WealthTek LLP – Appointment of Special Administrators
WealthTek LLP – Appointment of Special Administrators
29 November 2024 - Update to clients
Further to our update on 15 November 2024, and the hearing of certain consequential matters arising out of the judgment of Mr Justice Rajah which took place on 14 November 2024, a further judgment was handed down on 28 November 2024.
The judgment confirmed that the Costs Contribution under the Distribution Plan should not include a reserve for the costs of potential future litigation by WealthTek and/or the JSAs against third parties.
Given its decision, the Court has also confirmed that the JSAs, if not funded, do not have a duty to investigate or bring any potential claims on behalf of WealthTek as trustee. The judgment also provides clarity on whether certain elements of previously incurred costs are allowable costs covered by the Costs Contribution.
As a result of the judgment, there will be a reduction in the Costs Contribution per client to £15,135.
As set out in our update to clients on 27 November 2024, those clients whose shortfall claims exceed £62,000 will receive additional compensation totalling a maximum of £7,865. For those clients whose eligibility for
FSCS compensation has already been determined, the JSAs will need to request the additional shortfall compensation from the FSCS. Upon receipt, the JSAs will then transfer/distribute the additional compensation as follows:
- Where a Client has already moved to either the nominated broker or an alternative broker, directly to that broker;
- Where a Client has received a transfer/distribution date in respect of their assets, the additional compensation will be added to the transfer; or
- Where a Client has not already transferred to the nominated broker or an alternative broker, and no transfer/distribution date has yet been confirmed, directly to the Client (noting that SIPP Clients will need to have opted-in to receive compensation directly).
A copy of the Sealed Order and Judgment can be found here.
The residual issues relating to the Distribution Plan application have now been resolved. The JSAs immediate focus remains on returning assets to clients as soon as reasonably practicable.
27 November 2024 – Update to clients
Distributions of client assets
The JSAs are pleased to confirm that the first distribution of client assets, client money, post appointment receipts and FSCS compensation took place on 21 November 2024. This distribution involved the assets of 348 Clients.
A further 112 Clients have already been provided with transfer/distribution dates, all of which are scheduled for this calendar year. The JSAs expect to be in a position to issue further transfer/distribution dates in the coming weeks, noting that these may fall in the new calendar year.
The JSAs continue to work to return assets to all Clients. We are aware that around 120 Clients are yet to engage in the process that will allow the JSAs to return their assets; the JSAs would therefore like to remind those Clients that they must take the following steps:
- If FSCS eligibility is yet to be confirmed and the FSCS has requested further information from you, this must be provided to allow eligibility to be assessed by the FSCS;
- If Clients no longer wish to receive FSCS compensation they should inform the JSAs’ team. They will then be provided with information as to how the Costs Contribution can be met without the benefit of FSCS compensation; and
- Clients must either:
- Onboard with the nominated broker, GHC (to do this you will need to contact GHC directly by email at WealthTek@ghcl.co.uk or by telephone on 0345 607 1914); or
- Complete the Client Asset Return Method form, confirming an alternative distribution method Client Assets Return Method Form (a hard copy is available upon request). Please note that if you select to transfer to an alternative broker you will need to have an account set up with that broker ready to receive your assets.
If Clients are dealing with the JSAs through intermediaries (e.g. independent financial advisors), we would encourage them to confirm with their advisers that these steps have been completed on their behalf, as we have seen a number of instances where Clients have been unaware that their Client Asset Return Method forms, which were made available to all Clients in May 2024, had not yet been completed. Please note that the JSAs can only proceed with arranging transfers/distributions when the steps above have been completed.
FSCS compensation
The JSAs and their team are very aware of the hardship that Clients and their families have suffered as a result of WealthTek’s failure. For those eligible Clients who are not yet in a position to receive the return of their client assets, we hope that providing access to their FSCS shortfall compensation will help to alleviate any further hardship prior to the transfer/distribution of their portfolios.
