Dear Ripple Coop 4 Member,
We are writing with updates on the following:
- Administration update – application submitted by BTG
- Thanks for the continued contributions to the crowd funder fund
Administration Update – application submitted by BTG
We have been expecting Ripple Energy Limited (REL)’s Administrator, BegbiesTraynor Group (BTG) to submit an application to the Court since around January in relation to at least some of the funds held by REL. The good news is they have now done so!
BTG submitted an application to The High Court Of Justice, Business And Property Courts In Birmingham on July 13 – CR-2026-BHM-000364. Ripple Coop4 Limited (Coop4) is named as a respondent. Stripe is also named as a respondent. We have received a copy of the application and have been reviewing it.
The application seeks directions on the funds that the administrator recovered from REL’s Monex account (£6.8m). On the substantive matters, the Board’s view differs from the case made by BTG in terms of the status of the £6.8m, and we are in the process of getting advice on the options for our response to the application.
The next step is a ‘directions hearing’. This has been scheduled for 23 September at 14:15 in Birmingham. Information on the case is available at this link – https://caseboard.io/cases/4d4ade6b-2ec3-41ce-ac39-2f1954c9b95c. A directions hearing is a preliminary court appointment where a judge sets the timetable and outlines the practical steps all parties must take to prepare for the main trial. It focuses purely on case management rather than deciding the final outcome of the dispute.
Thank you for the continued contributions to the crowd funder fund
After the mention of the crowd funder fund in the last email, we were very pleased to receive a number of donations including one for a remarkable £500! We thank everyone who contributed – your support really helps us keep working in our members’ interests.
https://www.gofundme.com/f/ripple-coop4-directors-seek-the-return-of-members-funds.
With best wishes,
Sam, David R, Sonya, Klaus, Sheena, and David H
Board of Directors – Ripple Coop 4 Limited