Latest update on LQD Markets (UK) in Administration 

Baker Tilly Restructuring and recovery LLP, Special Administrators’ of LQD Markets (UK) Limited, has issued a press release to inform creditors in relation with the progress made for the period 02 February 2015 to 01 August 2015.

Progress’ Report main points are:

Reconciliation of the Client Accounts

Director of the company, provided Administartors with a list of client balances as at 27 January 2015. The Company had ten client accounts with Santander UK plc and five with Barclays Bank plc. These accounts were omnibus and at that time the Company the company held various balances in these accounts which a dollar equivalent of US$2.195 million at that time exchange rates.

The Company advised that the total amount owed to clients was US$ 3.550 million.

According these information, a deficit on client monies was estimated at approximately dollar equivalent of US$ 1.355 million.

Additional 137 clients have been established by Special Administrators during the reconciliation process with balances tottaling US$ 1.482 million which they were not previously aware. This has increased the estimated deficit.

Special Administrators are currently investigating how and why this deficit occurred.

Realisation of Assets

Client Monies

For illustrative purposes Special administrators provided the below breakdown of the currency held. Administartors points that all funds are held in the same currency as they were held by the Company on appointment.

Currency      Amount
USD          827,341.66
GBP          379,244.60
CHF            24,536.55
HUF          578,130.79
Euro          668,117.77
JPY           157,629.00
PLN              9,552.92

Investigations

Further investigations are being undertaken in relation to how the deficit on client monies has arisen as well as a full investigation into the transfer of the business assets from LQD Markets Limited in Cyprus to the Company.

Special Administrators also report on Assets Remaining to be realised, Extension of the Special Administration, Clients’ and Creditors’ claims and dividend prospects Receipts and Payments Summary, Creditors’ Right to information and ability to challenge remuneration and expenses, as well as, Costs and Joint Administrators’ remuneration.

Follow LQD Markets (UK) Progress Report for the full Special Administrators’ Progress Report.

Source: Baker Tilly Insolvency point

 

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