The JSAs would like to remind Clients who hold a SIPP account that they must ‘opt-in’ to this option Financial Services Compensation Scheme (‘FSCS’) – Opt-in for SIPP account holders. Each affected Client will have received direct communication from the JSAs’ in respect of this issue; if you have any queries please do not hesitate to contact the JSAs’ team via email at WealthTekClients@bdo.co.uk, or by telephone on + 44(0)113 521 4470 or +44 (0)151 351 4700.
Additionally, once judgment is handed down in respect of the hearing of certain consequential matters held on 14 November 2024, the JSAs anticipate that it will be possible to determine the reduction in the level of the Costs Contribution in the Distribution Plan. The JSAs will then be able to confirm to those Clients who still have uncompensated losses over and above the FSCS limit (estimated to be around 200 in number) the additional FSCS shortfall compensation that will be available. This will be communicated directly to all affected Clients.
Please note that the JSAs will need to request the additional shortfall compensation (once confirmed) from the FSCS. Upon receipt, the JSAs will then transfer/distribute the additional compensation as follows:
- Where a Client has already moved to either the nominated broker or an alternative broker, directly to that broker;
- Where a Client has received a transfer/distribution date in respect of their assets, the additional compensation will be added to the transfer; or
- Where a Client has not already transferred to the nominated broker or an alternative broker, and no transfer/distribution date has yet been confirmed, directly to the Client (noting that SIPP Clients will need to have opted-in to receive compensation directly).
Issues with certain ISA accounts
The JSAs have directly contacted 263 Clients who have been affected by an issue connected with ISA accounts managed by WealthTek prior to 22 June 2021. At this stage, no transfer/distribution dates have been provided in respect of these Client accounts.
The JSAs are in correspondence with HM Revenue and Customs with a view to clarifying the status of the affected accounts. We are also in discussions with receiving brokers to determine what options may be available for Clients prior to receiving HM Revenue and Customs’ determination.
We will communicate with affected Clients directly as this matter progresses.
If Clients have any queries regarding their situation, please do not hesitate to contact the JSAs’ team via email at WealthTekClients@bdo.co.uk, or by telephone on + 44(0)113 521 4470 or +44 (0)151 351 4700.
There have unfortunately been a number of instances where the JSAs’ team have been subject to verbal or written abuse when trying to assist Clients and/or their advisors. The JSAs’ team understand the anxiety, frustration and hardship that the failure of WealthTek has caused to Clients, and they are working extremely hard to sympathetically deal with all queries and to ensure that each Client receives the return of their assets as soon as practicable. The JSAs would ask that their team be treated with courtesy and respect at all times. Failing this, they have been instructed to communicate in writing only. Thank you for your understanding.
15 November 2024 – Update to clients
As per our update of 8 November 2024, the hearing of certain consequential matters arising out of the judgment of Mr Justice Rajah took place before the Judge yesterday morning. Judgment has not yet been handed down and, whilst timing has not been confirmed, we would expect it to be handed down shortly. A further update will be provided once the further judgment has been received.
8 November 2024 – Update to clients
A further Court hearing has been convened to take place before Mr Justice Rajah at 10:30am on 14 November 2024 in the High Court of Justice, Business and Property Courts of England and Wales, 7 Rolls Building, Fetter Lane, London EC4A 1NL to determine certain consequential issues arising out of the judgment handed down by Mr Justice Rajah on 4 October 2024.
Copies of the JSAs’ submissions to Court will be made available on this website in due course.
Clients are not required to attend the Court hearing. However, the Court hearing will be held in public, and anyone is able to attend if they wish to do so.
The court room number will be available on the online cause list the afternoon before the hearing and also displayed in the lobby of the Rolls Building at the above address on the day of the hearing.
The JSAs will provide a further update to Clients following the hearing.
