Premier FX creditors agree on appointment of Joint Liquidators

Maria Nikolova

A resolution has been passed that Jonathan David Bass and Freddy Khalastchi, both of Menzies LLP, be appointed as Joint Liquidators of Premier FX Limited.

Further to FinanceFeeds’ earlier report about the Statement of Proposal, prepared by the Joint Administrators of Premier FX Limited, the UK Companies House service has made public some documents related to a recently held meeting of Premier FX’s creditors.

The resolutions passed include:

  • The Joint administrators end the official administration within six weeks of the physical Creditors’ Meeting.
  • The Joint Administrators shall send to the Registrar of Companies a notice to move the Company into Creditors’ Voluntary Liquidation.
  • Jonathan David Bass and Freddy Khalastchi, both of Menzies LLP, be appointed as Joint Liquidators of Premier FX Limited.

Let’s recall that, in August this year, 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. In October, the Statement of Proposal filed by the Joint Administrators of Premier FX Limited highlighted the rather complex situation that the FCA and the Joint Administrators have to deal with.

That document stated that the FCA are very concerned that there was criminal activity taking place at the company in relation to missing funds and the FCA are investigating the business undertaken by the company.

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 believe that a better result would be achieved for creditors if the company were wound up without being first placed into administration. This is in line with the resolutions passed at the creditors’ meeting.

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