Mazars takes second special administration
Pritchard Stockbrokers appoint Mazars partners Tim Ball, Steve Wood and Rod Weston to the second ever SAR administration
ADMINISTRATORS from Mazars have taken just the second ever special administration in the world.
Tim Ball, Steve Wood and Rod Weston, partners at Mazars, were named joint-administrators to Bournemouth-based investment business Pritchard Stockbrokers.
It is estimated the company has about 5,000 clients who are owed money from the collapsed business. A creditor report is due in eight weeks with a creditor meeting likely to take place in 10.
At the end of last year Richard Fleming, Richard Heis and Mike Pink, partners at KPMG, were appointed the first ever joint special administrators (SAR) to collapsed bank MF Global UK.
The special administration regime (SAR) was created in February 2011 following the collapse of Lehman Brothers.
The SAR process entails the administrators completing three tasks: making a swift return of client assets; timely engagement with authorities; and to rescue the business as a going concern, or to wind it up in the best interests of the creditors. A regular administration involves the latter, but not the first two objectives.
SARs were brought about to help creditors caught up in complex insolvencies receive their funds quicker. The collapse of investment bank Lehman Brothers at the back end of 2008 saw its administrators tied up in heavy litigation resulting in some creditors waiting years before they received any payment.