SVS Securities - shut down?

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  • masonic
    masonic Posts: 23,278 Forumite
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    edited 13 January 2020 at 6:53PM
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    LEAR1 wrote: »
    One observation / question on the above - if they decide to distribute cash by way of cheque, surely we'd lose the benefit of the ISA wrapper? I'm hoping therefore that they don't do that, and the cash follows the shares to the new broker, even if that means lack of access to our cash for a little bit longer...
    As johnburman says, the easiest solution for ISA accounts is to transfer the whole ISA. However, if there were to be some substantial delay the administrators could at their discretion and with HMRC's permission issue cheques along with an ISA reinstatement certificate. This would likely need to be done on a case by case basis and wouldn't be open to those with cash exceeding their previous tax year ISA subscriptions (though they could accept a cheque deemed a withdrawal from the ISA). It is the sort of thing that could make sense in cases where clients were put into financial hardship by the wait so far. Though I doubt many have meaningful amounts of cash on account.
  • Twonko
    Twonko Posts: 20 Forumite
    edited 14 January 2020 at 10:59AM
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    Communication from LC is useless, so I will be ringing them today to bother them for info, having been away for a few weeks. 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?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    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
    johnburman Posts: 727 Forumite
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    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
    masonic Posts: 23,278 Forumite
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    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
    johnburman Posts: 727 Forumite
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    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
    masonic Posts: 23,278 Forumite
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    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
    snipkin Posts: 75 Forumite
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    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
    pafpcg Posts: 882 Forumite
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    edited 15 January 2020 at 12:58PM
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    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
    rnf11 Posts: 146 Forumite
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    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.
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