Upon the application of the directors, the High Court appointed Julien Irving, Mark Colman and Andrew Duncan each of Leonard Curtis Recovery Limited as joint special administrators of Hume Capital Securities plc a UK based investment business with effect from 10.47 am today (16 March 2015) (“Joint Special Administrators”).
For the avoidance of doubt, the subsidiaries of Hume Capital Securities PLC; Hume Capital (Guernsey) Limited, Hume Capital Investments Limited, Hume Capital Management Limited, XCAP Nominees Limited and XCAP Securities (Middle East and India) Limited have not been placed into any process.
The Joint Special Administrators have objectives of the Administration are:
- To ensure the return of client assets as soon as is 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.
As a result, the Joint Special Administrators are currently considering the options for the business going forward, including a sales process of the whole or part of the business. They are speaking with interested parties in that regard.
A number of staff will be retained by the Joint Special Administrators to support a sale or alternatively, an orderly wind down of the business, but some redundancies are likely in the short term. The Joint Special Administrators will provide updates as soon as possible.
Notes to Editors:
The joint special administrators have appointed DWF LLP, London as their legal advisors.
For client and all non-press enquiries, please e mail your details to:
The Administrators will respond to your queries as soon as possible
Press requiring further information please contact:
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