigned from name similarity alone.

documentedThe Twinwin provisional-liquidation judgment describes a December 2023 securitisation in which CLYL SV S.à.r.l, acting for compartment CL-MFS, financed London Bridging with institutional-noteholder funds, while MFS serviced the loans. Noteholders had advanced approximately £400 million. Paresh Raja was a director of MFS and London Bridging, and TMF Trustee acted as security trustee under a declaration of trust over London Bridging’s disbursement and collection accounts. ¹⁴

qualification

The judgment sets out the applicants’ evidence and transaction structure for an interim application; the reported shortfall is not a final assessed loss.

documentedZircon Bridging’s filing history records administrator appointment filings in February 2026, proposals in April, replacement and removal filings in May, deemed approval in May and a progress report filed on 22 September 2026. Its latest accounts in that snapshot were the 2024 accounts filed on 2 May 2025. ¹⁵

qualification

A filing date is not the effective appointment or resignation date; the proposals supply the relevant changes.

documentedUniversal Liquor Mart (London)’s PSC register lists Paresh Raja with at least 75% of shares and voting rights and director-appointment rights in an active entry notified on 11 September 2017. A previous entry ran from 6 April 2016 to 11 September 2017 and used a different birth month, requiring preservation of the registry discrepancy. ¹⁹

documentedThe retained appointment entry lists Anjaljun Holdings Ltd (07119665) as in liquidation and Paresh Raja as director from 30 March 2023. ²⁰

documentedSolar’s proposals identify Paresh Raja as PSR Equities’ ultimate owner and date PSR’s administration to 10 March 2026. ²³

documentedParesh Shantilal Raja is recorded as a director of PEARL BRIDGING LIMITED from 2021-10-06. This is the retained registry appointment record at the archive cutoff. ²⁰

documentedParesh Shantilal Raja is recorded as a director of EARTHAVE BRIDGING LIMITED from 2025-02-05. This is the retained registry appointment record at the archive cutoff. ²⁰

documentedParesh Shantilal Raja is recorded as a director of GARNET BRIDGING LIMITED from 2021-10-07. This is the retained registry appointment record at the archive cutoff. ²⁰

documentedParesh Shantilal Raja is recorded as a director of ATLAS BRIDGING LIMITED from 2023-01-27. This is the retained registry appointment record at the archive cutoff. ²⁰

documentedParesh Shantilal Raja is recorded as a director of ATLAS (AHL) HOLDINGS LIMITED from 2023-01-27. This is the retained registry appointment record at the archive cutoff. ²⁰

documentedParesh Shantilal Raja is recorded as a director of ICON FUNDING LIMITED from 2023-10-03. This is the retained registry appointment record at the archive cutoff. ²⁰

documentedParesh Shantilal Raja is recorded as a director of BUY TO LET LOANS LIMITED from 2021-05-27. This is the retained registry appointment record at the archive cutoff. ²⁰

documentedParesh Shantilal Raja is recorded as a director of BRIDGE LENDING LIMITED from 2021-05-25. This is the retained registry appointment record at the archive cutoff. ²⁰

documentedParesh Shantilal Raja is recorded as a director of BUY TO LET CAPITAL LIMITED from 2021-05-24. This is the retained registry appointment record at the archive cutoff. ²⁰

documentedParesh Shantilal Raja is recorded as a director of EARTH BRIDGING LIMITED from 2020-08-21. This is the retained registry appointment record at the archive cutoff. ²⁰

documentedParesh Shantilal Raja is recorded as a director of SATURN FINANCE LIMITED from 2020-08-21. This is the retained registry appointment record at the archive cutoff. ²⁰

documentedParesh Shantilal Raja is recorded as a director of MERCURY BTL LIMITED from 2020-08-21. This is the retained registry appointment record at the archive cutoff. ²⁰

documentedParesh Shantilal Raja is recorded as a director of ZEUS BRIDGING LIMITED from 2020-08-21. This is the retained registry appointment record at the archive cutoff. ²⁰

documentedParesh Shantilal Raja is recorded as a director of RHC PROPERTY LIMITED from 2024-11-21. This is the retained registry appointment record at the archive cutoff. ²⁰

documentedParesh Shantilal Raja is recorded as a director of MRIDA SOLUTIONS LIMITED from 2023-07-12. This is the retained registry appointment record at the archive cutoff. ²⁰

documentedParesh Shantilal Raja is recorded as a director of London Bridging Limited from 2021-10-06. This is the retained registry appointment record at the archive cutoff. ²⁰

documentedParesh Shantilal Raja is recorded as a director of Amber Bridging Limited from 2021-10-06. This is the retained registry appointment record at the archive cutoff. ²⁰

documentedParesh Shantilal Raja is recorded as a director of Market Financial Solutions (Funding) Limited from 2024-09-13. This is the retained registry appointment record at the archive cutoff. ²⁰

documentedThe 2023 strategic report says the consolidated group and its affiliates secured £1.252 billion of institutional funding and increased existing institutional funding lines by £1.07 billion that year. It reports group operating profit of £3.9 million and post-tax profit of £2.9 million. ¹

documentedThe 2023 strategic report gives a group loan book of £203.5 million, up from £163.1 million, shareholders’ funds of £8.2 million, up from £5.9 million, and group turnover of £44.2 million, up from £33.9 million. ¹

documentedNote 24 to the 2023 accounts records related-party interest and fees received of £5,421,147 and paid of £3,263,415, related-party debtors of £36,977,289 and creditors of £49,071,062. Individual counterparties are not named; the accounts invoke a wholly-owned intra-group disclosure exemption and describe the transactions as at arm’s length. The £11,317,900 total elsewhere on the page belongs to operating lease commitments. ¹

qualification

The £11,317,900 figure concerns operating lease commitments, separately from related-party balances.

documentedThe 2023 accounts record £635,000 dividends in respect of shares held by the company’s directors, compared with £75,000 in 2022. Consolidated profit after tax for 2023 was £2,894,358. ¹

qualification

The note gives aggregate dividends on directors’ shares, not the amount each individual received.

