News

CREDITOR AND CLIENT COMMITTEE ESTABLISHED

CLIENTS AND CREDITORS AGREE JOINT SPECIAL ADMINISTRATORS' PROPOSALS'

CONTACT US BY TELEPHONE ON 0203 457 4871 OR BY EMAIL AT svs@leonardcurtis.co.uk

CLIENTS AND CREDITORS ARE ENCOURAGED TO REMAIN VIGILANT AND TO EXERCISE CAUTION WHEN DEALING WITH CORRESPONDENCE REGARDING THE SPECIAL ADMINISTRATION. IF YOU ARE IN ANY DOUBT REGARDING THE AUTHENTICITY OF ANY COMMUNICATION THAT YOU MAY RECEIVE, PLEASE DO NOT HESITATE TO CONTACT THE JOINT SPECIAL ADMINISTRATORS.

At 12.25pm on Monday 5 August 2019, Andrew Poxon, Julien Irving and Alex Cadwallader of Leonard Curtis were appointed as Joint Special Administrators of SVS Securities PLC (“the Company”) by order of the High Court in England and Wales. The appointment was made in accordance with the provisions of The Investment Bank Special Administration Regulations 2011.

Please see The Notice of Appointment and Special Administration Order for more details.

An Own Initiative Requirement (“OIREQ”) was imposed on the Company by the Financial Conduct Authority (“FCA”) on Friday 2 August 2019. The FCA considered the OIREQ was necessary because (a) the Company was failing to satisfy the FCA’s threshold conditions in relation to appropriate resources (financial and non-financial) and suitability, and (b) it was desirable to further the FCA’s consumer protection and integrity objective. The terms of the OIREQ required the Company to cease all regulated activities and included further restrictions on the use of the Company’s own assets and any client assets and client money it held. In view of the financial and operational position of the Company on Friday 2 August 2019, the Board concluded and resolved to place the Company into Special Administration, subject to receiving the requisite consent of the FCA and the Bank of England. The requisite consents were subsequently received and the Company entered into Special Administration on 5 August 2019.

Notwithstanding the appointment of the Special Administrators the Company remains an FCA regulated entity.

Julien Irving, Andrew Poxon and Alex Cadwallader are authorised to act as insolvency practitioners in the UK by the Institute of Chartered Accountants in England and Wales under office holder numbers 13092, 8620 and 9501 respectively. The affairs, business and property of the Company are being managed by the Joint Special Administrators, who act as agents of the Company without personal liability.

The Officeholder(s) are Data Controllers of personal data as defined by the Data Protection Act 2018. Personal Data will be kept secure and processed only for matters relating to the appointment. Please refer to our Privacy Policy for further information.

CONTACT US

The Joint Special Administrators are currently receiving extremely high volumes of queries from creditors and clients.  The Joint Special Administrators will endeavour to answer your queries as soon as possible, however due to the volume and similarity of queries being received, this will be performed through updates on their website. The website will continue to be updated as further information becomes available.

All queries should be addressed in writing for the attention of:

Carl Lever
Manager
Email: svs@leonardcurtis.co.uk
Telephone: 0203 457 4871

SVS Securities PLC (In Special Administration), 7 Princes Court, Princes Streets, London EC2R 8AQ.