Insolvency broker SVS Securities issued a notice stating that the joint bankruptcy administrator Leonard Curtis plans to apply to the court to end the bankruptcy administration of SVS Securities in early 2023.
According to the statement, Leonard Curtis believes that the most appropriate way to close is to file a notice of dissolution of the company after the distribution of all relevant assets has been completed and all statutory obligations have been dealt with.
SVS Securities went into bankruptcy in August 2019. In September last year, Leonard Curtis issued a notice stating that the bankruptcy administration process of SVS Securities will end in early 2022.
At present, according to the arrangement of Leonard Curtis, 99% of SVS Securities customers have been transferred to ITI Capital, a financial consulting and investment service company, which saves a handling fee for the transfer of funds of SVS Securities customers.
SVS Securities has also reached out to a small number of clients who were not eligible to transfer to other platforms to learn about the appropriate avenues for returning their funds. For two years, this group of customers has been difficult to contact.
In addition, less than 1% of SVS Securities corporate clients and one individual trader were unable to recover their losses in full due to the Financial Services Compensation Scheme (FSCS) cap of £85,000 per claimant.