Former Arck bosses received £4m from failed scheme 'without explanation'

Laura Miller
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The ex-directors of failed unregulated collective investment scheme (UCIS) Arck received in excess of £4m from the business before it collapsed, according to a liquidator's report.

Arck was a UK based investment vehicle that was set up to develop and sell overseas based properties. The liquidator's report states that sums in excess of £63m passed through the business' main account. The report, seen by IFAonline, by joint liquidators Butcher Woods and Rendle & Co who were appointed in spring 2012, claims that Kathryn Clark received payments from Arck in excess of £580,000 for which she has not been able to provide an adequate explanation. Fellow former director Richard Clay received payments in excess of £3.6m, for which he similarly can not provide an adequate e...

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