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Recover Your Losses from Rockfire Investment Finance

Compensation Adviser helps victims of Rockfire Investment Finance pursue refund claims through the Financial Ombudsman Service and civil recovery routes — on a no-win, no-fee basis.

Rockfire Investment Finance Plc entered creditors’ voluntary liquidation in February 2021 and is now under active investigation by the Serious Fraud Office (SFO), which announced its probe in June 2025 into alleged fraud committed against Thurrock Council. If you transferred funds from a UK bank account, a refund claim may be possible — even if your bank has already refused.

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Why Choose Compensation Adviser

The collapse of Rockfire Investment Finance and the wider Rockfire Group has left investors and institutions facing significant losses from a bond scheme that was presented as a safe, high-yield renewable energy investment. Compensation Adviser specialises in reviewing cases where financial products were mis-sold or where funds were misappropriated, helping you understand whether a claim is viable and guiding you through every step of the process with clear, straightforward advice.

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What Was Rockfire Investment Finance Plc?

Rockfire Investment Finance Plc (RIF) was a UK-registered public limited company incorporated on 7 September 2015, originally under the name Rockfire Capital Venture Bonds Plc before being renamed in November 2016. The company operated as a financial intermediary, issuing debenture bonds — commonly referred to as “solar bonds” or “renewable energy bonds” — to investors including local councils, pension funds, and other institutional bodies.

RIF was the financing arm of the wider Rockfire Group, a network of companies controlled by Dubai-based businessman Liam Kavanagh and his firm Rockfire Capital. Between 2016 and 2020, RIF raised approximately £432 million from investors across 56 solar farm projects throughout the United Kingdom. The bonds were marketed as offering a return on investment of between 3% and 6% per annum, alongside the return of the original capital invested.

Thurrock Council in Essex became the single largest investor in the scheme, committing over £400 million of public funds into RIF bonds. Other local authorities, including the London Boroughs of Havering, Newham, and Bexley, also invested. The council was effectively declared bankrupt in December 2022, having accumulated debts of more than £1.5 billion, a situation directly linked to the collapse of its investments in the Rockfire Group.

Rockfire Investment Finance Plc entered creditors’ voluntary liquidation on 18 February 2021. The company is registered at Companies House under number 09765503 and is currently in liquidation, with practitioners appointed from Interpath Ltd.

How the Rockfire Investment Finance Scheme Worked

The Rockfire scheme was structured as a complex, multi-layered investment vehicle that obscured the true nature of the risks involved and, according to allegations now before the courts and the SFO, concealed the misappropriation of investor funds.

The mechanism operated as follows:

Bond issuance: RIF issued debenture bonds to investors — primarily local councils — promising fixed returns of 3–6% per annum. These bonds were presented as being secured against a portfolio of UK solar farm assets.
Lending down the chain: The proceeds raised from bond investors were then lent by RIF to a series of intermediate companies, all owned and controlled by Liam Kavanagh, which in turn purchased or developed the solar farms.
Inflated valuations: Thurrock Council’s High Court claim alleges that Kavanagh procured inflated valuations of the solar farm assets to induce the council to increase its investments. Between 2018 and 2020, investments totalling approximately £130 million are alleged to have been induced by fraudulent misrepresentations about the basis on which those valuations were prepared.
Diversion of funds: Rather than being applied to the purposes permitted under the bond agreements, a substantial portion of investor funds is alleged to have been diverted for Kavanagh’s personal benefit. Court filings allege he used the money to purchase a Bombardier private jet worth £9.1 million, a yacht worth £13.7 million, a country estate worth £20.75 million, and a property in Mallorca worth £3 million, as well as a fleet of luxury vehicles.
Cessation of payments: Bond payments ceased in February 2022, triggering the effective bankruptcy of Thurrock Council in December 2022. The council states it has so far recouped more than £661 million from the sale of solar farm assets, but still faces losses of at least £200 million.
Bank involvement: The liquidators of Rockfire Capital and Rockfire Investment Finance have brought separate High Court proceedings against the Royal Bank of Scotland (a subsidiary of NatWest), seeking to recover £70 million and £179 million respectively. The liquidators allege that RBS processed unauthorised payments that benefited Kavanagh personally whilst the company was bordering on or in a state of insolvency.

