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:
The joint administrators / joint special administrators will contact all affected clients of the Firms in due course.
If clients of the Firms require more information about how they will be affected, they should continue to monitor this website for further announcements or call the following numbers, which will be open from 9am until 5pm Monday to Friday excluding public holidays:
International: +44 2072930227
Beaufort Securities Limited (in Administration)
Beaufort Asset Clearing Services Limited (in Special Administration)
63 St Mary Axe
Should you have any queries regarding this update you can contact the Beaufort Client Services team at Client.Services@beaufortsecurities.com. The mailbox will be monitored 9am until 5pm, Monday to Friday excluding public holidays.
"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 also 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 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. The Administrators and Special Administrators 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 and Special Administrators are Data Controllers of personal data as defined by the Data Protection Act 1998. Personal data will be kept secure and processed only for matters relating to the appointment."