Solar 21 in wind down

And more:

The justice minister is seeking to have a group of investors who are owed nearly €400,000 from a troubled renewable energy firm held liable for the cost of a proposed investigation into its affairs. Solar 21, which owes investors around €250 million, is facing a High Court application for the appointment of inspectors to investigate how the money it raised from the public was spent. {Business Post]
Click to expand...

So having completely failed to regulate the sector, the State is now adding insult to injury by asking the out of pocket investors to foot the bill for an Investigation that it should be carrying out!
 
Marsupial said:
And more:



So having completely failed to regulate the sector, the State is now adding insult to injury by asking the out of pocket investors to foot the bill for an Investigation that it should be carrying out!
Click to expand...

Only reading this just now. https://www.irishtimes.com/crime-la...sed-investigation-into-renewable-energy-firm/

It really is a poor decision by the minister in my opinion. Unless the investors have deep enough pockets (and I read nothing to suggest that they do), then the Minister may have effectively ended their case, thus benefitting Solar 21.
 
Dave Vanian said:
I note that Clear Financial and Solar 21 have the same CEO Michael Bradley and other staff that are common to both firms. Just wondering if Clear Financial made it clear to your father that they were effectively recommending an investment in one of their own companies?
Click to expand...
they invested my funds in efw 21 without my knowledge 5 months after it was in examinership did not tell me until the day i was to draw down my pension and made me feel that it was my fault .See Irish Times 250 million of investers funds where did it go ?????? if we all stand together we can do Something
Des Perry
 
Daughter said:
My father invested a lump sum in a company called Solar 21 through pension advisors Clear Financial based in rathcoole. In the last year Solar 21 has had a number of financial issues and therefore are not paying out to investors. They received approval a week ago to sell off all of their assets (energy plants), and through that disposal all of their investors will receive their original capital outlay plus interest back. This sale is not 100% guaranteed but we’re being told very likely. The other option is the company goes into liquidation, and the pension investors will lose most of their money.

They’re estimating it will be Jan 2025 before any funds can be returned, and my father has not had any payout since 2022, so in total could be 30 months without an income.

My question is really is there anything else we can or should be doing? Or is it just a matter of waiting this out and living off the state pension?

Many thanks!
Click to expand...
Yes we can do something ? there will no returns to investers this is just away of putting people off doing anything i have asked for confirmation in writing but to no avail .They have to held responsible ? Itold Mr Bradley when he was asking for my funds in my house i did want a high risk investment but that was not the case,

Des
 
des perry said:
they invested my funds in efw 21 without my knowledge 5 months after it was in examinership did not tell me until the day i was to draw down my pension and made me feel that it was my fault .See Irish Times 250 million of investers funds where did it go ?????? if we all stand together we can do Something
Des Perry
Click to expand...

Are you up to speed with the recent court case, Des? Did you receive the large load of bumpf from Solar or your broker about the proposed restructuring? In case you didn't, this is the final communication from John McStay about the thing.

EFW 21 and EFW 21 Ireland
Scheme Investors, Brokers and Trustees Schemes Take Effect

Summary
In my report of 14 November 2023 I confirmed that the High Court had sanctioned the Schemes of
Arrangement. I also confirmed that the Scheme Companies had commenced the process of completing the necessary
legal steps to put in place the new legal relationships between the various companies within the Solar 21
group and the arrangements between the Scheme Companies and the Scheme Investors in accordance
with the terms of the sanctioned Schemes of Arrangement.

That work has now been concluded and as required by the provisions of the Companies Act; each
Scheme Company has formally completed the last step in the scheme process by delivering a copy of
the respective High Court scheme order to the Companies Registration Office (“CRO”).

I am, therefore, happy to confirm that the Schemes took effect from the date of delivery of the orders
- 27 November 2023. The Scheme Companies’ files at the CRO, today, reflect the lodging of the orders.
To be clear that means that the previous arrangements between the Scheme Companies and the
Scheme Investors have been replaced by the new Court approved arrangements.

Next Steps
Looking to the future, the Scheme Companies will implement the commercial aspects of the
restructuring working within the new governance structure.

Alvarez & Marsal, as Restructuring Supervisor, have confirmed to me that, in compliance with the terms
of the schemes, they anticipate providing the first update to Scheme Investors, Brokers and Trustees in
late January 2024. (but don't hold your breath! - Marsupial)

Sign Off
This is the last update from me. Again, and finally, thanks to all who communicated with me during this
process and I look forward to a successful outcome for all.
John McStay
30 November 2023
Click to expand...

IMHO, all of us "standing together" would be about as effective as all of us performing the Haka on Gabriel Makhlouf's front lawn! We've been royally screwed by the Government's / Central Bank's refusal to get involved with the regulation of these investments.
 
Last edited:
Daughter said:
My father invested a lump sum in a company called Solar 21 through pension advisors Clear Financial based in rathcoole. In the last year Solar 21 has had a number of financial issues and therefore are not paying out to investors. They received approval a week ago to sell off all of their assets (energy plants), and through that disposal all of their investors will receive their original capital outlay plus interest back. This sale is not 100% guaranteed but we’re being told very likely. The other option is the company goes into liquidation, and the pension investors will lose most of their money.

They’re estimating it will be Jan 2025 before any funds can be returned, and my father has not had any payout since 2022, so in total could be 30 months without an income.

My question is really is there anything else we can or should be doing? Or is it just a matter of waiting this out and living off the state pension?

Many thanks!
Click to expand...
My parents were advised to invest in Solar 21 (phase 2 of the project to be exact) and made a substantial investment along with mine and my siblings inheritance.

Our advisor only 2 weeks said things are positive following a restructure and we can expect payment in the next 12 to 15 months (just original investment)....she claims she is invested in it too but I cant help but think its smoke and mirrors and that we wont see anything back. I hope I'm wrong and tbf she has advised us well on previous investments.

I've been reading a lot of things online and hard to know where it will go. The fact Micheal Bradley has resigned and if it doesn't work out wont be held accountable doesn't sit well with me.
I feel like getting out in front of these things can always help, don't want to wait another 12 months just to be told it gone belly up.

Saying that, hard to know what to do if anything.

Has anyone heard recently from their advisors that it will likely be paid out within the next 12 to 15 months ?

Thanks
 
Paulor said:
Has anyone heard recently from their advisors that it will likely be paid out within the next 12 to 15 months ?
Click to expand...

I suspect that the Advisors are no wiser than the hapless investors about how well the restructuring will work out, how long it will take, and what investors are likely to end up with. And if you read the latest report from Alvarez & Marsal (circulated last month) you'll see that the recovery process is still in the early stages and a lot of hurdles lie ahead.

Two specific issues are those relating to the Tansterne Biomass Plant (see pp 23-24 of the report) and the delay in getting the required go-ahead for the North Lincolnshire Green Energy project. (And if that project doesn't get the green light, then there's nothing much to sell!)

Then of course there is the big question of how much the sale of these and other assets will realise, bearing in mind that prospective purchasers will be keenly aware that investors are anxious to get their money back as quickly as possible so are unlikely to bid top dollar prices.

In a nutshell, I wouldn't be too confident of receiving very much dosh in the next 12 - 15 months, regardless of how optimistic your advisor may be!

As for Bradley, I assume that the Corporate Enforcement Agency is still able to investigate any complaints that it may receive regarding his conduct.
 
You must log in or register to reply here.
Back
Top