Liquid Markets, the UK Forex broker that was forced to halt operations in the aftermath of the events on “Black Thursday”, has just announced the appointment of special administrators from Baker Tilly Restructuring and Recovery LLP.
Matthew Haw, Graham Bushby and Matthew Wild will act as Joint Special Administrators of the Forex broker under an order of the High Court. The administrators will be working to reconcile client positions and release client funds as soon as possible, the statement says. The administrators will be contacting customers of the broker soon to obtain information on the amount of funds due to them.
Contacts and further information:
Clients can find all necessary information on a special microsite: https://bakertilly.insolvencypoint.com/1069879
They are also encouraged to contact administrators via email: [email protected].
A section dedicated to Frequently Asked Questions says the administrators will be contacting everyone affected within 8 weeks.
Positions of clients:
All clients with any open positions had their position closed on Tuesday 27 January 2015. On 28 January 2015, the FCA declared that a primary pooling event had taken place under the FCA’s client asset rules. This means that client monies are pooled together and all eligible clients are entitled to share on a pro-rata basis in the client money pool.
How about the deficit on client money?
From the information available to the Joint Special Administrators at present, the Company does appear to have a deficit on client money.
The Joint Special Administrators will report further on the size of the deficit when accounts have been reconciled. This is a key priority of the Joint Special Administrators.
Do clients have to repay negative balances?
Here is what the administrators say:
You will be asked to pay that money. The Joint Special Administrators will be in touch to request payment of that money and provide account details for payment.
The official statement goes as follows:
Matthew Haw, Graham Bushby and Matthew Wild of Baker Tilly Restructuring and Recovery LLP (“the Joint Special Administrators”) were appointed as Joint Special Administrators of the Company on Monday 2 February 2015 by order of the High Court.
The Joint Special Administrators are working to reconcile the client positions and to facilitate release of client funds as soon as practicable, this is one of Joint Special Administrators’ formal objectives in accordance with the Investment Bank Special Administration Regulations 2011.
To assist the Joint Special Administrators with the reconciliation task, they will be shortly writing to clients and creditors to request confirmation of the amounts due to them. Under the same cover, clients will receive details as to how to make a claim and when their claim should be submitted.
In order to answer your queries as quickly as possible, the Joint Special Administrators have set up a dedicated microsite https://bakertilly.insolvencypoint.com/1069879 and email address [email protected] to facilitate this process and to provide you with updates.
The microsite will be updated as and when new information is available, if there is no new information the website will not be updated, clients should refer to the Frequently Asked Questions section in the first instance, if individual queries cannot be answered within the information provided on the website please contact the email address provided above.
Matthew Robert Haw is licensed to act as an Insolvency Practitioner in the UK by the Institute of Chartered Accountants in England and Wales.
Graham Bushby is licensed to act as an Insolvency Practitioner in the UK by Institute of Chartered Accountants in England and Wales.
Matthew Richard Medley Wild is licensed to act as an Insolvency Practitioner in the UK by Institute of Chartered Accountants in England and Wales.
LQD Markets (UK) Limited is authorised and regulated by the Financial Conduct Authority (FCA) in the UK, reference number is 603186. Registered office is 25 Farringdon Street, London EC4A 4AB with company number 08319222.
The affairs, business and property of the company are being managed by the Joint Special Administrators who act as agents of the company and without personal liability.