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23 Sep 2010
In what is believed to be the first company voluntary arrangement (CVA) for a stockbroking business in the UK, Bridge Business Recovery will supervise the process at Wills & Co.
Under the terms of the CVA, which was approved last month, Bridge Business Recovery partner Tony Murphy will supervise the repayment plan for Wills & Co.
Murphy said he was confident the CVA would provide creditors with the maximum repayment.
It is estimated that unsecured creditors are likely to receive 19.1p in the pound returns.
In 2007 the Financial Services Authority (FSA) fined Wills & Co £49,000, for failing to ensure its customers understood the risks involved when investing in certain types of shares.
In a follow up visit in February this year the FSA stopped the business giving investment advice. The financial watchdog felt the business failed to monitor advisers properly. The FSA petitioned for a winding up order which it withdrew following approval of the CVA.
Further reading:
Bridge liquidator appointed to Ensign Craft
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