7 November 2024 – Update to Clients
Financial Services Compensation Scheme (‘FSCS’) - payment of compensation
For the majority of Clients who have opted to receive FSCS compensation, their eligibility was confirmed in their Client Assets Confirmation Statement dated 11 September 2024. The JSAs have now received the shortfall compensation for these Clients from FSCS.
Whilst it was the JSAs’ original intention to onward pay Clients’ shortfall compensation received from FSCS to Clients’ new brokers alongside the return of Client Assets and/or Client Money, the JSAs appreciate that not all Clients are yet in a position to receive the return of their assets. The JSAs also understand the distress that has been caused to Clients as a result of WealthTek’s failure and Clients’ inability to access their assets for a prolonged period of time.
To enable Clients to access their FSCS shortfall compensation as soon as reasonably possible, the JSAs therefore consider it appropriate to offer Clients (whose eligibility has been confirmed by FSCS and whose shortfall compensation has, to date, been received by the JSAs) the opportunity to receive their FSCS shortfall compensation prior to the return of their assets.
Please note that this option is only available to Clients who are yet to receive a proposed transfer/distribution instruction date in respect of their Client Assets and/or Client Money. If you are a Client who has already received your proposed transfer/distribution instruction date, the shortfall compensation will be provided to your broker alongside the return of your Client Assets and/or Client Money, as originally anticipated.
Additionally, this option will not be available to Clients whose:
- eligibility has yet to be determined by FSCS;
- compensation has not yet been received by the JSAs; and/or
- FSCS compensation relates to the Costs Contribution only (i.e. Clients who do not have a shortfall in their Client Assets).
Please see below a link to a document setting out additional information and potential implications that Clients should consider in respect of this matter.
If you do not wish to receive your FSCS shortfall compensation directly and would instead like to receive it alongside the return/transfer of your Client Assets and/or Client Money, please contact a member of the JSAs’ team via email at WealthTekClients@bdo.co.uk, or by telephone on + 44(0)113 521 4470 or +44 (0)151 351 4700, by no later than Friday 22 November 2024. If you do not inform us of your decision before this date, unless you hold your investments through a self-invested personal pension (SIPP), the JSAs will take steps to issue your shortfall compensation payment directly to you via cheque during the week commencing 2 December 2024. Further information regarding SIPP accounts can be found below.
SIPP accounts
For those Clients who hold any of their investments through a SIPP (‘SIPP Clients’), they should consider discussing the payment of FSCS confirmation with their SIPP provider. The SIPP providers do not appear to be adopting a uniform approach in respect of the treatment of FSCS compensation and there may be tax implications if Clients receive this payment directly rather than through their SIPP.
In light of the above, SIPP Clients will be required to opt-in to receiving their FSCS shortfall compensation directly and can do so by completing the form available via the following link:
Financial Services Compensation Scheme (‘FSCS’) – Opt-in for SIPP account holders
7 November 2024 - Update to Clients
On 14 October 2024, an order was made in the High Court of Justice appointing Kirsty McMahon (‘Ms McMahon’) of BDO LLP, 55 Baker Street, London W1U 7EU, as Joint Special Administrator (‘JSA’) of WealthTek LLP in substitution of Mark Shaw. Ms McMahon’s appointment took effect from 14 October 2024. All other JSAs in this matter remain unchanged.
7 October 2024 – Update to clients
On 24 July 2024, clients were advised that Mr Justice Rajah had approved the JSAs’ Distribution Plan at a hearing on 23 July 2024. As advised at the time, the JSAs nonetheless were required to provide further written submissions to the Judge on a discrete issue relating to Costs Contributions under the Distribution Plan.
Mr Justice Rajah handed down his judgment on Friday, 4 October 2024. A copy can be found below.
The judgment confirmed the Court’s approval of the Distribution Plan and provides details of the matters considered by the Court when approving the Distribution Plan. It should be noted that, following consideration of the further submissions on the Costs Contributions issue, the Judge has determined that it is not appropriate for the Costs Contribution under the Distribution Plan to include a reserve for the costs of potential future litigation by WealthTek and/or the JSAs against third parties.
