Beaufort Securities Limited - in administration- and Beaufort Asset Clearing Services Limited - in special administration - update

May 24, 2018

Russell Downs, BSL joint administrator and partner, PwC said :

“The administration team held a constructive and wide-ranging discussion with the creditors’ committee on Wednesday 23 May during which a revised costs estimate of £55m was presented.


“After a period of assessment in order to formulate a detailed plan and recognising the positive milestones passed, such as the launch and initial response to our client portal, we are now working to a refined cost estimate of £55m over a two-year process.  The committee have rightly asked to assess the breakdown and detail behind this estimate and that process will start in our scheduled next meeting.


“These costs include maintaining ongoing operations. including 35 retained Beaufort staff, office space and related expenditure, alongside the IT infrastructure which is critical to support the client records. Additionally there will be the costs of the administrators and legal advisers. Finally we have included a general contingency and VAT.


"The timescale and associated costs have reduced due to the streamlined process afforded by our proposed distribution plan to clients in September. This is compared to our previous maximum forecast -  which we emphasised was only a reserve estimate based on a four-year process and subject to review.


“The creditors’ committee support the development of the distribution plan, with the aim of receiving all necessary approvals in July with the intended block transfer of as many clients as possible to a nominated broker in September.


“We also urge clients to log in to the Beaufort portal and review their statements before the 8 June bar date for claims.”




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