According to reports, as the situation in the US sub-prime market spread, the
value of its underlying investments fell and it was unable to meet calls from
its creditors to pay back loans.
As a result the fund was served with default notices.
Creditors include JP Morgan
Chase, Goldman Sachs and Citigroup Global Markets.
The Cayman Islands-registered fund is a division of Australia’s Basis
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children