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SVS Securities - shut down?
Comments
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The fact that it was sold as a £2.5m and now there is £5m outstanding is a cause of concern and the dreaded word 'had' comes to mind!
I hope I'm proven wrong when the statement of affairs is made available with the administrators' proposals, but I'm not expecting to see much in the way of assets that could be used to repay SVS's creditors.0 -
I live in South Africa and also received no letter.0
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Those who've received bogus emails/calls may want to consider reporting these to the administrators *and* the ICO. The former because I suspect they will have to consider whether this likely breach needs reporting, and the latter to they have a heads up.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
BTW, even a quick skim of this document would have been enough for me to not let SVS anywhere near so much of a penny of my money!
https://www.judiciary.uk/wp-content/uploads/2017/02/bilta-others-v-svs-securities-plc-others.pdfI am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
But nobody knew about this? And it is only an interlocutory order anyway.
If I am wrong which ordinary XO clients let alone IFAs knew and how did they know?0 -
My wife (who is the one with the SVS XO account) received an email update from LC today. Have others received it?
The general thrust was an intermediate update on progress they had made, and it also said that LC would shortly be turning its attention to answering specific investor questions they had received (even where these have already been answered by the FAQs). Like Masonic, I would prefer it if they focused on expediting their main work of untangling this message and providing a general update on timings, but I hope at least this will act as some sort of comfort to those of you who feel hard done by vis a vis lack of comms.
I will ask my wife to forward the message to me and then post it here for everyone's benefit.0 -
Had a e mail from LC, saying that they will publish the up date in two weeks time and will start soon responding to emails with very specific points/issues.0
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Email received from LC earlier today:Dear Sir / Madam,
SVS SECURITIES PLC (IN SPECIAL ADMINISTRATION) (“the Company”)
IN THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES
CASE NUMBER 2019-005229
COMPANY REGISTERED NUMBER: 04402606
REGISTERED OFFICE ADDRESS: Tower 12, 18/22 Bridge Street, Spinningfields, Manchester M3 3BZ
We are writing with regard to your recent email to the SVS@leonardcurtis.co.uk mailbox. You will have received an initial acknowledgment from us. This email is being sent to all clients who have emailed the mailbox.
Firstly, may I take this opportunity to thank you for your continued patience.
We have been monitoring client queries and have sought to address common themes via Frequently Asked Questions (“FAQs”). The FAQs have been posted to the dedicated webpage B][I]link removed by LEAR1 as I cannot post with links[/I][/B. We encourage all clients to monitor the webpage for regular updates on the progress of the Special Administration.
Due to the high number of queries that we have received, the majority of clients have not yet received an individual response to their email.
Following on from our initial assessment period we are now seeking to provide clients with responses to their individual queries - even if these have already been dealt with in the FAQs. Please note that we are dealing with queries on a first received basis and it may take some time to provide you with a specific individual response. Ahead of receiving that response however, please note the following:
Progress of the Special Administration
A general update on the progress of the Special Administration to date will be published on the webpage and we are seeking to do this within the next 2 weeks. This update will also be emailed to clients.
Fraudulent Communication
We are aware that some clients may have received fraudulent communication which purports to be from Leonard Curtis. Upon being made aware, a Fraudulent Communication Warning Notice was published on the webpage on 22 August 2019. We urge all clients and creditors to remain vigilant and to exercise caution regarding communications in relation to the Special Administration. Please note that all communications to clients will be published on the website.
Yours faithfully,
For and on behalf of
SVS SECURITIES PLC
JOINT SPECIAL ADMINISTRATORS
Julien Irving, Andrew Poxon and Alex Cadwallader are authorised to act as insolvency practitioners in the UK by the Institute of Chartered Accountants in England and Wales under office holder numbers 13092, 8620 and 9501, respectively. The affairs, business and property of the Company are being managed by the Joint Special Administrators, who act as agents of the Company without personal liability.
Notwithstanding the appointment of the Joint Special Administrators under The Investment Bank Special Administration Regulations 2011, SVS Securities PLC remains a FCA regulated entity.0 -
johnburman wrote: »If I am wrong which ordinary XO clients let alone IFAs knew and how did they know?
Perhaps this highlights that due diligence into the companies with which you do business should be an ongoing process. Though one would need to go beyond the usual sources of Companies House and The Gazette to turn up something like the above.0 -
All agreed but doing a search of interlocutory orders made in court cases that are not in the Law Reports may be more than 'due diligence'.
You are right about the fee hike tho with no prior warning for XO clients as I recollect.
I did look at segregated funds on the Stock Exchange website then and there was reassuring stuff about why you should deal with a Member of the exchange and the fact that your shares would be safe as they would be segregated. I can't find that page now! Any ideas what happened to it?0
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