SVS Securities admins say all steps taken to return client money
The administrators of SVS Securities have provided an update to the clients of the firm.
The Administrators have now concluded that they have taken all steps reasonably available to them to return Client Assets and Client Money to Clients. In light of this, the Administrators have applied to Court for directions in relation to the setting of a Longstop Date and for approval in relation to the setting of a Hard Bar Date in respect of each of Client Assets and Client Money, as envisaged in the Distribution Plan.
The Court hearing has been listed on or around 29 April 2021 and is currently expected to be held by videoconference in the High Court of Justice, Business and Property Courts, Insolvency and Companies List due to the ongoing COVID- 19 situation.
After the Longstop Date, the Administrators will be entitled to liquidate any unreturned Client Assets and return the proceeds (if any) to Clients.
If, by the Hard Bar Date, any Clients have not provided details to the Administrators for the return of the proceeds of their sold Client Assets or Client Money, such Clients may lose their interest in those unclaimed Client Assets and Client Money.
If the Court grants the relief sought, it is anticipated that the Longstop Date will occur on or around 30 April 2021 and the Hard Bar Date will occur on or around 29 July 2021.
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.