£110m bond issuer William John collapses

William John (HV) PLC, a London-based financial services and investment firm that raised approximately £110 million from bondholders, was placed into administration on 18 September after more than 16 months of missed payments to investors.

ICC Judge Greenwood of the High Court appointed Michael Leeds and Kristina Kicks of Interpath as joint administrators following an application by a group of bondholders. The company opposed the application and sought additional time to pursue a proposed refinancing, but the Court proceeded with the appointment, with Judge Greenwood describing the company as “hopelessly insolvent.”

William John raised the £110 million to support what was described in the proceedings as a spot currency trading business. The company marketed investment bonds to qualified investors and described its broader business as providing bespoke capital solutions and investment opportunities using private and public capital market transactions

The company had offered high-yield bonds to investors, including secured listed bonds carrying a 14% annual coupon payable quarterly. Promotional materials for an earlier series said the proceeds supported the company's foreign exchange trading activities and that bondholders benefited from security over the company's assets.

Concerns over payments had been circulating among investors well before the administration. In an online Reddit discussion dating back to 2025, purported bondholders reported missed or significantly delayed interest payments, with complaints continuing through 2026. Those accounts are anecdotal, but are consistent with the bondholders' subsequent case that payments had gone unpaid for more than 16 months by the time the administration order was made.

The administration is expected to focus on recovering assets and investigating the company's affairs, including potential claims against third parties. William John's latest accounts, for the year ended 31 July 2024, were filed in April 2025, while its accounts for the following financial year are currently overdue at Companies House. Four charges registered against the company in favour of VFS Trustees Limited, which acted as security trustee, were recorded as satisfied in September 2025.

Michael Leeds and Kristina Kicks of Interpath are the joint administrators. Crowell & Moring acts for the administrators in connection with asset recoveries, investigations and potential third-party claims, having previously represented the bondholders who sought the administration order. The Crowell team is led by Cathryn Williams and Paul Muscutt, with Philippa Lai, Beth Warner, Aisha Zulfiqar and Sophie Hodgson.