Following the previous announcement in relation to the notice of applications (see here), the Joint Administrators enclose a copy of the sealed application notices for Beaufort Asset Clearing Services Limited ("BACSL") and Beaufort Securities Limited ("BSL"), and the Witness Statement filed as evidence in support of the application.
On 1 March 2018, the High Court appointed Russell Downs, Dan Yoram Schwarzmann and Douglas Nigel Rackham, each a qualified insolvency practitioner and of PricewaterhouseCoopers, joint administrators of Beaufort Securities Limited, pursuant to Paragraph 13(1)(a) of Schedule B1 to the Insolvency Act 1986 and section 359 of the Financial Services and Markets Act 2000, and joint special administrators of Beaufort Asset Clearing Services Limited pursuant to Regulation 7(1)(a) of the Investment Bank Special Administration Regulations 2011.
During the period for which the High Court Order is in force the affairs, business and property of the Firms shall be managed by the joint administrators in accordance with the Insolvency Act 1986.
Both of the Firms were placed into insolvency following an urgent application by the Financial Conduct Authority (FCA). The FCA took this action following an assessment of the financial positions of BSL and BACSL (the Firms) which led the FCA to believe that both Firms are insolvent. The FCA also considers it necessary for administrators to take over the running of the Firms in order to protect assets from dissipation and protect UK consumers, including clients of both Firms, due to concerns that the Firms may be involved in financial crime. For further information please follow the links below:
UK: 0800 063 9283
International: +44 (0)20 7293 0227
Telephone lines are open 9am-5pm, Monday to Friday excluding public holidays.
This mailbox is monitored 9am-5pm, Monday to Friday excluding public holidays.
Office Address (with effect from 1 April 2019):
Beaufort Asset Clearing Services Limited (in Special Administration)
23 Austin Friars
The Companies' telephone numbers remain unchanged and post will be redirected to the Companies' new address.
Russell Downs, Douglas Nigel Rackham, and Dan Yoram Schwarzmann have been appointed as joint administrators by the High Court to manage the affairs, business and property of Beaufort Securities Limited. Russell Downs, Douglas Nigel Rackham, and Dan Yoram Schwarzmann have been appointed as joint special administrators by the High Court to manage the affairs, business and property of Beaufort Asset Clearing Services Limited. The administrators and special administrators (together the "Administrators") act as agents of the companies, without personal liability. All are licensed in the United Kingdom to act as Insolvency Practitioners by the Institute of Chartered Accountants in England and Wales. They are bound by the Insolvency Code of Ethics which can be found at: https://www.gov.uk/government/publications/insolvency-practitioner-code-of-ethics.
The Administrators may act as Data Controllers of personal data as defined by UK data protection law depending upon the specific processing activities undertaken. PricewaterhouseCoopers LLP may act as a processor on their instructions. Personal data will be kept secure and processed only for matters relating to the Administrator s' appointment. Further details are available in the privacy statement on the PwC.co.uk website or by contacting the Administrators.