Administrators of SVS Securities provide update to clients
The Administrators are now in the process of resolving disputes submitted by clients who disagreed with their statement.
The special administrators of SVS Securities plc, which was placed in Special Administration by its directors in August 2019, have earlier today provided an update to clients of the firm.
The administrators note that the Bar Dates for submitting custody asset and client money claims passed on January 10, 2020.
Those clients that have not yet submitted a claim but want to submit a claim are advised to do so as soon as possible. The administrators will continue to keep the online claims portal open and allow clients to submit their claim for a limited further period of time. Therefore, any clients who have not yet submitted a claim are strongly encouraged to submit a claim on or before February 6, 2020 by logging into the online claims portal and submitting their claims there.
The Administrators plan to effect a transfer of custody assets and client money to a regulated broker. For any client who does not submit a claim via the portal or paper Claim Form by February 6, 2020, when making distributions and/or transferring your custody assets and/or client money to a regulated broker, the Administrators will rely on the records of SVS and such clients will not be able to challenge this.
At present, the Administrators are in the process of resolving disputes submitted by clients who disagreed with their statement.
In order to make the proposed transfer of custody assets and client money to a regulated broker, the Administrators are preparing and will in due course circulate to clients a Distribution Plan and accompanying Explanatory Statement. The documents will outline, inter alia, how the Administrators propose to transfer custody assets, the costs of the transfer, to whom they will be transferred and how the Administrators are working with the FSCS to seek to meet those costs for eligible clients. The Distribution Plan must be approved by the Creditors’ Committee and then by the Court before it comes into effect.
The Administrators’ first progress report is set to be published towards the end of February 2020.
