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.

Read this next

Digital Assets

FTX US adds stock trading, fractional shares to crypto platform

FTX US, the American subsidiary of crypto exchange FTX has kicked off stock trading feature to its customers in an effort to compete with popular platforms such as Robinhood and eToro.

Industry News

UK FCA empowered to remove brokers’ permissions in 28 days

Businesses with permissions they don’t need or use, risk misleading consumers. These new powers will enable us to take quicker action to cancel permissions that are not used or needed.

Industry News

CFTC charges $44m Ponzi scheme but millions may have fled to foreign crypto exchange

The CFTC alleged that defendants transferred millions of dollars to an off-shore entity that, in turn, may have transferred funds to a foreign cryptocurrency exchange. None of these funds were returned to the pool.

Technology

Saxo Bank deploys Adenza to address Basel and EBA requirements

The integration of ControllerView will enhance Basel-driven capital calculations and reporting at Saxo Bank in support of the bank’s multijurisdictional capital and liquidity reporting requirements throughout Denmark, Switzerland and UK, with plans to expand into the Netherlands.

Executive Moves

ComplySci appoints CTO, CPO, and CLO to further regtech’s product expansion

ComplySci offers compliance software used by more than 1400 global institutions to identify risk and address regulatory compliance challenges.

Digital Assets

Thailand closer to launch digital asset exchange “to serve the needs of younger generations”

TDX is a subsidiary of the Stock Exchange of Thailand (SET) and its incorporation is part of the group’s strategic position to connect capital markets, open opportunities for the business sector in raising funds and cater to investment demand of new generations.

Digital Assets

Russia to legalize cryptocurrency payments as sanctions bite

Russia could soon be the latest country to lay down ground rules for legalizing cryptocurrencies as a means of payment, a sign that governments around the world are realizing that digital assets are here to stay.

Institutional FX

XTX Markets UK reports lackluster results for 2021

The UK business of XTX Markets, a non-bank FX liquidity provider and market maker, has reported its financials for the fiscal year ending December 31, 2021. The report showed impressive metrics after seeing revenues and customer activity increase even as the pandemic trading boom fizzled out.

Digital Assets

Binance in talks with BaFin to get license in Germany

Changpeng Zhao (CZ), founder and CEO of Binance has confirmed that they are in talks with Germany’s regulators to secure a local crypto license.

<