BusinessBusiness RecoveryBridge Business Recovery supervises first stockbroker CVA

Bridge Business Recovery supervises first stockbroker CVA

Tony Murphy has been appointed supervisor to the first CVA of a stockbroking company

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

Bridge
Recovery liquidators called in to Sixty UK

BDO
liquidators appointed to Kiss Flights

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