William John (HV) PLC: Administration Update and Help for Bondholders

Last updated: 29/10/2026

William John (HV) PLC is a London-based company that sold bonds paying a fixed 14%. Since 2019, William John (HV) PLC told investors that algorithmic foreign exchange trading could pay them a fixed 14% a year. In September 2026, a High Court judge appointed administrators at the request of bondholders who had gone more than 16 months without payment, describing the company as "hopelessly insolvent".

If you hold William John bonds, this page explains how the investment was structured, what has happened since the payments stopped and what options may be open to you.

What was William John (HV) PLC?

William John (HV) PLC was incorporated in January 2019 and registered at 71-75 Shelton Street in Covent Garden, London, an address that is known to often be used by illegitimate companies. Its parent company, William John Holdings Limited, shares the same address.

The company raised money through two bond programmes:

• Sterling bonds, launched in June 2019, which could not be transferred to anyone else. The programme allowed up to £150 million to be raised.
• US dollar bonds, set out in an information memorandum dated 11 February 2020. This programme allowed up to $150 million to be raised, with each bond carrying a nominal value of $125,000. The bonds were described as Sharia-compliant, and the company applied for them to be traded on the Vienna MTF, a market run by the Vienna Stock Exchange.

Both paid a fixed 14% a year in quarterly instalments. For the dollar bonds, the return was called a "profit share" rather than interest, in keeping with the Sharia structure. 

Perhaps most importantly, the model relied on trading profits comfortably exceeding 14% a year after the company's own costs. Once those payments stopped, bondholders began to ask whether the business had ever been generating returns on that scale. We will explore this further below.

What Happened to Investors’ Funds?

At this early stage, the administrators are yet to conclude their formal investigations; however, an information memorandum reviewed by Refundee provides important insight.

Up to 15% of everything raised could be paid to introducers as commission. Listing costs and fees to the company's trading partners also came out of investors' money. This arithmetic was demanding - If 15% of each investment went on commission, only around 85% was left to trade. To pay 14% a year on the full amount invested, that remaining money had to earn more than 16% a year after the trading partner's charges, year after year, while still keeping enough capital to repay investors at the end.

Having spoken to investors, we understand that many invested on the claims of security. William John told investors their bonds were secured by a debenture with fixed and floating charges over the company's assets, held by a Guernsey-regulated security trustee, VFS Trustees Limited. That security was shared between holders of both bond programmes.

The value of that security has since come under scrutiny. Security is only as valuable as the assets behind it. For a business built around currency trading, the main asset is usually the money sitting in its trading accounts. Unlike property or equipment, that money can be drained quickly by trading losses or moved elsewhere, so a charge over it may offer little real protection once a company runs into difficulty.

Recently, Companies House records show that all four charges registered against the company between 2019 and 2024 were marked as satisfied in full on 30 September 2025, at a time when bondholders were going unpaid. 

How the Payments Stopped and Administration Update

The first clear signs of trouble came in 2025, when bondholders reported that quarterly coupons were not arriving. As the missed payments mounted, a group of bondholders instructed the law firm Crowell & Moring and applied to the High Court for an administration order.

William John fought the application, telling the court that a proposed refinancing would put it back on track. ICC Judge Greenwood was not persuaded and appointed Michael Leeds and Kristina Kicks of Interpath as joint administrators. Crowell & Moring is continuing to advise them on asset recoveries and on investigations into the company's affairs, including potential claims against third parties.

Administrators normally publish their proposals within eight weeks of appointment. These should set out the company's assets and liabilities and give a clearer view of what happened to investors' money. 

What This Means For Investors

As a bondholder, you are a creditor of William John (HV) PLC and can claim in the administration for what you are owed. Where you rank depends on the terms of your bonds and on any security held for bondholders. The administrators will confirm this, but with the company’s registered charges marked as satisfied in September 2025, it is not yet clear what security, if any, remains.

How much bondholders get back will depend on what the administrators recover after their costs. It is too early to put a figure on that, but given the court's finding that the company was insolvent, investors should be prepared for a shortfall and for the process to take some time.

A complaint about how your bank handled your payment is a separate matter, and for many investors it may be the most realistic route to recovery. Under the Authorised Push Payment (APP) rules, banks may have to reimburse customers who were deceived into sending money. That depends on showing the payment was made as a result of a scam rather than into a genuine business that failed, which is why we are reviewing the evidence closely.

In our experience, banks often reject claims like these as civil disputes, or tell customers to wait until an insolvency process has finished. Banks are expected to reach their own decision on the balance of probabilities, and if they refuse, you can take your complaint to the Financial Ombudsman Service.

Important to note: The administration does not affect your ability to claim through your bank. Both processes can run alongside each other.

What You Can Do Now: UK Investors

1. Check your bank claim deadline. If you paid from a UK bank account on or after 7 October 2024 and the payment qualifies under the Mandatory Reimbursement Model, you must report it to your bank within 13 months of your last payment. You do not need to wait for the administration to finish, even if your bank tells you that. If you miss this deadline, you lose any chance of being reimbursed. 
2. Register your claim with Interpath when asked, and keep all correspondence from the administrators.
3. Keep your evidence, including your bond certificate, application form, brochures, bank statements, records of any interest received and messages with whoever sold you the investment.
4. Write down what you were told, particularly any claims that the bonds were secure, low risk or asset backed.
5. Be wary of recovery scams offering to get your money back for an upfront fee. Check any firm on the FCA register before engaging.

How Refundee Can Help

If you sent money to William John from a UK bank account, Refundee may be able to help you claim through your bank under the APP rules, and through the Financial Ombudsman Service if your bank refuses.

We specialise in this kind of claim and have recovered over £150 million for our clients, with a large share coming from group action cases involving loan notes, bonds and similar investments.

Large investment collapses like William John are where specialist expertise matters most to your chances of success. Every case is different, and we cannot guarantee that a claim will succeed. What we can do is give you a clear, honest view of your options. You can read more about your options for recovering your money here.

You can also read more about why clients choose Refundee for group action cases on our blog - or through our verified TrustPilot reviews.

We work on a no win, no fee basis. We charge 15% + VAT, subject to a cap of £10,000 + VAT, and you only pay once you have your money back. You also have the right to claim yourself for free if you prefer.

Start your free eligibility check or call us on 020 4525 4600.

Refundee Ltd is authorised and regulated by the Financial Conduct Authority in respect of regulated claims management activity (FRN: 937096).

More about Refundee 

Here are the technical bits: 

Refundee Ltd is a claims management company authorised and regulated by the Financial Conduct Authority in respect of regulated claims management activity FRN: 937096. 

Registered with the Information Commissioner's Office; registration number: A8986071. 

Registered office address: Refundee, 3rd Floor, 86-90 Paul Street, London, EC2A 4NE. 

Registered as a company in England & Wales; number: 12855931.