The Grim Truth for Loan Note Holders -79th Luxury Living Six Ltd (LL6)

No assets or safeguards. No clear path to recovery.

If you’re one of the many investors who entrusted your money to The 79th Group’s loan notes, the latest administrator disclosures confirm what many feared: most of your investment may be lost.

New evidence from formal insolvency documents has stripped away any remaining uncertainty. The administrator proposals for 79th Luxury Living Six Ltd (LL6), published on 10 June 2025, along with investor updates from other failed 79th Group companies, present a stark and deeply troubling picture.

What the Administrators Have Revealed

According to proposals submitted by Grant Thornton, and supported by updates from other insolvency practitioners across the 79th Group:

• 79th Luxury Living Six Ltd raised between £50 million and £70 million from over 1,400 individual investors.
• The company owned no development assets. It had no legal ownership of Loch Ness, Penrhos, or any of the sites investors were told would secure their capital.
• 79th Luxury Living Six Ltd held no meaningful assets at all. It operated as a fundraising shell, a vehicle to collect investor money and distribute it elsewhere in the group.
• Tens of millions were raised. Almost nothing remains. Investor funds appear to have been spent on sales commissions, operating expenses, and possibly diverted across other parts of the 79th Group network and beyond.
• Asset tracing is only just beginning. The administrators warn this process could take years and offer no guarantee of recovering any funds.

Misleading Marketing, Missing Millions

The administrator documents confirm what many feared:
The 79th Group’s loan note companies were never viable businesses.

• They operated without tangible assets.
• They had no sustainable business model or ability to repay investors.
• They relied on new investor money to meet old obligations, a textbook hall-of-mirrors collapse.

Despite marketing it as a property-backed, fixed-return investment, 79th Luxury Living Six Ltd (LL6) owned none of the developments it promoted, not Penrhos, not Loch Ness, not a single brick.

The truth?
Companies outside the 79th Group structure owned these properties, but individuals closely linked to the Websters still controlled them.

Investors were fed a narrative of land-backed security. But the glossy brochures masked a hollow operation. Funds were funneled into commissions, operational overheads, and complex intra-company transfers. Furthermore, what remains is unclear, and what’s missing may never be fully recovered.

The Websters: A Family at the Centre of the Collapse

As the wreckage of the 79th Group continues to emerge, one name remains constant: the Webster family.

David, Jake, and Curtis Webster  (the family trio behind the brand), are now at the center of one of the UK’s most serious financial scandals in recent years. Their collapsed network of companies has drained thousands of investors’ funds, forcing administrators to chase shadows for answers.

According to formal proposals from the administrators of 79th Luxury Living Six Ltd, the findings suggest a devastating pattern of concealment, mismanagement, and potential misconduct on a scale that is hard to ignore.

Refusal to Cooperate

Despite repeated legal requests, the Websters have refused to file the required Statement of Affairs for LL6 or any of the other collapsed companies. These documents are not optional. Furthermore, they are legal obligations designed to provide a basic accounting of what a company owns, owes, and who its creditors are.

This silence is not accidental. It is a calculated move and one that raises serious concerns about what is being withheld from view.

Without those statements, Administrators are operating blind. They cannot accurately assess what assets remain, who controls them, or how far investor money has been dispersed.

This non-cooperation is more than unhelpful. It borders on obstruction.

Administrators have now triggered formal investigations into the directors’ conduct under the Company Directors Disqualification Act 1986, covering the three-year period before the collapse.

If wrongdoing is confirmed, the consequences could include:

• Director disqualification orders
• Civil recovery proceedings
• Criminal charges

The Bigger Problem: A Complex, Multi-Jurisdictional Web

Where Did the Money Go?

The 79th Group pooled millions raised from loan note holders into a central treasury account, then (according to administrators) rapidly redistributed the funds across a labyrinth of UK and offshore companies without investing in developments.

The destinations included:

• Gibraltar
• Switzerland
• Dubai
• Canada
• The United States
• Guinea

This complex international structure served one clear purpose: to make the money difficult, if not impossible, to trace.

The Administrators’ early findings confirm that the company used investor funds not to buy land or begin developments, but to:

• Cover operating expenses
• Pay high commissions to introducers and sales agents
• Possibly fund entirely unrelated schemes

This is not a case of poor accounting or slow progress. This is a case of deliberate dispersal. And now that the network has collapsed, any attempt to untangle this structure will come at enormous cost. Every pound you spend tracing assets, hiring forensic accountants, and launching cross-border legal actions reduces the amount you’re likely to recover.

The Cold Reality for Investors

While the Websters stay silent and dodge their legal duties, thousands of investors hold debt certificates that will likely yield no return.

The Administrators have confirmed that, as things stand, there are no funds available for distribution. The chance of recovery is slim, and if anything does materialise, it could take several years to emerge.

This is not just corporate mismanagement. This is a betrayal.

The Websters sold themselves as visionary property developers. However, the facts now exposed by the Administrators suggest they built an empire out of nothing but investor cash, hollow corporate structures, and marketing spin.

Wake-Up Call for Investors

Administration Is Not Your Salvation

Some investors continue to hold on to hope that the administration process will somehow rescue them. It will not.

Here is what will happen instead:

• The administrators and lawyers will be paid first.
• Every professional involved will charge fees against any assets that can be found.
• There are no plans to pay investors any time soon.
• There will be no early dividends.
• No capital will be returned in the foreseeable future.

Instead, you can expect long delays broken only by occasional procedural updates. Meanwhile, the longer this process drags on, the more investor money is consumed in fees, disbursements, and overheads.

In similar collapsed schemes, even secured creditors often walk away with nothing. And for unsecured creditors, the outlook is worse. If you are still relying on the Administration process to recover your investment, it is time to confront reality. This is not pessimism. It is a necessary and urgent dose of realism.

Civil Recovery Is the Only Remaining Hope

Insolvency & Law is pursuing a civil recovery strategy completely separate from the formal Administration process. Our approach focuses on:

• Legal action against professional indemnity insurers, negligent trustees, and advisers
• Using statutory powers under the Insolvency Act 1986 and Civil Procedure Rules
• Coordinating a group claim to apply maximum legal pressure while keeping individual costs proportionate

We are not making vague promises are, or waiting for someone else to act. We are already taking steps.

What Should You Do Now?

• Do not delay. Civil claims are subject to limitation periods.
• Do not be reassured by vague or ambiguous updates.
• Do not rely on Administrators to recover what may no longer exist.

Contact Insolvency & Law Today

We are actively engaged in legal efforts to recover investor losses. Civil and criminal investigations are underway. Moreover, Insolvency & Law is already helping loan note holders pursue claims against parties who enabled this scheme and failed in their professional duties.

Start the recovery process now.

Email: investigations@insolvencyandlaw.co.uk
Phone: 020 7504 1300
Web: www.insolvencyandlaw.co.uk