Proposals presented at the SVS Securities PLC creditors’ meeting by Joint Special Administrators (JSAs) from Leonard Curtis Business Rescue and Recovery last Thursday (10th October 2019) have been approved by creditors and clients of the firm.
The JSAs addressed a number of queries raised by the creditors and clients on the day and continue to deal with questions on an ongoing basis. It was agreed by clients and creditors that a creditors’ committee should be established of which the Financial Services Compensation Scheme (“the FSCS”) will be a member.
The report on the outcome and the slides presented at the meeting are available on the Leonard Curtis SVS website.
The JSAs also confirmed that the quickest and most cost‐effective way for clients’ assets to be returned is by transfer to a nominated broker who is regulated by the FCA.
Due diligence is ongoing with interested parties and the JSAs are hopeful a deal will be agreed with one party as soon as possible.
Julien Irving of Leonard Curtis Business Rescue and Recovery commented: “It was a good, productive meeting and we are delighted to get consensus behind our proposals. We welcome the establishing of a creditors’ committee and look forward to securing the best outcome for all clients and creditors.”
The FSCS has worked actively with the administrators since the start of the special administration and is pleased to be a member of the creditors’ committee so that they can continue to contribute
to the goal of reuniting customers with their cash and assets.
The JSAs will work with clients to agree their balances / holdings by way of an online claims portal ahead of a bar date.
Julien continued: “Once the client holdings are agreed and a nominated broker identified we will look to agree a distribution plan by way of a court process ahead of effecting any transfer.”
Leonard Curtis Business Rescue & Recovery is part of the Leonard Curtis Business Solutions Group.
Back to updates