Special administrators appointed to City Equities
UHY Hacker Young's Andrew Andronikou and Peter Kubik take on investment firm insolvency
UHY Hacker Young's Andrew Andronikou and Peter Kubik take on investment firm insolvency
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.
More about:
The numbers you crunch tell a story. Your expertis...
11yEmbracing 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 articleThere were 6,342 recorded company insolvencies in Q2, reflecting a 9% increase compared to the number of insolvencies in Q1, and a 13% increase compar...
View articleBounce Bank Loan Scheme fraud of particular interest Read More...
View articleCompanies will have more trouble raising funds with floating charges as HMRC’s preferential status puts off lenders Read More...
View articleLarge corporations are relying on late payments and governments must better understand the scale of the problem, says Duncan Swift, new president of R...
View articleThe retailer’s recent announcement that they are looking into closing up to 50 of their stores has sparked fresh discussion about the future of bricks...
View articleObservations on the government consultation response of 26 August 2018 by Chris Laughton, a corporate advisory partner at Mercer & Hole Read More...
View articleWhat impact will Brexit have on current insolvency legislation, the UK insolvency sector and cross-border insolvency proceedings? Read More...
View articleMaplin has appointed PwC partners as joint administrators while Toys R Us has selected Moorfields Read More...
View article