Arc Capital & Income administrator to release client funds

In January, the FSA gave Carter Backer Winter permission to release the funds held in ACI's client accounts. However, CBW said it had to delay payments until mid-March while it awaited instructions from the courts. CBW has now said approximately 2,400 investors still awaiting their funds will receive back 98.37p in the pound. The Court has also directed the Join Administrators' reasonable costs should be deducted in priority to the claims of the investors subject to a limit of £138,525,75 plus VAT. In a letter to investors, CBW joint administrator Robin Davis says: "The Court has n...