SVS Securities - shut down?

My2penneth

My guess is that the overall cost of LC's work will be about 10% of the clients assets - so this would be a "loss". So, it would be a problem for retail investors (i.e. you and me) if we have more than £850k of shares (10% of £850k would be on the £85k compo limit).

olderbutnowiser

My2penneth wrote: »

My guess is that the overall cost of LC's work will be about 10% of the clients assets - so this would be a "loss". So, it would be a problem for retail investors (i.e. you and me) if we have more than £850k of shares (10% of £850k would be on the £85k compo limit).

Surely you can't be serious! Clients assets and money amount to just over £300 million. I know LC are expensive, but I somehow doubt that even the FCA would countenance a fee £30 million!

manorhouse

Makes you think Labour party policy's are correct these city types have no integrity and are out to rob hard working ordinary folk .
As i said before a group of plumbers more trustworthy .

johnburman

look ALL creditors/clinets in administrations feels, and has done so sinf the begining of time that the administratios or liquiditors charge too much

But oif we sack Lc and get PwC or KPMG ignoring the delay, we will be charged twice as much

And they know it

And FSCS will be paying (most anyway)

Plus if LC are slooooooow, any new administrator is going to be even slowerrrrrr. They must be through they will tell us

We need ot keep up th eproessure on the FSA and FSCS. They are supervising the thing and - and this is the most important- they will be handling out other special administrations in the future. New Work.

Here is THE question. "Who -living person and not a big company - xo client will HAVE UNCOMPENSATED LOSSES?" And why can no one tell us the answer to that figure?

fmmajid

Like I said Leonard Curtis are milking every single minute here.
I have told their managers as much - ultra slow and ridiculous fees.

johnburman

Anyone knwo who is on the Creditos Committee? They must approve the fees and the formula for calculating the "allocation" FSCS will compensate.

There will not be a simple % charge, but a formula depending on assets held and cash held. And there will be losers who will have uncomensated losses. Large companies certainly, but also others where the formula gives them losses of >85k (but nobody says they know who theses people are - which is strange)

ascension92

For those of us who did not or could not go to the meeting, it would be nice if LC could give us some information regarding what went on!

Eastneuk

I had a proxy attend who took some notes and pictures. Anyone know how I can post these?

manted

https://www.sharesoc.org/blog/insolvency-and-administration/another-update-on-the-svs-special-administration/
Some more details, but your pictures and notes would be useful Eastneuk ..

user1168934

manted wrote: »

https://www.sharesoc.org/blog/insolvency-and-administration/another-update-on-the-svs-special-administration/
Some more details, but your pictures and notes would be useful Eastneuk ..

Thanks very much, this is exactly the summary I needed - simple, to the point and free of unnecessary technical jargon :T