The special administrators of SVS Securities today published a notice to the creditors and clients of the company regarding the planned end of the special administration.

The administrators intend to make an application to Court for an order bringing the special administration of the company to an end and discharging any liability of the administrators in respect of any of their actions as joint special administrators of the company. The Administrators consider that the most appropriate exit route is to file a notice of the Company’s dissolution once all relevant distributions have been made and all statutory obligations have been dealt with.

Clients and Creditors are not required to take any action in relation to the Court application.

The Administrators currently intend to make the application to Court in early 2023. The Administrators currently expect that the Court hearing will be listed in early 2023. The Administrators anticipate that the Court will confirm the date and time of the hearing approximately one business day prior to the hearing. Once confirmed, the date and timing for the Court hearing will be published on the relevant Court’s Cause List.

Clients and creditors are not required to attend the Court hearing, but may do so if they wish. If any clients or creditors wish to obtain further details regarding the hearing with a view to attending the hearing or otherwise, they should contact svs@leonardcurtis.co.uk.

Let’s recall that SVS Securities plc was placed in Special Administration by its directors in August 2019. Andrew Duncan, Andrew Poxon and Alex Cadwallader, of Leonard Curtis Recovery Ltd were appointed Special Administrators of SVS.

SVS Securities plc is a wealth management firm that offers a range of services to its clients, including advisory stockbroking, online share dealing, Forex trading and discretionary fund management services.

The directors of SVS decided to place the firm in Special Administration. This was following action taken by the Financial Conduct Authority to place requirements on SVS, stopping it from conducting regulated activities and restricting it from disposing of assets. The FCA took these steps after it identified serious concerns about the way the business was operating. As a result, the directors obtained solvency advice and resolved to place the firm into Special Administration.