News
Blankstone Sington Limited enters Special Administration
At 11.31am today (Friday 13th October) the High Court of Justice in England and Wales (the Court) made an order placing Blankstone Sington Limited (Blankstone or the Company) into Special Administration.
Andrew Poxon, Alex Cadwallader and Hilary Pascoe of Leonard Curtis were duly appointed as Joint Special Administrators (the Special Administrators).
The Special Administrators have secured all clients’ assets and safeguarded the Company’s systems. Clients are assured that their assets are safe.
The objectives of the Special Administration are:
- To ensure the return of client assets as soon as reasonably practicable;
- To ensure the timely engagement with market infrastructure bodies and the Authorities pursuant to regulation 13 of the Investment Bank Special Administration Regulations 2011; and
- To either rescue the Investment Bank as a going concern or wind it up in the best interests of creditors.
The Special Administrators consider that the quickest and most cost-effective way for client assets to be returned to clients is by way of a transfer to a single broker regulated by the FCA.
The Special Administrators are working to identify a suitable broker for the transfer and several parties have been shortlisted. The Special Administrators also confirmed that they have retained all of the Company’s staff to ensure the Special Administrators are able to operate at an appropriate level to facilitate a return of client assets as soon as possible.
Andrew Poxon of Leonard Curtis commented: “First and foremost we wish to assure clients that their assets are safe. Our priority is to return assets to clients as quickly as possible and we are in advanced discussions with several parties regarding a potential transfer.
“We are working closely with the Board, the FCA, the FSCS and all relevant market infrastructure to expedite a transfer. Whilst we cannot give an exact time frame at the moment for the completion of a transfer, we are working with all parties to avoid any protracted disruption to clients.”
He also advised clients to be wary of claims management companies (CMCs) looking to engage Blankstone’s clients to progress claims for a significant charge.
Andrew said: “Please note that the Special Administrators will continue to liaise with the FSCS to compensate eligible clients directly if required, without the need to engage CMCs. We will keep you informed by way of future updates.”
Leonard Curtis is advised by Drew Sainsbury and Richard Bulmore of Ashurst LLP and Will Jones and Elizabeth Wood of Hill Dickinson LLP.
Support is available to all clients and further information can be found here (www.leonardcurtis.co.uk/case/blankstone).
Feedback Form
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Donec ultricies consequat.
News and insights
Get in touch
with Leonard Curtis
Forward
with purpose
Reach Commercial Finance Limited. Registered in England no 09056450. Leonard Curtis is a trading style of Reach Commercial Finance Limited. Leonard Curtis is a broker not a lender and is independent with access to the whole of market. We may receive commissions that will vary depending on the lender, product or other permissible factors. The nature of any commission model will be confirmed to you before you proceed. Authorised and regulated by the Financial Conduct Authority FCA no. 753686. Registered with the Information Commissioner’s Office reference ZA069234
Leonard Curtis Legal Limited is a limited company, registered in England and Wales with registered number 09820186. Registered office: Riverside House, Irwell Street, Manchester M3 5EN. Leonard Curtis Legal Limited is registered with the Solicitors Regulation Authority with number 626004.