Our Restructuring and Insolvency team has been advising special administrators since the introduction of SAR, acting for the special administrators of Pritchard Stockbrokers Limited, Avalon Investments Limited, European Pensions Management Limited and Strand Capital Limited. This advice has covered:
- The initial application by directors for the court appointment of the special administrators.
- The "lift and drop" of client assets under management to new service providers, to ensure continuity of service and access to assets for clients.
- Designing bespoke distribution processes in accordance with the FCA's Client Money Rules and the SAR, to enable the distribution of client money and/or client assets back to clients.
- The modification of the FCA's Client Money Rules to facilitate the achievement of the special administration objectives.
- Making an application to Court for the setting of a hard bar date to enable the final distribution of the client money pool on Pritchard Stockbrokers.
- Drafting the Distribution Plan for all client assets held by Strand Capital and making an application to Court to obtain approval of the plan.
- Managing relationships with key stakeholders throughout including the FCA and the FSCS.