Arch Financial Products to enter liquidation

Arch Financial Products chief executive Robin Farrell and compliance officer Robert Addison have called in administrators to liquidate the company, weeks after the High Court ruled it had been negligent in its management of the failed Arch cru fund range.

The pair have appointed Baker Tilly to oversee the administration process, which will result in the voluntary liquidation of the fund manager. Farrell, who was found guilty of dishonestly assisting Arch in making a negligent investment by the same court, took his case to the Court of Appeal, which will hold an appeals hearing in the coming weeks. The High Court ordered Farrell and Arch to pay the Guernsey-based cells, which make up what is left of the Arch cru funds, £24.2m plus £2.4m to cover their legal costs, of which £1.4m is due in January. The Appeals Court stayed the executi...