Distribution of SVS Securities' Assets to Conclude in Early 2023

The failed broker SVS Securities has published a notice that the administrators from Leonard Curtis intended to make an application to Court for an order bringing the special administration of the Company to an end in early 2023.

According to the statement, the Administrators consider that the most appropriate exit route is to file a notice of the Company's dissolution once all relevant distributions have been made and all statutory obligations have been dealt with.

SVS Securities was dissolved in August 2019. Last September, the Joint special administrators of the failed broker had issued a notice stating that the administration process will be concluded in early 2022​.

99% of the company's clients were transferred to financial advice and investment services company ITI Capital as arranged by Liquidators, which saved clients the exit fees on their transferred funds.

Leonard Curtis contacted the very small number of clients who were not eligible to be transferred to other platforms separately regarding options available for the return of their custody funds. These clients have been beyond reach for almost two years.

In addition, a few corporate clients and one individual trader lost more than the FSCS' limit of £85,000 per claimant, and thus are not entitled to recover their losses in full. These accounts for less than 1% of SVS clients.