documentedThe consolidated balance sheet at 31 December 2023 records debtors of £243,291,884, cash of £11,433,007, current creditors of £137,600,507, creditors due after one year of £112,914,678 and net assets of £8,155,950. Consolidated turnover was £44,192,513. ¹

documentedThe 2023 accounts list Market Bridge Solutions Pte. Ltd in Singapore as Market Financial Solutions Limited’s directly held 100% ordinary-share subsidiary at 31 December 2023, with an investment carrying amount of £61,751 and bridging-loan activity. ¹

documentedAt 31 December 2023 the accounts show secured bridge loans receivable of £106,879,458 within one year and £96,625,230 after one year. Group other debtors were £37,942,322; the parent company separately recorded £777,825 owed by group undertakings. ¹

documentedThe 2023 accounts show loans due of £85,082,574 within one year and £112,914,678 thereafter, secured by legal charges over underlying assets. Consolidated other creditors were £50,738,034; lenders are not individually identified in that note. ¹

documentedThe proposals identify about £190 million of bridge loans in MFS’s own name, including accrued interest, but say entitlement depends on tracing whether MFS funded the loans; certain investors claimed interests in loans and collections remained uncertain. ²

documentedThe 2024 accounts’ related-party note reports interest and fees received of £1,528,154 and paid of £2,357,506, related-party debtors of £47,639,776 and creditors of £43,756,876. Counterparties are unnamed, a wholly-owned intra-group exemption is invoked and the accounts describe transactions as at arm’s length. ³

qualification

Related-party counterparties remain unnamed; balances are not the same concept as the broader group-undertaking debtor total.

documentedThe 2024 accounts record £900,000 dividends in respect of shares held by directors, compared with £635,000 in 2023, and identify director P S Raja as ultimate controlling party by shareholding. Company profit after tax was £7,629,382. ³

qualification

Dividends are aggregate director-share dividends, not individually allocated payments.

documentedThe 2024 company accounts report turnover of £71,628,603, operating profit of £10,502,447, post-tax profit of £7,629,382, cash of £17,076,873 and net assets of £15,870,706. The strategic report describes a £2.4 billion loan book and the same £1.252 billion new/£1.07 billion increased institutional funding amounts mentioned for 2023, but separately states the company’s own year-end loan book was £179.8 million. ³

qualification

The £2.4 billion scope is not reconciled in that passage with the £179.8 million company loan book. Repeated funding figures in successive reports cannot safely be added as separate funding raised. Company 2023 comparatives differ from consolidated 2023 figures.

documentedThe 2024 company accounts record secured bridge loans receivable of £111,775,183 within one year and £68,037,682 thereafter, £52,546,535 owed by group undertakings and total debtors of £235,335,644. ³

documentedThe 2024 company accounts record loans due of £101,591,890 within one year and £68,327,465 thereafter, secured by charges over underlying assets, and other creditors of £65,393,249. The lenders are not named in those notes. ³

qualification

Registered-company charges and charges over underlying assets are different scopes; absence of outstanding MFS register charges does not prove how every loan was secured.

documentedThe retained capital filing history records £100,000 share capital following a 2 November 2018 allotment, 31 May 2019 filings concerning share-right changes and new articles, and £500,000 capital following a 30 March 2021 allotment, filed on 7 September 2021. ⁴

documentedThe filing history records an allotment on 2 November 2018 taking MFS share capital to £100,000, filed on 5 June 2019. Resolutions filed on 31 May 2019 concerned varying share rights and adopting articles. ⁴

qualification

The filing-list description does not identify the resulting share classes; no A/B-class inference is made from it.

documentedMFS annual returns recorded £100 share capital in 2013 and 2014. The filing history then records £10,000 following an allotment on 15 May 2015, £50,000 following an allotment on 5 July 2017, £100,000 following the 2 November 2018 allotment and £500,000 following the 30 March 2021 allotment. ^{5 4}

qualification

These are stated nominal share-capital amounts, not valuations, net assets or funding received.

documentedOn 29 May 2019 MFS filed SH08, concerning a change of share class name or designation, and SH10, concerning variation of rights attached to shares. ⁵

qualification

The list alone does not specify A/B classes or their rights.

documentedThe 2023 accounts identify Berkeley Finch Limited as auditor and Magus Chartered Accountants as accountants. They give Berkeley Finch’s address as 314 Regents Park Road, Finchley, the registered office as 134 Buckingham Palace Road and the business address as 46 Hertford Street, Mayfair. ¹

documentedKhemanand Hurhangee’s retained appointment register reports 106 appointments. It lists him as active director of Stanhope Gardens (F6) Limited from 8 September 2022 and Calibra Court Property Limited from 12 July 2022, both in administration with 134 Buckingham Palace Road correspondence addresses. ²

qualification

Numerous appointments do not establish nominee or beneficial-owner status.

documentedCompanies House records MAGUS ACSP completing Khemanand Hurhangee’s identity verification on 4 September 2025, under ICAEW supervision. ²

qualification

MAGUS ACSP is the verification provider named in the record. Its exact legal identity with Magus Chartered Accountants is not established.

documentedAjay Yadav signed the 2023 audit report as senior statutory auditor on behalf of Berkeley Finch Limited on 19 April 2024. The described procedures included sampling bridging-loan agreements to assess non-regulated lending status. ¹

qualification

The auditor notes inherent audit limitations, including higher non-detection risk for concealed fraud; the described procedure is not a regulatory determination.

documentedBerkeley Finch Limited (08219077) has one officer and no resignations in its retained register: Ajay Yadav, active director from 18 September 2012. ²

documentedMFS’s progress report states that the FCA opened an enforcement investigation into MFS. It also records ongoing external investigations, including FRC work under the Accountancy Scheme and Audit Enforcement Procedure. ³

qualification

Opening investigations is not a finding of misconduct; the FRC notice expressly limits its scope to named firms and specified individuals.

documentedOn 11 June 2026 the FRC announced an Audit Enforcement Procedure investigation into Berkeley Finch Limited’s statutory audit of MFS’s accounts for the year ended 31 December 2024. The Conduct Committee made its decision on 21 April 2026. ⁴

qualification

The opening of the investigation does not indicate that the FRC has made, or will make, any finding of breach or misconduct.

outcome

Investigation opened; no FRC finding is reported in this notice.

documentedThe FRC’s 11 June 2026 notice also announced an Audit Enforcement Procedure investigation into Silver Levene (UK) Limited’s statutory audit of Zircon Group Limited’s consolidated 2024 accounts, describing Zircon Group as connected to MFS. ⁴

qualification

An investigation is not a finding that the audit breached relevant requirements or involved misconduct.

outcome

Investigation opened; no FRC audit finding is reported in this notice.

