Client Money Update - Final Client Money Distribution - 14 December 2018

On 13th November 2018 we posted an update in which we said that the client money bar date would be on 13th December 2018 (the “Bar Date”), that all Client Money Claim Forms had to be submitted by the Bar Date and that all Existing Claimants had to confirm their payment details by the Bar Date. That update can be found here.

As we explained in that update, the Joint Administrators intend to make a final client money distribution within 6 weeks of the Bar Date. The final client money distribution will be a distribution of remaining client money entitlements and client money sums which the Joint Administrators believe that clients are or may be entitled to receive in addition to their client money entitlements (known as “Client Surplus Entitlements”).

Consequences of the Bar Date

The Bar Date has now passed. Existing Claimants who did not confirm their payment details between 1 July 2018 and 13 December 2018 will not be paid in the final distribution of client money. However, if an Existing Claimant’s total remaining client money entitlement (together with any Client Surplus Entitlement) is at least USD 25, then LBIE shall pay these amounts into the Insolvency Service’s Unclaimed Dividends Account in order that the client may claim such amounts from the Insolvency Service’s Unclaimed Dividends Account at any time.

Cheques

If you are an Existing Claimant and you confirmed your payment details between 1 July 2018 and 13 December 2018 by providing a current address to which a cheque could be sent, we will send you a cheque representing any remaining client money entitlement together with your Client Surplus Entitlement.

We may previously have sent you a cheque representing your remaining client money entitlement. If you have not yet cashed that existing cheque, then we will cancel it and send you another cheque in respect of your remaining client money entitlement together with your Client Surplus Entitlement.

Where you have received a cheque in respect of your client money entitlement and/or Client Surplus Entitlement and you do not present that cheque for payment within 3 months of the cheque’s date we are entitled to pay the value of that distribution into the Insolvency Service’s Unclaimed Dividends Account.

Claiming client money from the Insolvency Service

If your remaining client money entitlement and/or Client Surplus Entitlement is paid into the Insolvency Service’s Unclaimed Dividends Account and you wish to claim the amount from the Insolvency Service’s Unclaimed Dividends Account at any time, you should contact the Insolvency Service at: +44(0) 121 698 4268 (telephone) / Customerservices.eas@insolvency.gsi.gov.uk (email).

Queries

If you have any questions about this update please contact the Communications and Counterparty Management Team by emailing clientpositionresponses@lbia-eu.com.
 

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