Special Administrators of SVS Securities Issue An Unauthorized Email Warning

The administrators of SVS Securities plc, an investment firm offering broker-dealer and discretionary managed services failed in August 2019, recently issued an an urgent notice to warn all clients of the unauthorized emails.

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The SVS Securities' administrator Leonard Curtis stated that some clients have received an unauthorized email advising them of the expiry of a password with SVS Securities PLC and asking readers to click on a link to confirm their current password.

However, the firm said that such a message wasn't circulated by its team and thus ask people not to click on the link contained within the mail.

“We encourage you to remain vigilant and to exercise caution when dealing with correspondence regarding the Special Administration. If you are in any doubt regarding the authenticity of correspondence or communication that you may receive, please do not hesitate to contact the Joint Special Administrators by email,” the administrators added.

Let’s recall that, upon the application of the Board of Directors, the High Court appointed Julien Irving, Andrew Poxon and Alex Cadwallader each of Leonard Curtis as Joint Special Administrators of SVS Securities PLC with effect from 12.25 pm on 5 August 2019 (“Joint Special Administrators”). Julien Irving was subsequently replaced as Joint Special Administrator by Andrew Duncan of Leonard Curtis on 12 May 2020. 

The affairs, business and property of SVS Securities PLC are being managed by the Joint Special Administrators who act as agents of the Company, without personal liability. Andrew Poxon, Alex Cadwallader and Andrew Duncan are authorized to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales.

On March 2021, the special administrators 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.