documentedAscelis Limited’s PSC register lists Paresh Shantilal Raja as active controller, notified on 27 May 2025, with at least 75% of shares and votes and the right to appoint or remove directors. Berkeley Finch Limited completed his identity checks on 23 October 2025. ⁵

documentedThe 2023 consolidated accounts analyse loan-interest and fee turnover into £44,124,368 in the United Kingdom and £68,145 in Singapore, totalling £44,192,513. ¹

documentedThe 2024 accounts say MFS transferred its holding in Market Bridge Solutions Pte. Ltd to an unnamed related party during the year. The investment movement and cash-flow tables record £61,751 disposal proceeds. ⁴

qualification

The note’s table is headed “subsidiaries at 31 December 2024” and still shows 100% direct ownership alongside the transfer statement; these statements are internally inconsistent. The transferee and exact date are not named.

documentedTwinwin Limited’s retained control register lists Khemanand Hurhangee as its sole active person with significant control, notified on 10 April 2019, with at least 75% of shares and voting rights and director appointment/removal rights. ²

qualification

Registered control by Hurhangee and allegations of Raja’s practical control are different propositions; the PSC entry does not resolve the allegations.

documentedTwinwin Limited’s officer register lists Khemanand Hurhangee as active director from 10 April 2019 and Tapankumar Ghanshyambhai Patel as director from 25 March 2024 to 12 December 2025. Patel’s correspondence address was 134 Buckingham Palace Road, formerly MFS’s registered office. ³

documentedThe Twinwin judgment records the issuer’s London Bridging administration application of 9 February 2026 and Trower J’s interim appointment of FRP’s Rowley and Hudson as receivers over its collection account and relevant records on 13 February. London Bridging did not comply with ordered information delivery; it consented to administration on 28 February and an administration order followed on 2 March. ⁴

qualification

The procedural chronology does not determine liability for the allegations; the judgment described Raja’s departure to Dubai as apparent, not independently established residence.

documentedThe insolvency register records Market Financial Solutions Limited’s administration beginning on 25 February 2026, with Benjamin J Browne, Simon Jonathan Appell and Alastair Paul Beveridge. Beveridge ceased to act on 19 March 2026. ¹

documentedThe administrators’ April 2026 proposals estimate ordinary preferential claims of £310,650, secondary preferential HMRC claims of £1,263,226 and unsecured claims of £1,805,691,015. They report no secured creditors of MFS and uncertain returns for each creditor class. ²

qualification

The proposals warn of inaccurate/inconsistent books and records; claims were estimated and not yet adjudicated.

documentedThe estimated unsecured claims include contingent claims from funder companies over servicing obligations, employee and HMRC claims, trade creditors, intercompany balances and individual/corporate investors and brokers. ²

documentedThe April proposals describe Raja as MFS’s founder, chief executive and sole director and the wider MFS Group as at least 90 entities in several jurisdictions, organised in financing silos under his ownership rather than a formal Companies Act group. ²

qualification

This is the administrators’ description of the wider network, not a verified company-by-company 100% ownership schedule.

documentedTo address perceived conflicts between MFS and creditor funders, Beveridge resigned as MFS administrator while Browne and Appell resigned from Amber Bridging and Zircon Bridging and were replaced there by Clare Kennedy under a court order dated 19 March 2026. The proposals also describe separate case teams and information barriers. ²

documentedThe administrators’ proposals describe initial limited-recourse funding of about £1.8 million and a replacement agreement providing up to £28.8 million for the administration, litigation and initial-loan repayment, with about £18.8 million drawn by the reporting date. ²

qualification

The third-party loans are repayable from realisations and are not distributable estate recoveries.

documentedThe proposals report 203 MFS employees at appointment, with 156 initially made redundant and a further 35 subsequently made redundant or resigned. Three leased offices were at 9 Berkeley Street, 35 Catherine Place and 46 Hertford Street; reduced operations were consolidated at Catherine Place. ²

qualification

The later group of 35 includes resignations as well as redundancies.

documentedThe proposals record about £99 million of introduction and servicing fees due from MFS Group undertakings. Insolvency of other entities, record reconciliation and potential set-offs made realisation uncertain. ²

documentedAt appointment MFS operated approximately 250 bank accounts, most funder accounts to whose funds it had no entitlement. About £13 million was held in accounts in MFS’s name, all frozen by the April report, with proprietary and trust claims making recovery uncertain. Proprietary loan software had about £7.1 million book value. ²

documentedThe estimated financial position at 25 February 2026 records total book assets of £318,366,810, including bridge loans £190,375,173, MFS Group debtors £98,769,567, cash £13,513,734 and software £7,120,870. It quantifies only £152,063 as estimated realisations, while major asset and litigation recoveries remain uncertain. ²

qualification

The £152,063 is a quantified subtotal alongside uncertain major recoveries, not a final valuation of the entire estate.

documentedThe proposals identify Benjamin Browne of AlixPartners UK LLP, insolvency practitioner number 14190 authorised by the Insolvency Practitioners Association, as joint administrator appointed under the 25 February 2026 court order. ²

documentedThe proposals identify Simon Appell of AlixPartners UK LLP, insolvency practitioner number 9305 authorised by the Insolvency Practitioners Association, as joint administrator appointed under the 25 February 2026 court order. ²

documentedThe estimated financial position lists contingent unsecured claims of £1,516,364,863, private investors £171,771,789, MFS Group entities £92,236,519, trade suppliers £19,112,496, brokers £2,413,234, employees £2,360,288 and HMRC £1,431,827, totalling £1,805,691,015. ²

qualification

Claims were unadjudicated and records unreliable. The OCR creditors-deficiency line reads £4,807,112,828 while the final total reads £1,807,612,828; the conflicting deficiency totals cannot be reconciled from the retained transcription. Listed creditor categories sum to £1,805,691,016, a £1 rounding/transcription difference from the reported total.

documentedThe proposals say the administrators formally requested a statement of affairs from Raja as director; the deadline expired without that documentation being received. They therefore prepared an estimated financial position from company records and creditor information. ²

qualification

This concerns a statement of affairs at the proposal date, not refusal of every information request.

documentedThe OCR creditor schedule contains a row rendered “aphire Group Limiked” with a Dubai address and an estimated claim of approximately £10.732 million. Numerous investor rows give c/o Quastels LLP addresses. ²

qualification

The OCR name is incomplete and the creditor’s exact legal identity remains uncertain. Quastels correspondence addresses do not establish representation of most investors.

documentedFor 25 February–14 April 2026, the cash receipts/payments statement records initial administration funding of £1,750,000, replacement funding of £18,760,192, initial repayment including interest of £1,760,192, a £2 million funding commitment fee and £5 million indemnity commitment fee. It records £65,996 loan-book collections subject to competing entitlement claims. ²

qualification

Commitment/indemnity fees were payable under funding agreements to creditors supporting the litigation; collections were subject to competing entitlement claims.

