HEDGE fund bosses at a Swindon-based foreign exchange trading scheme have hit back, after investors took the company to the High Court.

More than 30 creditors are understood to have supported the petition to wind-up Hudspiths, which has offices in Kembrey Park. They say they are owed around £5m.

The case was heard at the High Court this week, with Insolvency and Companies Court Judge Prentice adjourning the case to June 12. The delay will allow Hudpsiths to prepare proposals for a company voluntary arrangement, a document setting out how the firm plans to repay its debts.

Problems are believed to have started last year, when the firm is said to have stopped paying a monthly return of around five per cent. One investor told City AM the firm had blamed banking problems.

The Swindon Advertiser visited Hudspiths registered offices in Kembrey Park. The first floor space appeared to be empty, with a cardboard box placed on a desk crowded in computer monitors. However, workers at the business park said the offices were still in use.

And coming out fighting yesterday, Hudspiths chief executive Karl Lubieniecki said four-fifths of the company’s wealthy clients had received a return on their investment. The firm has around 140 clients worldwide – comparatively small for a hedge fund.

He told the Swindon Advertiser: “We operated in the UK for five years with no problems and have plenty of good reviews.

“Late last year, banking issues in the UK slowed our client repayments. The idea of the company voluntary arrangement is not for clients to lose money, but for us to manage repayments and clients. 90 per cent of our clients are supportive of the CVA.”

He appeared to criticise the country’s stringent anti-money laundering rules, which has seen banks clamp down on what they see as suspicious accounts.

Mr Lubieniecki claimed: “Banks would rather close an account than question or work with a client. The majority of companies in our sector operate and bank outside of the UK for this very reason.”

He said his co-director, Lance Hudspith, was a certified investment manager: “Between our team we are determined to resolve the issues and keep our clients happy.”