Asset Distribution of SVS Securities Expected to Conclude Soon

The asset distribution process of collapsed broker SVS Securities​, which entered administration in August 2019, is finally getting close to an end.

On Monday, 15 March 2021, the special administrators of SVS​ Securities​ released a notice saying that they have made an application to court for directions regarding the setting of a Longstop Date and for approval concerning the setting of a Hard Bar Date in respect of each of client assets and client money.

Longstop Date is the date, which shall be no earlier than three months after the effective date, the date the sealed order approving the distribution plan was provided by the court, which, in this case, is 7 May 2020. On the Longstop date, the administrators will conclude the process of client money distribution by sending a notice stating that they have determined that they have done all that is reasonably achievable to ensure the return of client assets as soon as is reasonably practicable.

Hard Bar Date means the final date for the submission of claims for the return of custody assets and/or client money.

According to the notice, the court hearing has been listed on or around 29 April 2021 and is currently expected to be held by videoconference in the High Court of Justice, Business and Property Courts, Insolvency and Companies List due to the ongoing COVID19 situation.

After the setting of the Longstop Date, the administrators will be entitled to liquidate any unreturned client assets and return the proceeds (if any) to clients.