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.