The consequences of the judgment are as follows:
- The Distribution Plan remains approved. The JSAs are currently taking steps to facilitate the return of client assets held by WealthTek as soon as practicable, and this work will be unaffected by the judgment.
- There will be a reduction in the Costs Contribution as a result of the Judge’s decision on the element of the reserve that relates to the costs of potential future litigation. This will have no effect on the significant majority of clients (approximately 84%), who will suffer no shortfalls after receiving FSCS compensation.
- However, those clients whose shortfall claims exceed £62,000 and who are eligible to receive FSCS compensation will now be entitled to additional compensation equivalent to the reduction in the Costs Contribution.
A further Court hearing before Mr Justice Rajah will be held in due course to clarify certain outstanding, consequential and technical legal matters following the Judge’s decision. The JSAs anticipate that, following the further hearing, there will be clarity on the exact quantum of the reduction in the Costs Contribution. The JSAs will provide a further update following the next Court hearing and subsequently contact affected clients to advise what the overall implications of these Court decisions are for them individually.
30 August 2024 – Update to clients
Client Asset Confirmation Statements
The JSAs had anticipated issuing Client Assets Confirmation Statements (‘CACS’) to all clients by the end of August 2024. The JSAs are in the process of finalising the CACS and expect these to be issued during the first two weeks of September 2024.
Further written submissions
As set out in the update to Clients dated 24 July 2024, the JSAs were required to provide further written submissions to the Judge on a discrete issue relating to the Costs Contributions under the Distribution Plan. These submissions, which were filed on 30 July 2024, are available below. The JSAs are awaiting the Judge’s decision on this matter and a further update will be provided to Clients in due course.
If clients have any questions, they should contact WealthTekClients@bdo.co.uk or call +44 (0)113 521 4470 or +44 (0)151 351 4700.
24 July 2024 – Update to clients
The JSAs’ application for approval of the Distribution Plan was heard by Mr Justice Rajah in the High Court of Justice yesterday. The JSAs are pleased to confirm that the Distribution Plan has been approved by the Court. A copy of the sealed Order can be found below.
Whilst, as set out in the Order, the JSAs are required to provide further written submissions to the Judge on a discrete issue relating to Costs Contributions under the Distribution Plan, the JSAs are now in a position to commence the work required to return client assets under the Distribution Plan.
The JSAs will be providing further information to Clients during the course of this week, including in respect of the next steps for returning client assets.
In addition, the JSAs will provide clients with a further update once the Court has determined the issue referred to above in relation to Costs Contributions.
If clients have any questions, they should contact WealthTekClients@bdo.co.uk or call +44 (0)113 521 4470 or +44 (0)151 351 4700.
19 July 2024 – Update to clients
Identity of the Nominated Broker
The JSAs are pleased to announce the appointment of GHC Capital Markets Limited (‘GHCCM’) as Nominated Broker. GHCCM was established in 1996 and is a financial services company providing stockbroking and investment management services to its clients.
GHCCM is authorised and regulated by the Financial Conduct Authority (FRN:152998). Further information on GHCCM and how clients can contact and register with them will be provided following the approval of the Distribution Plan.
For now, additional information on GHCCM is available through its website.
Please note, GHCCM cannot commence the client onboarding process until after the approval of the Distribution Plan.
17 July 2024 - Update to clients
This is a supplement to our updates to clients on (i) 10 June 2024, in relation to the JSAs’ application to Court seeking approval of the Distribution Plan, and (ii) 13 June 2024, with details of the relisted hearing of the application. Clients will recall that the Court has requested that the JSAs provide more detail on the approach which the JSAs propose to take in addressing the deficiencies and inaccuracies in WealthTek’s books and records.
