Fyshe Horton Finney Limited - In Special Administration

Friday, March 22, 2013 - 17:20

 

 

Introduction

Paul Boyle and David Clements of Harrisons were appointed Special Administrators (‘SA’) of Fyshe Horton Finney Limited (‘the Company’) on 20 March 2013 at 3pm under Leeds District Registry Number 417 of 2013 under The Investment Bank Special Administration Regulations 2011 by Order of the Court.


Clients & Investors 

If you are a client of the Company and it invests, holds or manages funds on your behalf you should send details of your name, address, e mail, telephone number and the sum concerned to the following e mail address and read the frequently asked questions (‘FAQ’) below: -

FysheHorton@harrisons.uk.com

Creditors 

If you are a trade creditor you should send details of your name, address, e mail, telephone number along with sums outstanding to you to the e mail address above and read the frequently asked questions below. The SA’s will issue purchase orders for any purchases made during the currency of the proceedings

Press Enquiries 

If you are a member of the press or are seeking a press release please contact our public relations consultant Gill Sainsbury of Gill Sainsbury PR e mail address gill@gillsainsburypr.com who is instructed. We anticipate posting a press release to our website in due course. ALL other parties including Clients, Investors and Creditors are asked not to direct enquiries to our PR consultant.

Individual Enquiries 

We regret that because of the level of enquiries anticipated we cannot answer each one individually at this time but all e mails will be addressed. We appreciate that you may have difficulty when you have contacted our Reading office handling the matter and we have therefore provided answers to questions which are frequently asked in these circumstances and we will continuously up date these as circumstance change or additional relevant questions come to light. For all calls from Clients, Investors and Creditors regarding the Company we operate a designated number: - 0118 3214275.

Frequently Asked Questions - Information for Clients and Investors

1. I am a client and or investor, what shall I do now?

Please send the details below to  FysheHorton@harrisons.uk.com, please state your name in the title of your e mail.

a. Name
b. Address
c. Telephone number
d. E mail address (if not the same)
e. State if you are a client/investor or a trade creditor
f. Value of claim.  We appreciate that you will not necessarily have the exact sum which the Company holds or has invested on your behalf, because investment values can move daily but an estimate at this stage is acceptable and later in the proceedings we will explain how the sum due to you will be agreed.

Once we have added your details to our database you will be sent an acknowledgement e mail, this will be automatically generated. Once you have received this e mail we will ensure you are circulated with the appropriate notice and reports.

The Company are in the process of providing us with the Clients and Investors details as well, which are being uploaded to our database, we will reconcile the two for any changes in details.

2. When will I hear from the SA after that?

The SA’s are obliged to notify Clients and Investors of their appointment as soon as reasonably practicable. We will update this page once the first circular of the prescribed notice has been sent, if we hold your details at that time you will be included in the first circular. Any other parties will receive the notice once we have registered their details.

The SA’s also advertise their appointment in the London Gazette as prescribed by the Insolvency Act.

The SA’s are obliged to provide you with a report of the proceedings and their actions within 8 weeks of their appointment. This will be prior to 15 May 2013. This page will be updated when the report is available and each party entitled to receive the report will be circulated unless the Court Orders otherwise.

3. Is my Money Safe?

Any funds held by the Company directly will have been frozen by the Company’s bankers upon appointment. These will be held by the SA’s in a trust account ring fenced for Clients and Investors. Any moneys held by third parties on your behalf via the Company will have immediately been notified of the commencement of the proceedings and funds will be held to the SA’s order.

The Company and its assets are protected by a legal process called a Moratorium which means that no one else is entitled to take the assets without the proper legal recourses prescribed by the Insolvency Act.

The SA's are required to comply with the Financial Services Authority (‘FSA’) rules. These include detailed rules that are designed to protect money and assets of belonging to clients of authorised firms that have administrators appointed. The SA's are liaising with the FSA to ensure that those protections are in place for clients and investors who have invested money with or through the Company.

4. When will I get paid? Or when will I get my investment back?

The SA’s will hopefully be in a position to provide more detail on this in their report to you as detailed earlier. Whilst the SA’s are confident that a return will be made to Investors it is not appropriate for the SA’s to comment at this stage as to the quantum.

