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Lamensdorf in receivership as Misys looks to sign up advisers

Lamensdorf Group has gone into receivership and closed its doors to new business.

The group and all its subsidiaries ceased trading last Friday (May 16), leaving staff to clear up after the bailiffs arrived at its head offices in Warwick Street in London&#39s West End.

At the start of May, chairman and chief executive Ken Newell told staff by email that they had not yet received their salaries for April because of “an acute cash shortage”.

The group had been holding out for a cash injection from external investors and from a deal with Misys Life and Pensions to buy its 60 registered individuals.

Misys says it plans to sign the majority of the Lamensdorf RIs and hopes that they will be back advising in the next seven days.

The original deal was ready to be signed eight weeks ago but talks were suspended and Lamensdorf advisers were told to stop transacting new business from May 7.

The firm has not filed its accounts with Companies House since June 2001, using foreign holdings as a reason to delay submitting figures.

Claimants against the company have been advised to pursue their claims through receivers Begbies Traynor.

The departure of six of the eight IFA company directors left only Mandeep Panesar and Newell on the board.

When approached by Money Marketing at the Warwick Street office on Friday, Newell refused to comment.

Misys IFA Services operations director Kevin Budge says: “Since the group has gone into receivership, we have been trying to help the Lamensdorf RIs to find a new home and we are confident that we are now in a position to have the majority of the Lamensdorf RIs up and running and authorised within the next seven days.

“Lamensdorf advisers at the sharp end of the business should not be penalised because of wider group issues and we will do all we can to ensure that they are not.”

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