Alastair Paul Beveridge of AlixPartners UK LLP has resigned as an administrator for Market Financial Solutions (MFS), according to a Companies House filing. This departure occurred less than a month after his initial appointment. MFS entered administration in February 2026, citing "unexpected banking restrictions," following which concerns arose regarding the actions of founder Paresh Raja and an alleged \u00a31.3 billion shortfall cited by creditors. AlixPartners confirmed that Beveridge's resignation is part of a broader internal team restructuring to ensure alignment and independence across the MFS, Amber Bridging, and Zircon Bridging cases, all of which are managed by the firm.
The administrators of MFS are reportedly at odds over the recovery plan for the \u00a31.3 billion allegedly misappropriated by Raja. One proposal under consideration is backed by Apollo, though specifics of this plan remain unclear. The internal dispute among administrators is causing further delays for creditors awaiting restitution and raises questions about governance within the restructuring process. Resolution may require legal intervention or a mediated settlement to proceed with any meaningful distribution.
Further details from the administrators\' proposals, dated April 21, indicated potential double-pledging of collateral, widespread servicing breaches, and creditor claims exceeding \u00a31.8 billion. They reported that identical collateral appears to have been pledged to multiple funders, leading to significant potential shortfalls. Investigations also found unreliable governance and financial records, with bank accounts frozen and evidence suggesting misappropriation of funds. While MFS has no secured creditors, it faces preferential claims of approximately \u00a31.6 million and unsecured claims estimated at over \u00a31.8 billion, primarily from investors and funders.
In related developments, MFS administrators are suing Barclays over frozen bank accounts. The lawsuit, filed in London, seeks a court order to access funds, including approximately \u00a3160 million held in MFS-linked accounts at the time of its collapse. Barclays, which served as MFS's corporate bank, blocked services after discovering alleged irregularities. Creditors, including Jefferies and Atlas SP Partners, had lent over \u00a32 billion to MFS-related entities, with an estimated \u00a31.3 billion shortfall and about \u00a3250 million unaccounted for due to alleged misappropriation by Raja.
