This section contains a brief guide for clients explaining how the Distribution Plan will affect them and how costs will be worked out and shared across clients.
The administrators have also implemented processes to enable distributions to remaining clients, including the transfer of assets and money to clients’ own selected brokers, as well as further transfers to the nominated brokers and a liquidation process.
If you have any questions, please contact our Client Services Helpdesk by:
This section contains the administrators' distribution plan for the return of client assets (the “Distribution Plan”), an accompanying statement explaining its terms (the “Explanatory Statement”) and an important notice to clients. It was approved by the Creditors’ Committee on 13th July 2018 and approved by Mr. Justice Arnold at a hearing at 2pm on 26 July 2018, with one amendment. The amendment is to Clause 3.1 of the Distribution Plan and makes clear that the Administrators can continue to return Physically Held Certificates which they are holding for clients to those clients outside of the return processes in the Distribution Plan until 10 September 2018 (at which point they will be able to return any that they still hold under the Distribution Plan). The Court provided the sealed order approving the Distribution Plan on 27 July 2018 and therefore the Effective Date of the Distribution Plan is 27 July 2018.
This Addendum sets out, for each client, which stock lines Beaufort’s books and records indicate that BACSL had undertaken to hold and in what quantity. This information was contained in the individual client asset statements that were sent to all clients in early May 2018. In addition, the Addendum states which stock lines are, on the basis of the work undertaken by the Administrators to date, currently believed to be subject to reconciliation shortfalls.
The Addendum should be read together with the terms of the Distribution Plan itself and is subject to those terms such that, for example, if any of the securities listed are Tainted Client Assets or Non-Returnable Assets (as defined in the Distribution Plan), there may be a delay in them being returned, if indeed they are able to be returned at all.
The information contained in the Addendum is subject to various further caveats, namely that:
For security and data protection reasons, the names of clients have been replaced in the addendum with anonymised unique identifiers. Any client wishing to know its unique identifier for the purposes of inspecting and reviewing the Addendum should contact our Client Services Helpdesk (see above).
For all of the above reasons, however, the more authoritative and up-to-date source of information for clients, regarding the client assets that will in due course be returned to them, is the Client Assets Claim Statements that the Administrators intend to provide to clients in the course of August 2018, if the Distribution Plan is approved by the Court.
A summary process for the distribution of your Client Assets and Client Money to your own selected broker can be found in the below link
The table linked to below outlines the valuations of 25 Client Assets identified by the administrators as being affected by shortfalls in BACSL’s books and records as at 1 March 2018.
If you held any of the Client Assets listed in this document a shortfall in your holding will have been identified on your Client Asset Statement. You can use the valuation quoted below to calculate the compensation you have received in the form of cash if you are eligible for the Financial Services Compensation Scheme (FSCS).
A number of Clients have indicated that they do not wish to pursue claims in respect of some or all of their assets still held by BACSL. If you wish to waive your rights as a Claimant to any of the assets held by BACSL on your behalf, please read the document below outlining what action you should take.
Following investigations, we have identified a list of stocks and warrants we believe to be either dissolved or illiquid which can be viewed via the below link: