Mark Ford, Adam Stephens and Henry Shinners of Smith & Williamson LLP were appointed Joint Special Administrators (“the JSAs”) of Reyker Securities Plc (in special administration) (“Reyker”) on 8 October 2019.
Updates on the progress of the Special Administration, together with links to key documents, are provided on the JSAs’ dedicated website www.smithandwilliamson.com/reyker-securities-plc. You can also access more information at www.fscs.org.uk and https://www.fscs.org.uk/failed-firms/reyker-securities/
The JSAs recently sent a letter to all known clients and creditors, giving notice that their first report and proposals (“the JSAs’ Proposals”) for achieving the objective of the administration is available to view online and that an initial meeting of clients and creditors will be held at 11.00am on 16 December 2019 at etc.venues, 155 Bishopsgate, London, EC2M 3YD. Registration will take place between 10.00am and 10.45am and, if you are to attend, please read our guide to the initial meeting in advance and remember to bring the required ID documentation with you.
The purpose of the meeting is to consider and, if acceptable, approve the JSAs’ Proposals for achieving the objectives of the Special Administration (which includes the transfer and return of client assets as quickly as possible) and, subject to there being sufficient clients or creditors willing to act, the establishment of a creditors’ and clients’ committee.
You do not have to attend or be represented at the meeting and non-attendance will not affect your rights to claim in the Special Administration. Should you wish to vote at the meeting, either by attending in person or by nominating a proxy to represent you, positive action must be taken by returning a statement of claim and proxy form by no later than noon on Friday 13 December 2019. The requisite forms and key documents regarding the Special Administration can be found at www.smithandwilliamson.com/reyker-securities-plc or www.ips-docs.com (the log-in details previously circulated to all known Clients will be required for the latter).
To assist clients in valuing their claim for voting purposes, we have issued a statement to confirm your total portfolio value as per Reyker’s records as at 8 October 2019. Details as to how this valuation has been derived was enclosed with our letter to clients dated 22 November 2019.
Please note, the information contained within the client statement has been produced from Reyker’s records which has not been independently verified at the time of issue. The JSAs are required to reconcile the client accounts in accordance with the Client Asset Sourcebook (“CASS regulations”) and this work is ongoing. The values reported within the client statements are subject to market forces and, therefore, to change.
We recognise that the return of assets will be a key concern to clients. Whilst work in respect of the JSAs’ reconciliation is at an early stage, no material deficiencies in client holdings have been identified to date.
We continue to liaise with the FCA and FSCS in respect of the progress of the administration and potential claims that may arise from clients in the event there is any shortfall in assets returned to clients. Our initial assessment is that, if and where the costs of the process are met from client holdings, the majority of eligible clients will be covered by the FSCS compensation scheme. Further information can be found on the FSCS website www.fscs.org.uk/failed-firms/reyker-securities/ and information on eligibility may be found at https://www.fscs.org.uk/how-we-work/eligibility-rules/
Should you have any queries, the JSAs have a dedicated telephone, website and email address for affected parties. These are:
Telephone: 0800 048 9512
Website: www.smithandwilliamson.com/reyker-securities-plc and www.ips-docs.com
Mark Ford, Adam Stephens & Henry Shinners
Joint Special Administrators
The affairs, business and property of Reyker are being managed by the Joint Special Administrators who act as agents of the Company, without personal liability. Mark Ford, Adam Stephens and Henry Shinners are authorised to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales. Reyker remains authorised and regulated by the Financial Conduct Authority. FCA reference number 115308. Registered in England No. 01747595