Joint Administrators move Premier FX into Creditors’ Voluntary Liquidation
The Joint Liquidators from Menzies LLP are set to continue to pursue the investigations and other matters undertaken by the Administrators.
Nearly four months have passed since the UK Financial Conduct Authority (FCA) confirmed the appointment of Dina Devalia and Peter Hart of PFK Geoffrey Martin & Co. as Joint Administrators in respect of Premier FX Limited. The final report of the Joint Administrators has just been made public, announcing the move of Premier FX from Administration into Creditors’ Voluntary Liquidation.
The announcement is in line with FinanceFeeds’ earlier report about resolutions made at the Creditors’ Meeting, including the appointment of Jonathan David Bass and Freddy Khalastchi, both of Menzies LLP, as Joint Liquidators of Premier FX Limited.
In their Final Report, the Joint Administrators state that the balance in their account is GBP 556,400, including an account in Philippine Pesos. Control of the remaining assets yet to be realised is being transferred to the Joint Liquidators. The move of Premier FX from Administration into Creditors’ Voluntary Liquidation is set to enable a dividend to be paid to unsecured creditors.
The Joint Liquidators from Menzies LLP are set to continue to pursue the investigations and other matters undertaken by the Administrators.
The Joint Administrators say that they have processed 244 claims received by customers of the company, although the numbers have not been verified. It may be possible that some customers have certain trust rights against the money held.
Regarding preferential creditors, it is expected that a dividend of 100p in the GBP will be paid to them during the Liquidation. No dividend to preferential creditors has been paid to date.
The funds were not held in segregated client accounts. The company operated beyond its regulated activity, being simply money remittance. This is the reason why the Financial Services Compensation Scheme (FSCS) has announced it will not protect money held with the company.
The Joint Administrators said back in October that Premier FX cannot be rescued as a going concern, given the extent of the liabilities and the lack of funds to meet outstanding customer obligations to enable trading to continue. The administrators said back then that they believe that a better result would be achieved for creditors if the company were wound up without being first placed into administration.
