While I'm not a fan of either, I don't think the comparison is entirely fair. Dolphin Trust is under criminal investigation as a fraud - a Ponzi scheme. To date, there's no suggestion of fraudulent activity by Solar 21.
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]
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!
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 SomethingI 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?
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,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!
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
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
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.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!
Has anyone heard recently from their advisors that it will likely be paid out within the next 12 to 15 months ?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?