SPECIAL ADMINISTRATORS have been appointed to London-based stockbrokers City Equities Limited.
Andrew Andronikou and Peter Kubik, of UHY Hacker Young, were appointed after a court application on Friday, following City Equities unsuccessful attempts to recapitalise the business - under the FCA's capital adequacy rules.
Special administration rules were introduced post-Lehmans, with the intention of speedier resolution of investment business insolvencies. The regime should help the administrators focus on three tasks: making a swift return of client assets; ensuring timely engagement with authorities; and rescuing the business as a going concern, or winding it up in the best interests of the creditors.
Peter Kubik, partner in UHY Hacker Young's turnaround and recovery department, said:
"I can assure clients of City Equities that this will be an orderly wind down and that they will not lose any money."
It is the fifth special administration, with MF Global being the first.
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