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Beaufort Asset Clearing Services Limited (“BACSL”) in special administration (the “Special Administration”) - Bar Date Notifications

Bar Date Notification

On 21 August 2020, the Administrators gave notice to BACSL's clients of the Client Money Bar Date. The Bar Date has been set as 11 September 2020. All Relevant Clients are required to provide instructions to the Administrators to enable them to facilitate a return by this date. If you believe BACSL still holds client money for you please get in touch immediately

The Administrators accordingly give the Bar Notice here.

Notice of Applications

On 19 June 2020, the Administrators posted a notice on this website, stating that they intended to apply to the Court for (among other things) a declaration that Objective 1 of the special administration objectives prescribed by Regulation 10(1) of the Investment Bank Special Administration Regulations 2011, being the return of client assets as soon as is reasonably practicable, has been sufficiently achieved and achieved to the extent reasonably practicable in relation to BACSL. 

That application was heard by Mr Justice Miles in the High Court on 21 July 2020 and was successful. The Order of Mr Justice Miles dated 21 July 2020 contains the following declarations: 

1. Objective 1 of the special administration objectives prescribed by regulation 10(1) of the IBSA Regulations (“Objective 1”), being the return of client assets as soon as is reasonably practicable, has been sufficiently achieved and achieved to the extent reasonably practicable in relation to the Company.

2. The Administrators shall be at liberty to issue a Long Stop Date Notice to clients within the meaning of clause 1 of the Distribution Plan (as amended on 26 November 2018, 27 February 2019, 30 October 2019 and 21 January 2020).” 

The Administrators accordingly hereby give the Long Stop Date Notice here.

Client Money

On 20 July 2020, the Financial Conduct Authority (the "FCA") issued two Directions (see below) permitting BACSL, having provided appropriate advance notice to impacted clients, to pay to the Insolvency Service’s Unclaimed Dividends Account the client money balances of BACSL’s clients who have failed since 1 March 2018 to provide to the Administrators the Requested Information.  The Administrators accordingly give the First Waiver Notice here.

The Administrators intend to utilise the provisions under the FCA CASS Rule 7A.2.6AR such that clients who have not provided BACSL with instructions that enable it to make a distribution will lose their claim to client money, which will instead be applied towards the costs of the administration insofar as they relate to the distribution of client money. The Administrators accordingly give the CASS Notice here.

FCA Direction_CASS Rule 7A.2.4R

FCA Direction_CASS Rule 7A.2.7AR

"On 20 July 2020, the Financial Conduct Authority (the "FCA") issued two Directions permitting BACSL, having provided appropriate advance notice to impacted clients, to pay to the Insolvency Service’s Unclaimed Dividends Account the client money balances of BACSL’s clients who have failed since 1 March 2018 to provide to the Administrators the Requested Information. The Administrators accordingly give the Bar Notice here.

Client Assets and Client Money Bar Date: 8 June 2018 

The Bar Dates for submitting your client assets and client money claims passed on 8 June 2018. Thank you to all clients who have confirmed their agreement or disagreement to their statement.  

If you have not yet submitted a claim but want to submit a claim, please do so as soon as possible.

It is very important that you review your client asset and client money personalised statements carefully. These set out the Special Administrators' understanding of the extent of your entitlement to client assets and/or client money based on the information contained in the books and records held by BACSL.

If you disagree with your personalised statements, then you should notify the Special Administrators of this as soon as possible with details of the discrepancy and supporting evidence. If you fail to notify the Special Administrators of your disagreement then when making distributions, the Special Administrators will calculate the client assets and client money to be returned to you in accordance with the information which the Special Administrators have available to them.

If you agree with your personalised statements, please confirm your agreement using this Portal. The more clients that do so, the more this will facilitate a smooth and fast return of client assets and client money in the course of the Special Administration. In agreeing with your personalised statements, you are confirming that they represent an accurate picture of your entitlement to client assets and client money as at 1 March 2018.

Client Assets and Client Money Bar Date Notifications - 9 May 2018

Post Bar Date Notice Letter – 13 June 2018

Third CASS Notice - 13 July 2018

Third CASS Notification Letter - 13 July 2018

 

Client Portal

Please click here to access the Client Portal.

The Portal is an interactive platform that allows you to access information about your personal client asset and client money entitlements as at 1 March 2018. 

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 Administrators' appointment. Further details are available in the privacy statement on the PwC.co.uk website or by contacting the Administrators.

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