In response to the Court’s request, the JSAs have instructed an independent King’s Counsel (a leading barrister with expertise in financial services, trusts and insolvency matters) to provide an Opinion to the Court on the approach the JSAs propose to take in relation to these matters. The JSAs have informed the Court that they have taken this step and the Court has expressed its support.
The King’s Counsel’s Opinion has now been filed with the Court ahead of the relisted hearing on 23 July 2024, at which the Court will decide whether or not to approve the Distribution Plan.
If any clients wish to obtain a copy of the Opinion for their own review and consideration, copies will be made available to them by the JSAs, on request.
Any clients who wish to request a copy of the Opinion should contact WealthTekClients@bdo.co.uk or call +44 (0)113 521 4470 or +44 (0)151 351 4700.
13 June 2024 - Update to clients
The JSAs can confirm that the Distribution Plan Application has been relisted to be heard at 10:30am on Tuesday 23 July 2024 in person before Mr Justice Rajah in the High Court of Justice, Business and Property Courts of England and Wales, 7 Rolls Building, Fetter Lane, London EC4A 1NL. The court room number will be available on the online cause list the afternoon before the hearing and also displayed in the lobby of the Rolls Building on the day of the hearing. A copy of the sealed Order can be found below.
The JSAs intend to share their submissions to the Court with clients via this webpage. If any client wishes to receive hardcopies of any materials published here please contact the JSAs’ team.
As previously confirmed, clients are not required to attend the Court hearing. However, the Court hearing will be held in public and anyone is able to attend, if they wish to do so. Any person intending to participate in the Court hearing should contact the JSAs as soon as possible.
10 June 2024 - Update to clients
On 7 June 2024, the court heard the JSAs’ application seeking approval of the Distribution Plan.
After considering the evidence and the submissions of our leading counsel, the court has asked that the JSAs provide more detail on the basis on which clients’ entitlements to client assets have been calculated for the purposes of making returns of client assets under the Distribution Plan.
Specifically, before approving the Distribution Plan in the terms sought, the court requires more detail on the approach which the JSAs propose to take in addressing the deficiencies and inaccuracies in WealthTek’s books and records, in order to be satisfied that it represents the fairest outcome for all clients of the firm.
We should be clear that the court did not turn down the Distribution Plan. Rather, the court adjourned the hearing in order to receive further information before making a decision.
The adjournment will mean that there is a delay until the JSAs can return to court. The JSAs will work together with their legal advisors to prepare the necessary materials to ensure that the delay is minimised and so that client assets can be returned as soon as reasonably practicable.
We do appreciate that clients will be concerned about this adjournment, not least given that the Distribution Plan, after careful consideration, was supported by the JSAs, as well as the Clients’ and Creditors’ Committee.
However, this does highlight the difficulties faced when balancing the interests of clients to ensure a fair outcome when there are missing assets and deficient records. The JSAs are officers of the court, and respect that the court itself will also wish to be satisfied that the proposed Distribution Plan fairly deals with the respective rights of clients before exercising its discretion to approve the Distribution Plan.
We will provide clients with a further update once the date of the adjourned hearing has been confirmed.
If clients have any questions, they should contact WealthTekClients@bdo.co.uk or call +44 (0)113 521 4470 or +44 (0)151 351 4700.
3 June 2024 - Update to clients
The JSAs’ Distribution Plan application is listed to be heard on Friday 7 June 2024 at 10.30am in person before Mr Justice Rajah in the High Court of Justice, Business and Property Courts of England and Wales, 7 Rolls Building, Fetter Lane, London EC4A 1NL. The court room number will be available on the online cause list the afternoon before the hearing and also displayed in the lobby of the Rolls Building at the same address on the day of the hearing.
As previously confirmed, clients are not required to attend the Court hearing. However, the Court hearing will be held in public and anyone is able to attend, if they wish to do so. Any person intending to participate in the Court hearing should contact the JSAs as soon as possible.