The SFO’s investigation, announced on 3 June 2025, is being conducted under the Criminal Justice Act 1987. The agency has issued Section 2 notices compelling financial institutions to provide information, and is being assisted by Essex Police and Thurrock Council. The SFO investigation is separate to the civil High Court proceedings brought by Thurrock Council against Rockfire and Kavanagh.

Liam Kavanagh has strenuously denied all allegations of wrongdoing. His lawyers have previously stated that he will put forward a full defence if and when the court permits the civil claim to proceed.

Signs You May Have Been Misled by Rockfire Investment Finance

If you or your organisation invested in Rockfire Investment Finance bonds or any product associated with the Rockfire Group, the following warning signs may indicate that the investment was mis-sold or that your funds were misappropriated:

You were told the bonds were secured against a portfolio of UK solar farm assets, but the true value of those assets was significantly lower than represented

You received promotional materials or verbal assurances that the investment carried minimal risk, despite the complex, highly leveraged structure of the scheme

Bond payments ceased in February 2022 without adequate prior warning or explanation, and you have been unable to recover your capital

You were not provided with independent legal or financial advice before investing, or the risks associated with the bond structure were not clearly explained

You invested on the basis of valuations or financial projections that have since been called into question in High Court proceedings or the SFO investigation

You transferred funds from a UK bank account and your bank has refused your request for a refund, citing the commercial nature of the investment

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What to Do If You Lost Money Through Rockfire Investment Finance

Gather Your Documentation

Collect all documents relating to your investment, including bond certificates, prospectuses, marketing materials, correspondence with Rockfire or its agents, and bank statements showing the transfer of funds. This evidence will be essential for any claim you pursue.

Contact Your Bank

If you transferred funds from a UK bank account, contact your bank and request a refund under the Contingent Reimbursement Model (CRM) Code or the Authorised Push Payment (APP) fraud rules. Even if your bank initially declines, this step is important before escalating your complaint.

File a Report with Action Fraud

Report your losses to Action Fraud, the UK's national reporting centre for fraud and cybercrime, at actionfraud.police.uk or by calling 0300 123 2040. Reporting helps authorities build a picture of the full scale of losses and may assist the SFO's ongoing investigation.

Escalate to the Financial Ombudsman Service

If your bank refuses your refund request, you have the right to escalate your complaint to the Financial Ombudsman Service (FOS) free of charge. The FOS can independently review your case and direct your bank to reimburse you if it finds in your favour.

Consider a Civil Recovery Claim

Depending on the circumstances of your investment, you may have grounds for a civil claim against the parties responsible for your losses. Thurrock Council is already pursuing High Court proceedings against Rockfire and Liam Kavanagh. Individual investors may have similar avenues available to them.

Seek Expert Claims Assistance

Contact Compensation Adviser for a free, no-obligation review of your case. Our team will assess your circumstances, explain the recovery routes available to you, and guide you through the claims process on a no-win, no-fee basis.

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Can I Recover Money Lost to Rockfire Investment Finance?

Recovering funds lost through the Rockfire Investment Finance scheme is complex, but there are several potential avenues that may be available depending on your individual circumstances.

Authorised Push Payment (APP) Fraud Claims: If you transferred money from a UK bank account to invest in Rockfire bonds, you may be able to make a claim under the APP fraud rules. Under the Payment Systems Regulator’s mandatory reimbursement scheme (which came into force in October 2023), banks are required to reimburse victims of APP fraud in many circumstances. Even if your bank has already refused, a complaint to the Financial Ombudsman Service may result in a different outcome.
Financial Ombudsman Service (FOS): The FOS provides a free, independent dispute resolution service. If your bank or financial adviser failed to carry out adequate due diligence before facilitating your investment, or if your complaint about a refund has been rejected, the FOS can review the matter and direct the firm to pay compensation.
Financial Services Compensation Scheme (FSCS): If a regulated firm that advised you to invest in Rockfire bonds has since failed, you may be able to claim compensation from the FSCS, which protects eligible claimants up to £85,000 per firm.
Civil Recovery: Thurrock Council’s High Court proceedings against Rockfire Capital and Liam Kavanagh demonstrate that civil recovery action is possible. Individual investors who can demonstrate they suffered losses as a result of fraudulent misrepresentations or the misapplication of their funds may have grounds for similar claims.
SFO Victim Support: As the SFO’s investigation progresses, there may be opportunities for victims to participate in any criminal proceedings and seek restitution orders. The SFO’s website provides information on support services for victims and witnesses.

