79th Group administrations extended to 2028 as administrators trace funds across 130 bank accounts

The administrations of key 79th Group companies are now expected to run until April 2028, as Quantuma Advisory and Kroll continue asset-tracing work across multiple jurisdictions and prepare for possible court proceedings over how investor claims should be treated.

As we reported, companies within the North West investment group entered administration between March and June 2025. At the time, the group had raised about £150 million from roughly 3,700 investors and had future redemption liabilities of about £203 million as at March 2026. The group marketed itself as an asset manager across real estate, wealth, aviation and mining, but collapsed after City of London Police arrests in February 2025, adverse publicity, investor winding-up petitions and banking restrictions left it unable to raise new money or meet trading costs.

In their latest progress report, Quantuma says the court granted an extension on 20 April 2026 to align the timelines of the group’s UK administration cases. Each relevant case is now scheduled to end on 22 April 2028, reflecting what the administrators describe as a complex process expected to take several years.

Quantuma and Kroll are jointly appointed over The 79th GRP Ltd and The 79th GRP Client Ltd, along with a number of related entities. The wider group comprises about 60 companies, but the administrators said they have sought appointments only over entities holding assets or information considered relevant to maximising creditor recoveries, including companies used for treasury functions or holding known cash balances.

A key development is the administrators’ treatment of four entities as “Treasury Companies”: The 79th GRP Ltd, The 79th GRP Client Ltd, 79th Luxury Living Ltd and Seventy Ninth UK Ltd. The report says those companies operated as the main channels through which investor funds were received and redistributed, even if that did not match the contractual structure shown to investors.

The administrators now consider many investors may have direct claims against the Treasury Companies, in addition to any rights against the loan note entities with which they contracted. They have therefore introduced a claims process for those estates and formed, or taken steps to form, creditor committees for The 79th GRP Client Ltd, Seventy Ninth UK Ltd and 79th Luxury Living Ltd, in addition to committees already formed in 79th Luxury Living Five Ltd and 79th Commercial Three Ltd.

The report also confirms that, in October 2025, the administrators obtained worldwide freezing orders and injunctions against the directors and connected parties. The applications followed what the report describes as a lack of adequate explanations from the directors and concerns over the whereabouts of invested funds.

Investigations remain extensive. The administrators said they have identified more than 130 bank accounts, with large sums of investor money moving between them. They are tracing funds and assets across jurisdictions including North America, Asia and Africa, while also cooperating with the City of London Police investigation.

Asset realisations to date include the sale of The 79th GRP Ltd’s 78.6 million shares in First Class Metals PLC. The shares were sold in two tranches in February and March 2026, generating about £1.02 million. The administrators also realised £24,100 from the sale of a company-owned motor vehicle held by one of the group directors.

Recoveries from two flagship property developments now look more doubtful. The administrators have submitted unsecured claims of about £3 million in DJC Leisure Ltd and £2.3 million in Highlands Hideaway Ltd, connected to projects in Anglesey and Loch Ness. However, administrators appointed over those companies no longer consider a distribution to unsecured creditors probable unless sale prices are significantly higher than expected.

The report also discloses that The 79th GRP Client Ltd has advanced an inter-estate loan linked to the group’s Isle of Man aviation assets. Of a £300,000 loan, £274,744 was sent to Seventy Ninth Air (IOM) Ltd to fund maintenance needed to bring an aircraft into a serviceable condition, with the balance used to settle a Honeywell International SARL liability. The loan is to be repaid with 2% interest from the sale of the asset.

A litigation funder has also been engaged for a claim identified in The 79th GRP Client Ltd estate. The administrators said the estate lacks sufficient funds to meet the legal costs and possible security for costs required to pursue the claim. The funder will finance the litigation and provide adverse costs cover where applicable, in return for a share of recoveries. The estimated outcome statements do not yet reflect the funding agreement.

The administrators continue to seek legal advice on potential pooling or consolidation of the group estates, an issue flagged in the July 2025 proposals. The latest report says a court application is likely to approve the course of action, which could allow investors to share in distributions from recoveries on assets acquired using pooled group funds. The administrators cautioned that estimated outcomes would change if the courts approve pooling or consolidation.

For The 79th GRP Ltd alone, the administrators’ estimated outcome statement shows estimated unsecured claims of about £4.29 million, including about £3.1 million of investor claims, and an estimated dividend of 0.48 pence in the pound. That figure is heavily caveated because it excludes uncertain litigation recoveries and would change if group-wide pooling is approved.

The administrators have been assisted by Gateley Legal.

Read their latest report here.