SVS Securities - shut down?

rnf11

Still awaiting any account details from LC. Anyone else in the same boat?

johnburman

You must contact them (LC) ASAP and get it regularised.

We have the Proposals Meeting on the 10th October

bnet

Hi all,
I am one of the investors who were foreign and based abroad and luckily I received my latest Statement from SVS & LC on 27th September. The statement is CORRECT.

Regarding the voting, can anyone clarify me if I should delegate the vote and what are is the consensus in that regard in this forum?

Thank you all

Monsieur_Bourse

Sorry if this seems a dumb question, but do we need to fill out the claim form if only having a SVS XO account? Or is it just if you wish to vote?

Glad to hear that fellow foreign based investors have received their statements. I received mine on the 28th September.

Emperor2014

I feel like as the clients/investors, we should get good representation on the creditors committee. My fear is that the likes of FSCF, HMRC, FCA and other large corporate creditors and stakeholders, will get the seats on the committee and us retail investors could get squeezed out (or at least fewer seats at the table).

We could do with a few qualified, highly experienced, articulate professionals (picked amongst ourselves as the retail clients/investors) being on the committee, to work in our interests. I'm thinking for example

1. A qualified commercial solicitor/barrister (who specialises in financial services)

2. A qualified accountant or auditor (who specialises in financial services)

3. A banker or investment manager (with experience in brokerage industry)

4. Someone who works in insolvency/administration/recovery sector (if possible with financial services experience)

That would then leave 2 seats for other creditors. Given there are 21,000 retail clients/investors, we should be able to find some really qualified, experienced, articulate and knowledge people to speak up for us, as the retail clients/investors.

So when you all come to vote on the day, please, please consider who is best qualified to represent our interests as the clients/investors as our interests could well be different to those of other creditors! Ask them what qualifications they hold, experience they have etc.

user1168934

I have received the statement and its fine. I have read the letters sent by administrators but finding it hard to understand. Can someone kindly dumb it down please by answering the following.

1. I do not wish to vote or attend the meeting. Do I need to do anything like fill up any claim forms or contact the administrators?

2. If I don't attend the meetings and/or vote and don't fill any forms, will it have any bearings on my holdings? ( I mean is it a matter of claim your holdings or lose it?)

manted

To Monsieur,
You will need to fill the claim form only if you wish to vote.
I would recommend you vote, if you are in favor of the resolutions.
To vote by Proxy, also fill the Proxy form in Appendix H.

You can fill the chairman as the person you wish to appoint as Proxy.

manted

To user1168934,
As per my understanding, You don't need to fill up any forms, if you don't wish to vote.
As per the documents provided by LC- filling up the forms does not give you any right to claim any holdings, at the same time , not filling up the forms is not going to deprive you of your rightful holdings in your accounts.
Await further instructions from LC in the form of the portal details which would give everyone a chance to substantiate their claim.

johnburman

We need to ascertain on Thu how near are LC to choosing another broker. If they will tell us. A.ny deal they reach should be one with no exit fees. And we should tell them this. More pressing is to get timelines on the new portal and the bar? BTW we should stress that there are ONLY 20k clients. Small beer. And they knew this before they took up the appointment.

Monsieur_Bourse

Thanks for the info manted.

I thought that to be the case, only if you wanted to vote. I always think when it comes to anything to do with financial institutions, the 'little man' has very little say how things turn out.