PLEASE NOTE THAT THE COMPANY HAS NOW ENTERED LIQUIDATION AND THE JOINT ADMINISTRATORS HAVE BEEN APPOINTED AS JOINT LIQUIDATORS
Update for Clients on the Administrators’ application to Court for approval of a Scheme of Distribution regarding certain of the client monies held by the Company
Gary Paul Shankland and Jamie Taylor of Begbies Traynor and Christopher Andersen of AABRS Limited were appointed as joint administrators of the Company on 30 June 2023 (the “Administrators”).
In line with the Financial Conduct Authority’s Client Asset Sourcebook (“CASS”), the client monies held by the Company at the time of its entry into administration have been pooled (“Client Money Pool”).
As previously communicated to clients, the Administrators submitted an application to Court seeking, among other things, the approval of: (i) a proposed scheme of distribution (“Scheme of Distribution”) for dealing with the distribution of the Client Money Pool, and (ii) the Administrators’ remuneration, costs and expenses in dealing with the reconciliation and distribution of the Client Money Pool (“Application”).
The Application was heard by Insolvency and Companies Court Judge Mullen on 5 June 2024, who granted the relief sought by the Administrators under the Application.
Following the approval from the Court, the Administrators are now carrying out the terms of the Scheme of Distribution. Any client of the Company that considers it may have outstanding balances with the Company and is entitled to a share of the Client Money Pool should submit their claim to the Administrators at ccc@btguk.com, using the enclosed Client Money Proof.
Enclosed with this Update Document is a copy of:
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The Order of ICCJ Mullen dated 5 June 2024 approving the Scheme of Distribution and the Administrators’ remuneration, costs and expenses in dealing with the reconciliation and distribution of the Client Money Pool; (PDF Link is attached below)
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The approved Scheme of Distribution; (PDF Link is attached below)
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An Explanatory Statement which provides guidance to clients as to the basis and operation of the Scheme of Distribution; (PDF Link is attached below)
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A Client Money Proof which clients considering they have an entitlement to the Client Money Pool should use to submit their claim to the Administrators. (PDF Link is attached below)
We recommend reading the enclosed Explanatory Statement which sets out guidance on actions to be taken by any clients considering they may be entitled to the Client Money Pool. Pursuant to the Scheme of Distribution, the Administrators have set a bar date of 7 December 2024 (“Bar Date”). Clients who wish to submit a claim to the Client Money Pool should submit their claims prior to the Bar Date. Claims submitted after the Bar Date will not be taken into account for a distribution of the Client Money Pool and instead, if such claims are adjudicated upon by the Administrators (or subsequent liquidators) as being valid, they will be submitted as an unsecured claim in the administration (or subsequent liquidation) of the Company.
If you have you not already done so, the Administrators recommend signing up to the Company’s creditor portal at https://btguk.ips-docs.com using case code CI121ADM, where further communications and updates regarding the distribution of the Client Money Pool will be posted.
We hope that the above is a helpful update for clients. Should you have any queries, you can raise these to ccc@btguk.com.
