"Kevin Maxwell, the brother of Ghislaine Maxwell, is fighting a last-ditch legal battle to avoid bankruptcy after being pursued for almost £600,000 by administrators of collapsed investment fund Fortress Capital Partners, which has been accused of operating as a Ponzi scheme. Court filings show Maxwell, 65, applied to the High Court last week to dismiss a statutory demand from insolvency experts who took control of Fortress after its collapse in 2023."
"Fortress Capital Partners, set up in 2015, promised investors returns of up to 18% and attracted funds from celebrities, footballers and church congregations. Administrators later said it bore "all the hallmarks of a Ponzi scheme." Maxwell had borrowed from Fortress, with records showing debts of £2.4m at the time of its collapse. He subsequently agreed to repay £1.25m over two years but has been accused of breaching that agreement by making only "sporadic" payments."
Kevin Maxwell, 65, applied to the High Court to dismiss a statutory demand from insolvency experts who took control of Fortress Capital Partners after its 2023 collapse. Administrators issued the demand on August 12 and say failure to settle could trigger bankruptcy proceedings. Fortress, set up in 2015, promised returns up to 18% and later collapsed owing nearly £18m, with administrators saying it bore all the hallmarks of a Ponzi scheme. Maxwell borrowed from Fortress and records showed £2.4m in debts at collapse; he agreed to repay £1.25m over two years but has made only sporadic payments and is said to still owe £597,000.
Read at Business Matters
Unable to calculate read time
Collection
[
|
...
]