documentedMFS’s progress report states that it had been central to the group’s collections and redemptions on behalf of the SPVs, and that the transfer of its serviced loans to Lenvi had been completed. ⁴

documentedMFS’s administrators report an ongoing CPR Part 8 claim against Barclays Bank UK Plc and Barclays Bank Plc to unfreeze eleven MFS accounts and recover their balances and sums swept or transferred from them. Accounts in MFS’s name held approximately £13 million on appointment. ⁴

qualification

Group stakeholders assert proprietary or trust interests; the estate’s entitlement and realisable value remain unresolved.

outcome

The Part 8 account-release claim and competing proprietary claims were ongoing at the progress report’s date.

documentedMFS creditors approved the proposals without modification at the physical meeting on 26 May 2026 and established a five-member committee. The progress report identifies 24 February 2027 as the administration’s scheduled expiry and anticipates seeking an extension. ⁴

documentedMFS’s progress report says the prescribed-part provisions do not apply because it has no floating charges. An unsecured distribution would require sufficient funds, payment of administration costs and preferential claims, and court permission during administration; alternatively it could occur after a creditors’ voluntary liquidation, with the administrators becoming liquidators under approved proposals. ⁴

documentedMFS’s COM1 filing identifies a five-member creditor committee: Tony Murphy and the corporate members Amber Bridging, Trident Funding, London Bridging and Cronus Finance, each described as in administration. ⁷

qualification

The retained filing contains OCR gaps and damaged registration-number cells; the five names are supported by legible name fields and the progress report’s committee count, not inferred from damaged digits.

documentedThe judgment describes Amber Bridging and Zircon Bridging as borrowers in securitisation structures and MFS as servicer of their mortgage loans. The companies provided security over borrower accounts at Barclays Bank UK Plc; AlixPartners wrote on 23 February 2026 to terminate MFS’s servicing role after loan income had not reached designated accounts. ¹

documentedThe judge records being informed that Barclays Bank was owed approximately £600 million and that Barclays accounts were frozen. ¹

qualification

The sentence does not isolate the exact debtor or contractual scope of the £600 million exposure.

documentedTrident’s proposals described approximately £21.1 million in Barclays collection accounts and a 23 April 2026 order requiring transfer by 8 May. The administrators initially expected to service 93 loans worth approximately £132 million, subject to ownership investigations. A receipts-and-payments note states that recovered funds were excluded while financial-crime checks continued. ³

outcome

Separately, Trident’s administrators reported a 23 April 2026 order requiring transfer of the vehicle’s cash by 8 May 2026. Recovered funds were excluded from the receipts-and-payments statement pending financial-crime checks; the OCR amount is unclear.

documentedTrident’s deed charges the issuer’s rights under the MFS collection-account trust in favour of its security agent. The definition describes MFS’ declaration of trust over a collection account for Trident. This records the legal cash-collection mechanism rather than proving the destination of every borrower payment. ⁴

outcome

Legal collection-account trust mechanism documented; actual application of every borrower payment is not proved.

documentedFollowing termination of servicing agreements by eight funders, the administrators undertook the transfer of serviced loans to backup servicer Lenvi Servicing Limited. Reconciliation work included identifying discrepancies and duplicate loans in company and lender records. ²

qualification

The April report describes transition work and obligations without establishing a completed-transfer date for every loan.

documentedAmber Bridging’s charge register records charge 1366 4578 0001, created on 14 February 2022, as outstanding, with Intertrust Trustees Limited named as security agent. ³

qualification

Outstanding means the status in the retained register snapshot; the security agent is distinct from the underlying lenders.

documentedAmber Bridging’s proposals record Intertrust’s appointment of Beveridge, Appell and Browne on 23 February 2026 after acceleration. On 19 March Appell and Browne resigned and Clare Kennedy joined Beveridge. Raja was sole director from 6 October 2021 and Zircon Group held all 100,000 shares. ⁴

outcome

Beveridge and Kennedy were the joint administrators following the 19 March changes.

documentedThe April proposals identify ten primary funder companies: Amber Bridging, Zircon Bridging, Credit Capital Corporation, Cronus Finance, Galaktikos, Heliara Finance, London Bridging, Mercury Funding, Trident Funding and Solar Bridging. Insolvency officeholders were listed for all except Solar Bridging, which was not then in insolvency. ¹

documentedSolar Bridging’s charge register records charge 1321 3135 0001, created on 15 June 2023, as satisfied on 22 January 2025. Charge 1321 3135 0002, created on 24 July 2025, is recorded as outstanding and includes a first fixed charge. Both name U.S. Bank Trustees Limited as the person entitled. ²

qualification

The 2023 charge was satisfied; the 2025 charge remained recorded outstanding at the retained snapshot. The trustee is not identified as the economic lender.

documentedU.S. Bank Trustees Limited’s PSC register records U.S. Bancorp as active controller from 6 April 2016, with at least 75% of shares, and identifies its US registration number as 256405. ³

qualification

The controller entry does not identify the senior economic lender behind the Solar security. A corporate trustee’s name is not evidence of wrongdoing by its parent.

documentedThe retained appointment entry lists Paresh Raja as Solar Bridging director from 19 February 2021 and Solar as in administration at the archive cutoff. Solar’s administration was later than the April 2026 MFS proposals’ description of it outside insolvency. ⁴

outcome

Solar subsequently entered administration 5 June 2026; the April status was historical.

documentedSolar’s filing history records an appointment notice filed on 21 June 2026, an office change on 22 June, proposals filed on 7 August and deemed-approval notice on 19 August. The proposals date administration to 5 June 2026. ^{5 6}

documentedSolar’s July 2026 proposals identify Macquarie Bank as senior lender, PSR Equities as mezzanine and subordinated lender and U.S. Bank Trustees as security agent. A new 24 July 2025 structure offered a £250 million facility and advanced £45.6 million. At administration, recorded debt was about £45.7 million plus interest to Macquarie, £3.4 million mezzanine and £7.8 million subordinated plus interest to PSR. ⁶

outcome

Substantial shortfall expected for Macquarie and no likely surplus for PSR.

documentedSolar entered administration on 5 June 2026 with Simon Edel, Jo Robinson and Dan Mindel, appointed by U.S. Bank Trustees as qualifying floating charge holder in case CR-2026-004436. Its proposals linked default to restricted access to cash following Barclays’ account freeze and expiry of a standstill period; the reason for the bank freeze was reported but unconfirmed by these administrators. ⁶

outcome

Solar entered administration 5 June 2026 following default and standstill expiry.

