BDO liquidators called to mortgage company
Malcolm Cohen and Mark Shaw are appointed joint-bank liquidators to SouthSea Mortgage and Investment
Malcolm Cohen and Mark Shaw are appointed joint-bank liquidators to SouthSea Mortgage and Investment
BDO LIQUIDATORS have been appointed to Southsea Mortgage and Investment.
Malcolm Cohen (pictured) and Mark Shaw, business restructuring partners at BDO, were appointed joint-bank liquidators following a court application by the Bank of England.
Earlier this month, the Financial Services Authority deemed that the lender met conditions for the Special Resolution Regime. This meant the business could enter a Bank Insolvency process that would allow it to make quick repayments to insured depositors.
Cohen said: “The joint bank liquidators are working closely with the Financial Services Compensation Scheme, the Bank of England, the Financial Services Authority and Her Majesty’s Treasury to expedite the compensation process for depositors, and to maximise recoveries for the benefit of other creditors.”
Under the Financial Services Compensation Scheme depositors are insured up to a limit of £85,000.
The liquidators will work with the compensation scheme to ensure eligible depositors receive payout as quickly as possible.
The bank has ceased trading today.
More about:
The numbers you crunch tell a story. Your expertis...
13yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articlePwC hired to investigate whether RBS restructuring division forced viable businesses to fail Read More...
View articleWith the statutory six year limitation period on legal action soon to expire, the mis-selling of interest rate hedging products has become an urgent m...
View articleNeville Kahn and Phil Bowers appointed joint receivers of 30 St Mary Axe, as multi-currency lending arrangement hits its owners Read More...
View articleBank referred to regulators for allegedly purposely defaulting companies into collapse so it can sell their assets for a profit Read More...
View articleZolfo Cooper European chief called in to advise Margaret Hodge's family business on its debt position Read More...
View articleBarclays complains to Financial Services Authority regarding an alleged breach of client confidentiality by a Baker Tilly employee Read More...
View articleSkips make good economic indicators and hold the rubbish Read More...
View articleGovernment considers whether former RBS chairman Fred Goodwin has a case to answer over RBS' accounting Read More...
View article