24 May 2024 - Update to clients
Further to our update to Clients on 10 May 2024, the sealed Application Notice is now available below. The orders and directions sought by the Joint Special Administrators (“JSAs”) in the Application Notice mirror those stated in paragraph 10 of Shane Crooks’ second witness statement filed in support of the application.
The relief contemplated in paragraph (2), if granted, will enable the JSAs to pay any unclaimed Client Assets and Client Money to the Insolvency Services Account. This is explained further in paragraphs 81 and 158 of the witness statement; and
The relief sought in paragraph (3) envisages the court varying the order of priority for the payment of expenses on the grounds that there is a shortfall of Client Assets and Client Money. This is explained further in paragraphs 141 to 146 of the witness statement.
10 May 2024 - Update to clients
The JSAs of WealthTek confirm that, on Thursday, 9 May 2024, an application was filed at Court for the approval of the Distribution Plan which, once approved, will provide the mechanism for the return of Client Assets. The Distribution Plan was approved by the Clients’ and Creditors’ Committee on Thursday, 2 May 2024.
The Application is listed to be heard at the High Court of Justice, Business and Property Courts of England and Wales, the Rolls Building, 7 Rolls Buildings, Fetter Lane, London, EC4A 1NL on Friday, 7 June 2024. Further details about the Court hearing will be made available here once available. Clients are not required to attend the Court hearing. However, the Court hearing will be held in public and anyone is able to attend, if they wish to do so. Any person intending to participate in the Court hearing should contact the JSAs as soon as possible. The following documents are now available below:
- The Distribution Plan
- The Addendum to the Distribution Plan
- The Explanatory Statement
- The witness statement supporting the application
- The Distribution Plan Flowchart and Frequently Asked Questions
The Distribution Plan is a detailed legal document. Our suggested approach in order for you to fully understand the Distribution Plan is to first read the Explanatory Statement, then the Distribution Plan Flowchart and Frequently Asked Questions, and finally the Distribution Plan itself.
The JSAs’ team are available to answer any queries you may have regarding the Distribution Plan or associated documents, but please note we do expect phone lines to be busy over the next few weeks. If you are happy to, please email the JSAs’ team setting out the details of your query and one of the team will contact you to discuss at the earliest opportunity.
Email: WealthTekClients@bdo.co.uk
Telephone: +44 (0)113 521 4470 or +44 (0)151 351 4700
12 February 2024 - Update to Clients
As Clients will be aware, the Joint Special Administrators (“JSAs”) have been working to produce the Client Assets Statements which detail, on an account basis, each Client’s claim to Client Assets and their Client Money Entitlement. The Client Assets Statements also set out the anticipated level of recovery of Client Assets and any resulting shortfall claim.
The JSAs have provided Clients with the option of receiving their Client Assets Statements either through an online Client Portal or in hardcopy by post.
For those Clients who opted to receive their Client Assets Statements through the online Client Portal, you will have received an email during the week commencing 5 February 2024 providing you with access to your Client Portal. You will receive an email during the week commencing 12 February 2024 informing you that your Client Assets Statements are now available on your Client Portal.
If you have opted to receive your documents in hardcopy by post, your documents will be sent out in the week commencing 12 February 2024.
The JSAs’ team are available to answer any queries you may have regarding your Client Assets Statements, but please note we do expect phone lines to be busy over the next few weeks. If you are happy to, please email the JSAs’ team setting out the details of your query and one of the team will contact you to discuss at the earliest opportunity.
Email: WealthTekClients@bdo.co.uk
Telephone: +44 (0)113 521 4470 or +44 (0)151 351 4700
6 October 2023 – Notice to Clients
Clients and creditors may be aware that Vertem Asset Management was a trading name previously used by the LLP.
The Joint Special Administrators (“JSAs”) have become aware that the website: www.VertemAssetManagement.com, which was previously used by the LLP, has recently become active following the expiration of the LLP’s registration of the domain name.