documentedSolar’s administrators described it as a wholly owned PSR Equities subsidiary, with Paresh Raja the ultimate owner of PSR and sole Solar director. Solar supplied debt capital for MFS’ mortgage and bridging business; MFS originated and serviced the loans. PSR entered administration on 10 March 2026. ⁶

documentedSolar’s 31 December 2025 management accounts recorded 34 bridging loans against 42 properties with £37.9 million book value. Other MFS entities asserted competing claims over most of the portfolio; recoverability remained under investigation. Lenvi assumed back-up servicing after MFS’ insolvency. ⁶

outcome

Administrators received £20.5 m from Barclays 16 July 2026 under an order subject to set-off and other terms; portfolio competing interests remained under investigation.

documentedGLEIF’s retained record identifies U.S. Bank Trustees Limited by LEI 254900D6EU6LB1JGAM82 and Companies House number 02379632, with UK jurisdiction and creation date 4 May 1989. It records former legal names including Bank of America Trustees, LaSalle Global Trust Services, LaSalle Trustees and ABN AMRO Trustees. ⁷

documentedThe OCR creditor schedule lists estimated claims against MFS by Market Financial Solutions (Central), Market Financial Solutions (Funding), Market Financial Solutions (GB), Market Financial Solutions International, MFS (Capital), MFS (London) and Mayfair (BS). The listed figures are approximately £0.654 million, £22.385 million, £6.76 million, £15.279 million, £7.208 million, £4.485 million and £0.576 million respectively. ¹

qualification

Names and sums are imperfect OCR. Treat these as estimated schedule rows, not adjudicated claims or proof of common ownership; exact legal identity needs register reconciliation.

documentedOn 11 June 2026 the FRC announced Accountancy Scheme investigations into Magus Chartered Accountants and two individual accountants, and separately another individual accountant, concerning MFS and connected companies. The individuals were not named. ²

qualification

The FRC says the announcement does not evidence investigations into any other persons or entities, and opening investigations does not establish misconduct.

outcome

Investigations opened; no FRC misconduct finding is reported in this notice.

documentedMayfair (BS) Limited’s PSC register lists Dipendra Amin as active controller from 17 December 2023, with at least 75% of shares and votes and the right to appoint or remove directors. MAGUS ACSP completed his identity checks on 9 September 2025. ³

qualification

MAGUS ACSP is the name shown in the verification record. Its identity with Magus Chartered Accountants is not established merely by the similar name.

documentedThe retained Companies House appointment listing for Dipendra Amin records 105 appointments and January 1965 birth month. Its company entries include directorships at Mayfair (BS), Catherine Place Properties and 17 Hertford Street. MAGUS ACSP recorded identity verification on 9 September 2025. The number of appointments alone does not establish a nominee role. ⁴

documentedCompanies House entries record Dipendra Amin as director of Global Bridging Finance from 22 June 2023, Coolmore Group from 4 February 2025 and White Orchid Investments UK from 25 August 2022, using 134 Buckingham Palace Road as correspondence address. Sharing that address does not establish common ownership. ⁴

documentedDipendra Amin is recorded as a director of Mayfair (BS) Limited from 2023-12-17. This is the retained registry appointment record at the archive cutoff. ⁴

documentedDipendra Amin is recorded as a director of CATHERINE PLACE PROPERTIES LIMITED from 2022-07-13. This is the retained registry appointment record at the archive cutoff. ⁴

documentedDipendra Amin is recorded as a director of 17 HERTFORD STREET LIMITED from 2024-01-10. This is the retained registry appointment record at the archive cutoff. ⁴

documentedDipendra Amin is recorded as a director of GLOBAL BRIDGING FINANCE LIMITED from 2023-06-22. This is the retained registry appointment record at the archive cutoff. ⁴

documentedDipendra Amin is recorded as a director of COOLMORE GROUP LIMITED from 2025-02-04. This is the retained registry appointment record at the archive cutoff. ⁴

documentedDipendra Amin is recorded as a director of WHITE ORCHID INVESTMENTS UK LIMITED from 2022-08-25. This is the retained registry appointment record at the archive cutoff. ⁴

documentedThe OCR creditor schedule contains a row rendered “PSR Faulty Limited” with a total estimated claim of approximately £40.935 million, and lists Tila Holdings with approximately £848,001. ¹

qualification

The creditor name is imperfect OCR. The entry alone does not establish whether the named claimant was PSR Equities or another legal entity; matching initials or a service address do not resolve that identity.

documentedCredit Capital Corporation Limited’s PSC register lists 3CG Holdings Limited as active controller, notified on 14 December 2016, with at least 75% of shares and votes. PSR Equities Limited and Sip Consult Limited are recorded as former controllers, each with more than 25% but no more than 50% of shares and votes, from 6 April to 14 December 2016. ²

documented3CG Holdings’ PSC register lists former controllers: PSR Equities, with at least 75% of shares and votes, 25 October 2016–31 October 2024; Sip Consult, with more than 25% but no more than 50%, 25 October 2016–21 December 2023; and Paresh Raja and Sven Ingo Peter, each with more than 25% but no more than 50%, 24 October 2016–27 November 2017. ³

qualification

The registry records overlapping controller categories. These bands do not establish exact percentages or justify adding the upper bounds together.

documentedSolar Bridging Limited’s PSC register lists PSR Equities Limited as active controller, notified on 8 February 2023, with at least 75% of shares and votes. Solar Bridging Holdings Limited is recorded as a former controller from 19 February 2021 to 15 February 2023. ⁴

qualification

The recorded notification and cessation dates overlap by one week; the register’s dates are preserved rather than normalised.

