Assetz closed to retail investment

Who's the other director? I can only see Stuart with major AC holdings. Bancroft runs the former Assetz Property which was taken over by management but doesnt seem to have any other AC involvement (I havent checked every co), other two are the Reads. Stuart is the largest shareholder but not the majority and the Reads have equal weight (AC holdings are non voting) 

The Reads founded the company and developed the concept (analysts & techies ), Stuart came in to help get to get it to market, but the Reads run it AIUI.

Linked but distinct I would define it as.

That's not the only issue.

The update of 15th December states that:
>> Link to Dec 15th update


1. My 30 Day Access account balance was moved to the Quick Access account on 29th December, that's after only 14 days notice rather than 30 Days.

2. The Quick Access account shows as being capped at 3.90% rather than 4% pa.

Mines still in the 30DAA. Did you have an pre-existing withdrawal request active that has been actioned as scheduled? I cancelled mine to get the extra few weeks 0.1% interest.

It appears that all historical cash withdrawal requests are being processed as "withdrawals" to the QAA on the date that they were due to become cash. 

That's what's happened to mine anyway.  My access account money was all in 30 days.  I gave notice of withdrawal after they "gated" withdrawals, but the money was still there when they closed to new business.   The balance on the day I requested withdrawal is now in the QAA.

A much smaller sum remains in the 30 day account.  I think this is interest credited to the 30 day account after I asked for the withdrawal.  I'm not entirely sure when it will move to the QAA, but I'm expecting it to be 30 days after it was credited.

AC certainly have the right to wind down all the access accounts pari passu, and (among other things) to equalise the interest rates to achieve this.  Although they could continue to maintain 3 separate accounts it is administratively easier (and makes no difference to lenders) to combine them all in one pot.  They may continue to call it the QAA but it isn't really.  It's just the wind-down account.

As to the right to give notice on the notice accounts, I doubt that any notice at all is necessary once wind-down is announced.  I think AC could have moved all the AAs into one pot immediately,  The deemed notice given on the 30DAA and 90DAA is arguably generous to them.  QAA lenders might consider it to be unfair, since they are now equally locked in.

Interest being paid manually?  At least we now know where some of our 2.9% lender fee is being spent.