Are BetButler insolvent? Last week I thought yes, this week I've no idea.
You probably don't know the answer either, and between the information (or lack there of) coming out of BetButler, Momaco.co and the Gambling Commission it's not getting any clearer.
So let's just call this article 'What the %$*& is going on at BetButler' and look at the most recent informaiton.
We can now inform customers that that Bet Butler has appointed an insolvency practitioner, InsolvePlus. We understand that InsolvePlus is seeking to arrange a meeting of creditors and has invited customers who believe they are owed money by Bet Butler to contact them. You can do so by email to email@example.com.
So if BetButler is insolvent and has appointed an insolvency practitioner, what does the email that was doing the rounds earlier in the week mean?
Please note that the meetings of members and creditors, to place the company into creditors voluntary liquidation, have not as yet been convened. In order to convene these meetings, the director must hold a board meeting to pass resolutions to formally instructed Insolve Plus Ltd to make the necessary arrangements. To date, the director has not held the necessary meetings and therefore Insolve Plus Ltd has not been formally instructed.
For Anthony Hyams FCCA
Insolve Plus Ltd
This may, of course, have something to do with the potential sale to Momaco.co which was muted on the BetButler homepage on the day it closed its doors. Mark Craig, a Momaco representative, has been quoted in the Welsh press and on The Gambling Times as confirming the purchase of the client database.
I can confirm that we have bought the database and some of the assets of Bet Butler / BetClearer. We will honour all client balances in full subject to our own KYC checks for each customer.
We do need a UK license to proceed though and this is currently in process. I hope this will be complete within the next 2 weeks.
Looks like all the eggs are in the Momaco.co basket now. If they come through and, as they've said, honour all client balances then there will be a lot of very happy former BetButler (and former Bodugi) customers. But if Momaco can't honour the balances, and given they don't have a UK gambling commission licence that is a distinct possibility, then there is little hope for customers receiving their money back.