documentedSolar’s filing history records PSR Equities becoming a PSC on 8 February 2023 and Solar Bridging Holdings ceasing as PSC on 15 February 2023, both notified through filings on 8 March 2023. Those dates do not justify an unqualified current ownership inference beyond the subsequent proposals. ⁵

documentedTrident’s 13 November 2024 deed identifies Banco Santander, S.A., London Branch as original senior noteholder and hedging provider, PSR Equities as mezzanine and subordinated funder and retention holder, MFS as mortgage seller and introducer, U.S. Bank Global Corporate Trust as cash manager, Barclays as issuer account bank and TMF Trustee as security agent. ⁶

documentedTrident’s deed places MFS in the separate capacities of original seller under a mortgage-sale agreement and introducer under an origination agreement. Early-amortisation provisions include a reputation event or change of control affecting MFS or the subordinated lender; these contractual triggers do not establish that such an event occurred. ⁶

documentedTrident’s deed defines senior availability as ending at the earlier of twenty-four months from signing or an early-amortisation event. The retained provision does not state a facility limit, and a contractual definition does not establish the amount actually borrowed. ⁶

documentedPSR EQUITIES LIMITED is identified in the retained record by company/register number 09406074. ⁷

documentedZircon Bridging’s charge register records charge 1116 8447 0001, created on 23 November 2018, as outstanding in favour of Intertrust Trustees Limited as security agent for itself and the other secured creditors. Charge 1116 8447 0002, relating to 107 Cheyne Walk and created on 19 June 2023, was satisfied on 20 June 2023. ¹

qualification

The charge listing describes the security position at the retained snapshot; the separate satisfied entry names Zircon itself and does not prove an additional external creditor.

documentedZircon Bridging’s proposals record Paresh Raja as sole director from 6 October 2021 and Zircon Group as 100% shareholder. Intertrust appointed Beveridge, Appell and Browne on 20 February 2026; on 19 March Appell and Browne resigned and Clare Kennedy joined Beveridge. The administrators had not received a direct response to requests for Raja’s statement of affairs on 25 February and 3 March. ²

qualification

Director and shareholder entries describe the appointment-date position. The report records unanswered requests, not a judicial finding about the reason for the lack of response.

outcome

Beveridge and Kennedy were the joint administrators following the 19 March changes.

documentedHeliara Finance’s charge register records charge 1665 3491 0001, created on 5 November 2025, as outstanding in favour of Ocorian Trustee (UK) Limited, trading as Nordic Trustee (UK). ¹

qualification

The charge date is not proof that a funding line first opened on that date.

documentedHeliara Finance Limited (16653491) was incorporated on 15 August 2025 with £1 share capital. Stuart Roderick Jenkin’s directorship began on 21 August 2025. The register records a charge created on 5 November 2025 and a notice of administrator appointment filed on 19 March 2026; the proposals establish the appointment itself as 9 March. ^{2 3}

documentedHeliara’s administrators described it as a securitisation vehicle outside the MFS group, purchasing mortgages originated by MFS. Venus (VHL) Holdings provided subordinated funding. Nicholas Bland and Stuart Jenkin were its directors under a 5 November 2025 corporate-services agreement with Ocorian (UK) and security agent Ocorian Trustee (UK). Heliara had no employees. ³

documentedHeliara terminated MFS’ servicing appointment on 23 February 2026 and invoked Lenvi as immediate back-up servicer. Joshua Dwyer and Kristina Kicks of Interpath were appointed on 9 March 2026 by the directors with the security agent’s consent, following steps prompted by MFS’ insolvency. ³

outcome

MFS servicing terminated 23 February 2026; Lenvi was invoked as immediate back-up servicer; Interpath appointed 9 March.

documentedHeliara’s proposals identify Jefferies International Limited as senior secured creditor, recording debt £99,534,022.41 plus accrued interest £151,002.15, and Venus (VHL) Holdings Limited as subordinated creditor owed £9,776,895.60. ³

documentedCronus Finance’s charge register records charge 1664 4459 0001, created on 27 October 2025, as outstanding in favour of Ocorian Trustee (UK) Limited, trading as Nordic Trustee (UK), as security agent. ¹

qualification

A security agent’s registered charge does not establish that it advanced the funds itself.

documentedCronus Finance Limited’s PSC register lists Ocorian (UK) Limited as active controller from 12 August 2025, with at least 75% of shares and votes and the right to appoint or remove directors. ²

qualification

The register does not name Raja as controller; this is not proof excluding all economic or contractual connections.

documentedCronus Finance Limited (16644459) was incorporated on 12 August 2025 with £1 capital, appointed Stuart Roderick Jenkin director on 21 August and created a charge on 27 October. Its filing history includes an appointment notice filed on 10 March 2026 and progress report filed on 6 October; the progress report dates appointment to 3 March. ^{3 4}

documentedCronus’ administrators reported material portfolio-record deficiencies, company borrowers associated with Paresh Raja and competing claims to repayments. In the period to 2 September 2026 they received £3,728,322 on four mortgages, of which £149,122 was contested, and £4,755,963 refunded by a solicitor for uncompleted loans. Lenvi serviced part of the portfolio. MFS held a designated trust account in Cronus’ favour, but no funds from that account had been recovered in the period. ⁴

outcome

£3,728,322 mortgage receipts and £4,755,963 solicitor refunds received in period;£149,122 receipts contested; no trust-account cash recovered during that period.

documentedCronus’ progress report identifies Wells Fargo Bank N.A., London Branch as senior warehouse lender and Earth (EHL) Holdings as junior lender, with Ocorian Trustee (UK) holding security. Appointment balances were approximately £142.7 million senior, £18.7 million mezzanine and £30.5 million subordinated. Administrators expected a senior dividend of undetermined size and no junior dividend. ⁴

outcome

Senior dividend expected but amount unquantified; no junior dividend anticipated.

documentedTrident Funding’s charge register records charge 1589 4362 0001, created on 13 November 2024, as outstanding in favour of TMF Trustee Limited. ¹

qualification

The charge-register page does not identify the lenders behind the trustee.

documentedTrident’s April 2026 proposals described a revolving senior-note facility dated 13 November 2024 with TMF as security agent, alongside mezzanine and subordinated funding. Administrators estimated approximately £481 million secured debt at appointment and expected a shortfall to secured creditors. ²

outcome

Administrators expected a shortfall to secured creditors; no distribution had been made at the reporting date.

documentedTrident’s administrators’ estimated position at 10 March 2026 recorded a £461,061,853 loan portfolio and £21,106,107 cash; loan realisations were uncertain. The retained OCR distorts some senior and subordinated creditor figures, so those precise debt entries are not treated as verified amounts. ²

documentedTrident’s statutory information lists TMF Trustee Limited as holder of its single issued share, Abdul Qayyum and two corporate directors as officeholders, and Chris Laverty, Russell Simpson and Jarred Erceg as administrators appointed by a qualifying floating charge holder on 10 March 2026. ²

documentedThe retained Companies House charge-register snapshot for London Bridging records zero registered charges. ¹

qualification

Absence of a registered charge is not proof that financing, trusts or other security arrangements did not exist.

