HARRISONS’ ADMINISTRATORS have been appointed special administrators to regional stockbrokers Fyshe Horton Finney.
Paul Boyle, head of national practice, and David Clements, director, both of Harrisons, were appointed to one of the oldest stockbrokers in the country.
Fyshe Horton Finney is the fourth company to be placed into a special administration regime (SAR), which was created in February 2011 following the collapse of Lehman Brothers.
Established in 1896, Fyshe Horton Finney is one of the oldest regional stockbrokers and operates in 15 offices across the country. Despite cutting back costs in the last couple of years the company’s combined losses have reached £3.4m since 2009.
According to a statement from administrators, the investment firm was also plagued by boardroom rifts that have stifled growth plans to develop the business.
Clements said: “Clients and creditors who have any concerns should contact us in the first instance.”
At the end of 2011 Richard Fleming, Richard Heis and Mike Pink, partners at KPMG, were appointed the first ever joint special administrators to collapsed investment bank MF Global UK.
The SAR process entails the administrator 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 .
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Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children