MFS and Zircon Bridging: ownership, loans and creditors

analysisZircon Group owns Zircon Bridging and is controlled by Raja. The proposals identify AGF WHCO 1-A5 DAC, ultimately associated with Atlas SP Partners, as senior lender at £475 million, and AG International Investment Opportunities Platform Fund II DAC, associated with TPG Angelo Gordon, as mezzanine lender at £44 million. Zircon Group supplied the subordinated position. ^{1 2 3}

qualification

The £519 million secured-facility total excludes the unverified subordinated parent balance. The report estimated no return to the mezzanine and subordinated lenders and uncertain senior recovery. 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.

analysisIntertrust Trustees held the registered security. Approximately £34.9 million of subordinated debt came from management records and had not been verified by administrators. The approximately £519 million senior-and-mezzanine summary is distinct from the complete obligations schedule and any ultimate loss. The return table left senior recovery uncertain and anticipated no return for the mezzanine and subordinated tiers; those assessments remained subject to asset verification. ^{4 3}

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. The £519 million secured-facility total excludes the unverified subordinated parent balance. The report estimated no return to the mezzanine and subordinated lenders and uncertain senior recovery. The administrators warned that the estimated position could be materially misstated. Zero amounts assigned to non-cash assets mean uncertain assumed recoveries, not findings that those assets had no value.

analysisThe MFS master register described around 525 live loans worth £552.6 million. Administrators obtained documentation for 98 live loans worth £98.4 million and 13 repaid loans worth £2.4 million. A backup-servicing transfer and recoveries followed; the document gap does not establish that every undocumented entry was fictitious. ¹

qualification

The administrators warned that the estimated position could be materially misstated. Zero amounts assigned to non-cash assets mean uncertain assumed recoveries, not findings that those assets had no value. Some documents for 98 loans do not establish that only 98 valid loans existed. The administrators’ loan reconstruction and bank reconciliation remained ongoing.

analysisZircon’s administrators were appointed on 20 February 2026 after senior-debt acceleration. Payment refusals had been reported from November 2025. The company joined Amber in seeking MFS’s administration and alleged servicing failures, which Raja disputes. Later administrator changes and separate borrower proceedings are recorded in their own capacities. ^{1 2 3 4 5 6}

qualification

Some documents for 98 loans do not establish that only 98 valid loans existed. The administrators’ loan reconstruction and bank reconciliation remained ongoing. 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. This is an attributed account in the retained reporting, with the stated procedural and source limits; it is not a determination of the underlying contested allegation.

response

Barclays said it acted throughout in accordance with legal and regulatory obligations and attributed the alleged fraud to MFS and Raja; Raja contests the administrators’ attribution and arithmetic.

outcome

Beveridge and Kennedy were the joint administrators following the 19 March changes. The court appointed the AlixPartners administrators and refused the requested adjournment; it treated the applicant funders as contingent creditors.