documentedLondon Bridging Limited’s PSC register lists Zircon Group Limited as active controller from 5 July 2023, with at least 75% of shares and votes. It records PSR Equities Limited as former controller from 6 October 2021 to 5 July 2023. ²

documentedCredit Capital Corporation’s charge register records one outstanding charge, 0940 7456 0001, created on 30 April 2015, in favour of IKB Deutsche Industriebank AG. The register’s brief description begins with all real property and interests in real property. ¹

qualification

The short public charge description is truncated; its scope should not be expanded beyond the retained wording.

documentedThe retained Sven Ingo Peter officer profile lists directorships in four dissolved companies: Credit Capital Corporation V Limited, 3C4 Equityco Limited and Credit Capital Corporation IV Limited, each appointed on 16 October 2017, and Credit Capital Corporation III Limited, appointed on 5 July 2017. ²

qualification

The listed companies are dissolved. The officer profile does not give resignation or dissolution dates for these roles; they are historical roles with unestablished end dates.

documentedSip Consult Limited’s PSC register lists Sven Ingo Peter as active controller, notified on 30 June 2016, with at least 75% of shares and votes and the right to appoint or remove directors. ³

documentedThe FCA’s June 2021 warning concerned a clone using the name Credit Capital Corporation Limited Group. The FCA expressly said that the genuine authorised Credit Capital Corporation Limited had no connection with the clone. ⁴

outcome

The warning expressly states the genuine authorised firm has no connection with the clone.

documentedCredit Capital Corporation’s filing history records an appointment notice on 18 March 2026, two replacement-administrator notices on 13 April, proposals on 11 May and an order-removal notice on 24 August. The proposals establish initial appointment on 10 March and replacement on 27 March; filing dates do not date those underlying events. ⁵

documentedCredit Capital Corporation’s administrators described a short-term property lender funded by IKB under a charge dated 30 April 2015, advancing secured loans to property-development vehicles in the connected group. MFS originated, administered, monitored and enforced its portfolio under a service agreement of the same date. Paresh Raja was the sole director at replacement appointment; the company’s independent operational activity remained unclear. ⁶

documentedCredit Capital Corporation entered administration on 10 March 2026 with Stephen Katz and Nimish Patel. They were removed at 11am on 27 March and replaced by Georgina Marie Eason and Steven Illes of MHA. Administrators reported portfolio irregularities and uncertain recoverability. Barclays confirmed £1,696,271 cash at 16 April but withheld transfer because of anticipated third-party proprietary claims. ⁶

outcome

Katz and Patel removed 27 March 2026 and Eason/Illes appointed; Barclays withheld confirmed cash because of anticipated third-party claims.

documentedCredit Capital Corporation’s administrators cited £29,211,946 IKB debt in the 31 October 2025 management accounts, while noting that the bank had not confirmed the current balance. Available records indicated approximately £35,267,959 borrower principal at proposals, excluding interest and charges; recoverability remained uncertain. ⁶

outcome

Borrower recoverability and current IKB debt balance remained uncertain.

documentedMercury Funding’s charge register records charge 1466 2285 0001, created on 4 October 2023, as outstanding in favour of TMF Trustee Limited, and describes a fixed charge. ¹

qualification

The trustee is the registered person entitled; the listing does not disclose its beneficiaries.

documentedMercury Funding Limited’s PSC register lists TMF Trustee Limited as active controller from 24 August 2023, with at least 75% of shares and votes. Intertrust Corporate Services Limited is recorded as former controller from 14 February to 24 August 2023. ²

qualification

Registered corporate share control and security-agent status are different roles; the page alone does not establish the full economics of the vehicle.

documentedMercury Funding’s filing history records receiver-appointment notices filed on 22 and 26 January 2026 and a receivers’ report filed on 23 April. The report itself dates the receivers’ appointment to 13 January 2026, before MFS entered administration. ^{3 4}

documentedMercury’s receivers based their portfolio work on a 15 January 2026 data tape listing 351 live loans against 473 properties with £232.4 million gross loan amount. These recorded balances were subject to asset and security verification, rather than a confirmed recovery valuation. ⁴

documentedMercury’s receivers reported that Barclays identified disbursement-account payments outside transaction permissions, leading to acceleration on 28 November 2025 and termination of MFS servicing on 16 December. Lenvi became back-up servicer. Administrative receivers were appointed on 13 January 2026; proposed refinancing led by MFS and Interlend subsequently failed when those companies entered administration. ⁴

outcome

Refinancing negotiations led by MFS and Interlend failed after their administrations; MFS servicing had already ended 16 December 2025 and receivers appointed 13 January 2026.

documentedGalaktikos Limited’s PSC register lists Ocorian (UK) Limited as active controller, notified on 1 July 2025, with at least 75% of shares and votes and the right to appoint or remove directors. ¹

qualification

Ocorian (UK) Limited is distinct from Ocorian Trustee (UK) Limited. Registered share control does not by itself identify every economic funder.

documentedGalaktikos’s receiver report says loans were acquired through back-book purchases from Neptune Funding or refinancing another silo’s bridging loans. MFS held legal title to the mortgages; Galaktikos held beneficial interests. Borrower payments first passed through an MFS account before being swept to a company collection account held in Ocorian (UK) Limited’s name as cash manager. ²

qualification

The legal/beneficial ownership distinction and cash-manager role do not establish that Ocorian advanced the senior debt.

documentedGalaktikos’s receiver report states that Gavin Maher, Ian Colin Wormleighton and David Philip Soden of Teneo were appointed joint administrative receivers by Ocorian Trustee (UK) Limited, trading as Nordic Trustee (UK), as security agent under the 12 September 2025 deed of charge and assignment. ²

documentedGalaktikos’ June 2026 receivers’ report described Lloyds Bank accounts managed through Ocorian (UK), debit restrictions and ring-fencing of disputed funds. The receivers had submitted a claim in MFS’ administration for potential creditor losses and closed out a swap. A portfolio sale remained deferred until mortgage ownership could be established. ²

outcome

Portfolio disposal remained deferred until mortgage ownership was determined; cash and borrower recoveries continued.