Why Choose Compensation Adviser for Your Rockfire Investment Finance Claim?

Compensation Adviser is an FCA-authorised claims management company (FRN: 966803) with experience in handling complex investment loss claims. Here is why investors choose us:

No-win, no-fee structure: You pay nothing unless your claim is successful. Our fee is 15% + VAT of any compensation recovered — there is no upfront cost and no risk to you.
Expert case assessment: We review the specific circumstances of your investment, including how it was sold to you, what representations were made, and what recovery routes are most likely to succeed in your case.
Regulatory expertise: Our team understands the FCA rules, the APP fraud reimbursement framework, and the Financial Ombudsman Service process, ensuring your claim is presented in the most effective way possible.
End-to-end support: From your initial free review through to the resolution of your claim, Compensation Adviser handles the process on your behalf, keeping you informed at every stage.

Frequently Asked Questions

What is Rockfire Investment Finance Plc and why is it under investigation?

Rockfire Investment Finance Plc was a UK company that issued renewable energy bonds, raising approximately £432 million from investors — primarily local councils — between 2016 and 2020. The funds were intended to finance a portfolio of UK solar farms. The company entered creditors’ voluntary liquidation in February 2021. In June 2025, the Serious Fraud Office (SFO) announced a formal investigation into alleged fraud committed against Thurrock Council, which invested over £400 million in Rockfire bonds and was subsequently declared effectively bankrupt in December 2022.

Can I make a claim if I invested in Rockfire Investment Finance bonds?

Potentially, yes. The recovery routes available to you will depend on how you invested, whether you received regulated financial advice, and how the funds were transferred. If you transferred money from a UK bank account, you may be able to claim a refund under the Authorised Push Payment (APP) fraud rules. If a regulated adviser recommended the investment, you may have a claim against that adviser or the Financial Services Compensation Scheme. Compensation Adviser can review your specific circumstances and advise on the most appropriate course of action.

My bank has already refused my refund request. Can I still pursue a claim?

Yes. A bank’s initial refusal is not the end of the road. You have the right to escalate your complaint to the Financial Ombudsman Service (FOS), which independently reviews disputes between customers and financial firms. The FOS has the power to direct your bank to reimburse you if it finds in your favour. Compensation Adviser can help you prepare and submit your FOS complaint, maximising the strength of your case.

What is the SFO investigation into Rockfire Investment Finance about?

The Serious Fraud Office (SFO) announced its investigation on 3 June 2025, issuing Section 2 notices compelling financial institutions to provide information. The investigation concerns alleged fraud committed against Thurrock Council through the sale of renewable energy bonds between 2016 and 2020. Thurrock Council has separately brought High Court civil proceedings against Rockfire Capital and its former director, Liam Kavanagh, alleging that approximately £150 million of council funds were misapplied for personal benefit. The SFO investigation is ongoing and is being assisted by Essex Police.

How much money has Thurrock Council lost through Rockfire?

Thurrock Council invested over £400 million in Rockfire bonds and has so far recouped more than £661 million from the sale of solar farm assets. However, the council believes it has lost at least £200 million of taxpayers’ money in total from its various historic investments in the Rockfire Group. The council is continuing to pursue civil claims against Rockfire and Liam Kavanagh to recover further funds. The council was declared effectively bankrupt in December 2022, resulting in council tax rises and significant cuts to local services for residents.

What are your fees?

We operate on a no-win, no-fee basis. If your claim is successful, we charge a fee of 15% + VAT of the total compensation awarded. If we do not recover any money for you, there is no fee to pay.

Ready to Start Your Rockfire Investment Finance Recovery Review?

Contact Compensation Adviser today for a free, no-obligation review of your case. Our team will assess your circumstances and explain the recovery options available to you — on a no-win, no-fee basis.