5. What is the best way to contact you?

Due to the number of enquiries we expect to receive, the most efficient way of contacting us will be via email.  In order that we can try and deal with your query as quickly as possible, we would refer you to point 1 above for the details required.  

6. I want to talk to someone please.

If you wish to contact us please call the following number 0118 321 4275 where suitably briefed staff will assist with you.  

7. How do I know that you have received the e mail I sent you?

We would suggest that you request a ‘read receipt’. Once we have uploaded your details to our database we will send you a further e mail, this may seek for you to complete a further document in relation to sums due to you.

8. My investment is due to mature shortly.

The SA’s are aware that some Investors are expecting their investments to mature shortly, the SA’s will ensure that this is considered in the FAQ update and their reports.

9. What is a SA?

The SA’s are individuals who are suitably qualified to manage this organisation. In this case the Company has reached a point where it is not certain that it has sufficient funds to disburse all of its liabilities. Paul Boyle and David Clements are Insolvency Practitioners who have been appointed with the ratification of the FSA and Court. The SA’s will report to Investors as described earlier of why this had occurred, what their findings are and the anticipated outcome.

Frequently Asked Questions - Trade Creditors

10. I am a trade creditor, what shall I do now?

In the first instance please await our standard notification in which we will provide you with a Proof of Debt form. If you wish to address the matter immediately please send your details to FysheHorton@harrisons.uk.com, please state your company name in the title of your e mail.

a. Name
b. Address
c. Telephone number
d. E mail address (if not the same)
e. Total Sum outstanding and attach copy invoices and purchase orders if available.

Once we have added your details to our database you will be sent an acknowledgement e mail, this will be automatically generated. Once you have received this e mail we will ensure you are circulated with the appropriate notice and reports.

The Company are in the process of providing us with the Creditors details as well, which are being uploaded to our database, we will reconcile the two for any changes in details.

11. I have a Retention of Title Claim

Please e mail  the SA’s at FysheHorton@harrisons.uk.com and in the title to the e mail state ‘ROT – Your Company Name’. We will forward a retention of title claim form by return and your matter will be assigned to a member of our staff who will contact you thereon.

12. When will I hear from the SA again?

The SA’s are obliged to notify Creditors of their appointment as soon as reasonably practicable. We will update this page once the first circular of the prescribed notice has been sent, if we hold your details at that time you will be included in the first circular. Any other parties will receive the notice once we have registered their details.

The SA’s also advertise their appointment in the London Gazette as prescribed by the Insolvency Act.

The SA’s are obliged to provide you with a report of the proceedings and their actions within 8 weeks of their appointment. This will be prior to 15 May 2013. This page will be updated when the report is available and each party entitled to receive the report will be circulated, unless the Court Orders otherwise.

13. What are the prospects of a distribution to unsecured Creditors?

The SA’s will answer this in their report to you as detailed earlier.

14. How do I know that you have received the e mail I sent you?

We would suggest that you request a ‘read receipt’. FAQ's will be updated with questions repeated raised by e mail.

15. I want to telephone

If you wish to call please call our help desk on 0118 321 4275 and our staff will assist you where possible.

16. What is a SA?

The SA’s are individuals who are suitably qualified to manage this organisation. In this case the Company has reached a point where it is not certain that it has sufficient funds to disburse all of its liabilities. Paul Boyle and David Clements are Insolvency Practitioners who have been appointed with the ratification of the FSA and Court. The SA’s will report to Creditors as described earlier of why this had occurred, what their findings are and the anticipated outcome.

Legal Notices

The Special Administrators Paul Boyle and David Clements have been appointed by the director of the Company under regulation 5(1)(b) and 6 of the Investment Bank Special Administration Regulations.

Paul Boyle is authorised to act as a licensed Insolvency Practitioner by the Insolvency Practitioners Association under number 008897. David Clements is authorised to act as a licensed Insolvency Practitioners by the Institute of Chartered Accountants in England & Wales under number 008765.

The Special Administrators acts as agents of the Company without personal liability.