Insolvency Notices

Company

BEAUFORT ASSET CLEARING SERVICES LIMITED

Notice Type
Other Corporate Insolvency Notices
Publication date
24/07/2020
Edition
The London Gazette
Notice ID
3600246
Notice Code
2408

In the High Court of Justice, Business and Property Courts of England & Wales

Insolvency and Companies Court (ChD) Court Number: CR-2018-001745

BEAUFORT ASSET CLEARING SERVICES LIMITED

06637499

In special administration

Registered office: 23 Austin Friars, London, England, EC2N 2QP

(the "Company")

And in the Matter of Insolvency Act 1986

and in the matter of the Investment Bank Special Administration Regulations 2011

On 1 March 2018, Russell Downs, Douglas Nigel Rackham and Dan Yoram Schwarzmann (the “Administrators”) of PricewaterhouseCoopers LLP, 7 More London Riverside, London, England, SE1 2RT were appointed as the joint special administrators of the Company pursuant to The Investment Bank Special Administration Regulations 2011.

Notice is hereby given that the Administrators have now issued the “Long Stop Date Notice”, as defined in clause 1 (Definitions) of the distribution plan approved by Mr Justice Arnold on 26 July 2018 in relation to the Company pursuant to rule 146(2) of the Investment Bank Special Administration (England and Wales) Rules 2011, as amended on 26 November 2018, 27 February 2019, 30 October 2019 and 21 January 2020, the “Distribution Plan”.

The Long Stop Date Notice records that the Administrators have determined, acting reasonably, that they have achieved Objective 1 (as defined in the Distribution Plan) to the extent reasonably practicable.

The Long Stop Date Notice is dated 23 July 2020 and was sent on that date, and the Long Stop Date (as defined in the Distribution Plan) will therefore be 23 September 2020. The notice is available at the following website address:

https://www.pwc.co.uk/services/business-restructuring/administrations/beaufort/latest-news-and-update/long-stop-date-notice.html

If you consider that the Company continues to hold assets to which you are entitled, please contact the Administrators as a matter of urgency, and in any event prior to the Long Stop Date.

If by the Long Stop Date, the Company continues to hold assets which the Administrators have determined (in their absolute discretion, acting reasonably) cannot be the subject of a Transfer or Distribution (each as defined in the Distribution Plan) for any legal or practical reason, they will not thereafter be obliged to take any further action with respect to such assets pursuant to the Distribution Plan, and will be released from any obligations thereunder to seek to return those assets. Alternatively, in certain circumstances, remaining assets may in the Administrators’ discretion be liquidated, with the proceeds of such liquidation being returned to the relevant clients, subject to any deductions in respect of costs or liabilities to the Company.

On 19 June 2020, the Administrators posted a notice on their website at the following website address:

https://www.pwc.co.uk/services/business-restructuring/administrations/beaufort/latest-news-and-update/notice-of-applications.html

That notice stated that the Administrators 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 regulation10(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 have accordingly now issued the Long Stop Date Notice.

The Administrators may be contacted via their solicitors, Linklaters LLP, One Silk Street, London EC2Y 8HQ. (Ref: Conway / Colthurst) or by writing to hershil.amin@pwc.com.

A hard copy of this notice may be requested from the Administrators. The Administrators can be contacted by:

Email: Client.Services@beaufortsecurities.com

Post: FAO: Hershil Amin, Beaufort Asset Clearing Services Limited, 23 Austin Friars, London, EC2N 2QP

Please note that due to the current worldwide pandemic our client services helpline is temporarily suspended. We do, however, remain fully operational by email, per the details above.

The numbers assigned to the Administrators by the Secretary of State are 8673, 8912, and 9372.