documentedMercury’s receivers reported facilities at 13 January 2026: Barclays senior notes with a £300 million limit and £190 million utilisation, Interlend mezzanine notes with a £35 million limit and £22 million utilisation, and £18.9 million Interlend subordinated debt. The 4 October 2023 facilities financed acquired MFS back-book mortgages and new buy-to-let loans originated and introduced by MFS. ²

documentedInterlend Holdings’ filing history records an appointment notice filed on 5 March 2026, proposals on 29 April and a progress report on 29 September. Its progress report dates appointment to 24 February 2026; the September filing is later than the period end and report date. ^{3 4}

documentedInterlend’s administrators Stephen Katz and Nimish Patel were appointed by the director on 24 February 2026 in case 001377 of 2026. Their report to 23 August described missing company records, a director who had not completed a statement of affairs and analysis of 2,187 bank entries since December 2018. The confidential director-conduct report is not a published finding of misconduct. ⁴

outcome

Conduct report submitted confidentially; its contents are not published findings.

documentedInterlend’s latest financial statements recorded associated debtors Mercury Funding £45,318,895, Neptune Funding £28,550,415 and MFS International £11,621,917. Administrators also described an apparent subordinated claim against Galaktikos. They disputed Barclays’ retention of £352,767, while Barclays intended to defend and assert set-off; a directions hearing was scheduled for 23 October 2026, after the archive cutoff. ⁴

outcome

Barclays intended to defend and assert contractual set-off; directions hearing scheduled 23 October 2026, after archive cutoff.

documentedInterlend’s progress report lists holdings of 10,000 shares each in Interlend Ltd, Saturn Finance, Mercury (MHL) Holdings, Mercury BTL, Neptune (NHL) Holdings, Neptune BTL, Buy To Let Capital and Interlend II. Administrators expected no realisations from these subsidiaries; the share counts do not alone establish a percentage. ⁴

outcome

No realisations anticipated from subsidiary shares.

documentedInterlend’s administrators estimated £79,727,371 unsecured claims but had received five unadjudicated claims totalling £218,956,905. A £168,266,424 investor-group claim was unsupported and had also been lodged in other MFS group companies, so was not expected to be admitted on the available information. Administrators nevertheless anticipated sufficient funds for an unsecured dividend, without fixing its amount. ⁴

outcome

Investor-group claim not expected to be admitted without support; unsecured dividend nevertheless anticipated without an amount.

documentedInterlend’s estimated creditor schedule records £58,828,290 to MFS (Funding), £19,979,581 associated creditors, a £510,000 director-loan account, £405,000 Anjaneya Investments and £4,500 trade creditors. These recorded balances support an intra-group creditor chain, not transaction-by-transaction tracing of money into Mercury or Galaktikos. ⁴

documentedGLEIF’s retained record identifies Interlend Holdings Limited by LEI 984500F8FD529DC1B584 and Companies House number 10593578, with UK jurisdiction and creation date 31 January 2017. Parent-reporting exceptions do not independently prove who owns it; those ownership claims require other evidence. ⁵

documentedInterlend Holdings Limited is identified in the retained record by company/register number 10593578. ⁷

documentedInterlend Holdings Limited is identified in the retained record by LEI 984500F8FD529DC1B584. ⁵

documentedInterlend Holdings Limited is recorded as incorporated in United Kingdom. ⁵

documentedCompanies House’s Saifuzzaman Chowdhury profile records directorships at ZTZ Property Ventures from 30 July 2020 and Aramit Properties from 6 May 2020, and a former Rukhmila Properties directorship from 6 July 2019 to 6 May 2020. The entries show insolvency statuses at retention; exact identity with the former minister requires the corroborating personal and press record. ⁵

documentedA second Companies House appointment profile for Saifuzzaman Chowdhury records his ZTS Properties Ltd (10010608) directorship from 17 February 2016 and company status as insolvency proceedings at retention. Matching month of birth and nationality supports comparison with the other profile; this entry alone does not establish ownership. ⁶

documentedSaifuzzaman Chowdhury is recorded as a director of ZTZ PROPERTY VENTURES LTD from 2020-07-30. This is the retained registry appointment record at the archive cutoff. ⁵

documentedSaifuzzaman Chowdhury is recorded as a director of ARAMIT PROPERTIES LTD from 2020-05-06. This is the retained registry appointment record at the archive cutoff. ⁵

documentedSaifuzzaman Chowdhury is recorded as a director of RUKHMILA PROPERTIES LIMITED from 2019-07-06 to 2020-05-06. This is the retained registry appointment record at the archive cutoff. ⁵

documentedThe Cronus judgment records that on 27 October 2025 MFS obtained authority to use Cronus’s disbursement account for mortgage origination or acquisition. It transferred £6,370,878 to Sriharans Solicitors on 18 November. When the intended transactions failed, the funds were paid on 23 December to MFS’s Lloyds Bank bridging account instead of returning to Cronus. MFS then paid £9,070,220 to twelve accounts belonging to fifteen recipients. ¹

qualification

The trust arrangements and initial breach were undisputed for this application; tracing into each recipient’s payment and recipient notice remain distinct issues.

documentedThe Cronus judgment records the 23 December 2025 repayments: Babu and Shashikala Chandarana £851,593; Neha-Suki Chandarana £202,500; Rihan Dewan £290,142; Shilpa Gondhia £102,000; Milan and Meenal Pandya £1,021,667; Jay Radia £758,125; Meelan Radia £758,125; Smita Samani £1,032,083; Krishna and Priyanka Thakrar £923,471; Minal Yadav £1,095,514; Flora Fountain Limited £1,018,333; and Senara Investments Limited £1,016,667. The loan evidence considered by the court included private lending at 10–15% a year, beginning in 2020; repayment was not yet due in most cases. ¹

qualification

Receipt of payment did not by itself establish wrongdoing. The court accepted accord and satisfaction and found no serious issue against the six other contesting defendants.

response

The contesting recipients said the payments repaid their loans and that they had no notice of the trust.

outcome

The six contesting defendants other than Dewan succeeded; the other recipients’ injunctions or claims had been resolved separately.

documentedCronus’ progress report for 3 March–2 September 2026 states that a proprietary injunction initially granted in April was unsuccessful at the substantive return hearing on 23 June. Several defendants had settled for £200,000; Cronus agreed £424,431 to settle certain defendants’ legal costs. Cronus also claimed in MFS and associated administrations and was an MFS creditors’ committee member. ²

outcome

Injunction was unsuccessful at substantive return hearing 23 June 2026; settlements produced £200,000 and certain defendants’ costs were settled for £424,431.

documentedOn 20 March 2026 the FCA announced an enforcement investigation into Market Financial Solutions Limited. It described MFS as an Annex 1 business registered and supervised solely for compliance with the 2017 money-laundering regulations, rather than an authorised firm subject to wider FCA regulation. ¹

outcome

The retained FCA statement announces an investigation, not an enforcement finding or final sanction.