Please note that this website and/or the entity that has acquired the registration of the domain name, has no connection or affiliation with the LLP or the JSAs.
Clients and creditors of the LLP seeking information regarding the Special Administration of the LLP are advised to contact the Joint Special Administrators directly using the previously provided contact details, which are repeated below:
Postal address: WealthTek Team, BDO LLP, Business Restructuring, 5 Temple Square, Temple
Street, Liverpool L2 5RH
Telephone: +44 (0)113 521 4470 or +44 (0)151 351 4700
Email: WealthTekClients@bdo.co.uk or WealthTek@bdo.co.uk
6 April 2023 – Notice of appointment of Special Administrators
With effect from 6 April 2023, WealthTek Limited Liability Partnership (the ‘LLP’ or ‘WealthTek’), trading as Vertem Asset Management and Malloch Melville, has been placed into Special Administration following an application to the High Court by the Financial Conduct Authority (‘FCA’). Shane Crooks, Mark Shaw and Emma Sayers, licensed insolvency practitioners from BDO LLP, have been appointed as Joint Special Administrators (the ‘JSAs’).
The Special Administrators are now responsible for the affairs of the LLP.
In accordance with the statutory objectives contained within the Investment Bank Special Administration Regulations 2011 they must: (i) ensure the return of client assets as soon as reasonably practicable; (ii) ensure timely engagement with market infrastructure bodies and authorities; and (iii) either rescue the firm as a going concern or wind it up in the best interest of the creditors. Further information in respect of the Special Administration and what this means for clients and creditors of the LLP, together with some FAQs, is provided below.
The Joint Special Administrators will be writing to all clients and creditors of the LLP. If you have any queries in respect of the appointment of the Joint Special Administrators or your claims against the LLP, please contact: WealthTekclients@bdo.co.uk.
The LLP remains regulated by the FCA, albeit certain restrictions are now in place to prevent WealthTek (including under its other trading names) from undertaking any regulated activities. The Joint Special Administrators are working closely with the FCA as they carry out their duties. On 4 April 2023, the FCA imposed requirements for the LLP to immediately cease carrying on all regulated activities for which it has a Part 4A permission (other than where it has express written consent of the FCA).
Under the provisions of paragraph 100(2) of Sch. B1 to the Insolvency Act 1986, as applied pursuant to regulation 15 of the Investment Bank Special Administration Regulations 2011, the Joint Special Administrators carry out their functions jointly and severally and any one or more of the Joint Special Administrators has exclusive power to exercise any function. The Joint Special Administrators act as agents of the LLP and without personal liability.
Please note that Shane Crooks, Mark Shaw and Emma Sayers had previously been appointed as Joint Interim Managers with effect from 4 April 2023. Their appointment as Joint Special Administrators has superseded their previous appointment.
- Shane Crooks tenth witness statement
- Skeleton argument for the Consequential Hearing on 14 November 2024
- Shane Crooks ninth witness statement
- FSCS shortfall compensation payment - information sheet
- Joint Special Administrators' progress report - 6 April 2024 to 5 October 2024
- Approved Judgment - 4 October 2024
- Written submissions filed pursuant to paragraph 4 of the Order of Rajah J dated 23 July 2024
- Updated Distribution Plan Flowchart and FAQs 29 July 2024
- Sealed Order 23 July 2024
- Shane Crooks witness statement for the Adjourned Hearing
- Skeleton argument for the Adjourned Hearing on 23 July 2024
- Witness Statement of Guy Thomas Enright of the FSCS
- Sealed Order 12 June 2024
- Shane Crooks fourth witness statement
- Skeleton argument for the hearing on 7 June 2024
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Shane Crooks witness statement in support of Distribution Plan
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Joint Special Administrators' progress report - 6 October 2023 to 5 April 2024.
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Joint Special Administrators' progress report - 6 April 2023 to 5 October 2023