The administrators of Safe Hands Plans, the pre-paid funerals company whose collapse has left 46,000 customers with a combined £60 million shortfall, have succeeded in appointing liquidators to a Cayman Islands company where customer money was funnelled.
The appointment of independent insolvency practitioners over Navigator in the offshore tax haven was made after concerns about the alleged “misuse of trust funds” and is an “important step” in the process of returning funds to funeral plan holders, they have been told.
Administrators at FRP Advisory were appointed in March 2022 after Safe Hands withdrew an application to the Financial Conduct Authority before it took on regulation of the pre-paid funerals market.
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