SVS Securities - shut down?

Thrugelmir

Twonko wrote: »

I wonder why they don't?

Better things to do with their very expensive time. Than provide updates that will simply raise yet more questions.

johnburman

No sorry don't agree. Regular FAQ updates on the website would cost very little and reassure many. The question is why they don't do it?

masonic

johnburman wrote: »

No sorry don't agree. Regular FAQ updates on the website would cost very little and reassure many. The question is why they don't do it?

Perhaps because they don't have answers.

What information would you like to know, which isn't commercially sensitive at this time and is not covered in the existing FAQs?

Naturally anything relating to discussions with potential new brokers would have to be kept confidential until such discussions had concluded. Distribution plans cannot be made until the same discussions have concluded.

johnburman

The discussions with the chosen broker should be concluded by now. If not why not? I would hope for a signed contract conditional upon inter alia the Court giving consent.

masonic

johnburman wrote: »

The discussions with the chosen broker should be concluded by now. If not why not? I would hope for a signed contract conditional upon inter alia the Court giving consent.

How could they be concluded. The bar date for claims was last Friday. If there are any interested brokers, they aren't going to commit to anything without knowing what will be transferred to them. I agree there would need to be an agreement prior to the Court giving consent, but prior to the agreement there must be a reconciliation of client claims and some negotiations. I would expect interested parties to be given access to information relating to the transfer and time to inspect this before offers needed to be made.

snipkin

Two new documents on Leonard Curtis SVS page - but they do not add anything much to what we already know. Apart from another bar date notification they also state:

"The Administrators' first progress report will be circulated to clients and posted on the dedicated website (leonardcurtis.co.uk/svs/) towards the end of February 2020"

Very slow progress...

pafpcg

Twonko wrote: »

It would be easier for them to keep people updated on their website rather than field calls from p1ssed off customers. I wonder why they don't?

The cynic in me replies: the more chargeable work they can legitimately claim, the more profit they'll make!

rnf11

On reviewing the LC postings, I see no reference to "any further bar dates".....


The special administration process is obviously proceeding as previously set out and in accordance with the milestones stated. Only the pace of the progress might be questioned, although I do not believe anyone here has a true handle on the actual extent of all the matters that need to be dealt with.


Anyone in dispute with this would be best off forwarding their concerns to the appropriate authority.

pafpcg

snipkin wrote: »

Two new documents on Leonard Curtis SVS page - but they do not add anything much to what we already know. Apart from another bar date notification they also state:
"The Administrators' first progress report will be circulated to clients and posted on the dedicated website (leonardcurtis.co.uk/svs/) towards the end of February 2020"
Very slow progress...

The other key information is this quote about a "Distribution Plan":

In order to make the proposed transfer of custody assets and client money to a regulated broker, the Administrators are preparing and will in due course circulate to clients a Distribution Plan and accompanying Explanatory Statement setting out, among other things, how the Administrators propose to transfer custody assets, the costs of the transfer, to whom they will be transferred and how the Administrators are working with the FSCS to seek to meet those costs for eligible clients. The Distribution Plan must be approved by the Creditors' Committee and then by the Court before it comes into effect.

Note that there is no timescale quoted for this plan.

pafpcg

Danie5 wrote: »

Will they now deposit our money into our bank accounts or not? I suppose that our shares will now be transferred to the new broker, and who is that?

LC have reiterated that the Distribution Plan will include details of what happens to money in SVS clients' accounts. I read the latest document as: "client money will be transferred with client assets to a regulated broker".

So, to answer your three questions:

- No, LC will not be transferring client money to our bank accounts.
- Yes, holdings in our SVS accounts will be transferred to a new broker.
- We don't yet know who the new broker will be.

And to anticipate your next question: "When?", we don't know, other than it'll be revealed in the Distribution Plan "in due course"!