SVS Securities PLC (04402606): administration
- Status
- Administration ended
- Administration began
- 2019-08-05
- Administrators
- Andrew Poxon, Alex David Cadwallader, Andrew John Duncan
- Administrators' firm
- Leonard Curtis
- Formerly
- SVS Corporate Finance Limited
- Incorporated
- 2002-03-25
- Location
- Manchester
- Industry
- 66120 Security and commodity contracts dealing activities
Why it went into administration
- Regulatory change or action
- HMRC / tax arrears
From the administrators' statement
On 19 July 2019 the FCA wrote to the Company highlighting a number of serious concerns regarding the Company's business and asking the Company to agree to the imposition of a ‘voluntary requirement (VREQ) on its permissions under the Financial Services and Markets Act (FSMA). On receipt of that felter, the Company instructed solicitors, Ashurst, to assist with discussions with the FCA and Leonard Curtis to assist with contingency planning and insolvency advice.
On 26 July 2019 the Company and the FCA reached agreement on the terms of a VREQ as a temporary measure whilst the FCA’s investigations remained on-going. The key terms of the VREQ were that the Company could not take on new business, other than for existing corporate clients.
During the afternoon of 1 August 2019 the Directors convened to reflect further on the operational and financial position of the Company. Following discussions with Ashurst and Leonard Curtis the Company contacted the FCA to confirm that, as a result of the uncertainty facing the Company, the Company proposed voluntarily to cease all regulated activities during 2 August 2019 (save as might be necessary for the safeguarding of Custody Assels and to settle agreed transactions) by way of an amendment to the VREQ and informed the FCA that the directors were making preparations to apply to court to place the Company into special administration.
Administrators' statement of proposals (2019-10-04) · Companies House register