Three partners at Mazars were appointed on 9 March 2012 as the Joint Special Administrators of Pritchard Stockbrokers Limited, a Bournemouth based stockbroking company.
Tim Ball and Guy Hollander are leading the Special Administration of the Company having been appointed as part of a Court process agreed by the FSA (now the FCA).
Although some of the Company's assets were sold to W H Ireland prior to the Special Administration, substantial monies due to over 11,000 clients have been handled by the Special Administrators.
Following a CASS modification issued to the Company by the FCA in April 2018, an application to Court, dated 23 November 2018, was heard by the High Court of Justice Business and Property Courts of England and Wales on 25 January 2019. The Court granted an Order prescribing a procedure by which the residual client money held by Pritchard Stockbrokers Limited (In Special Administration) should be distributed to clients, essentially enabling the Joint Special Administrators to set a Bar date for claims and then make a final distribution of the client money pool.
A copy of the Court Order is also available to download on this page.
The Bar Date and ‘Last Date for Proving’ was 12 April 2019 and any client who had not submitted a client money claim by the Bar Date has lost any right to receive a distribution from the client money pool.
A second and final distribution of the client money pool was made in September 2019. As a significant number of clients had claimed under the FSCS scheme with regard to losses suffered, and had assigned their rights to the FSCS, 80% of the second and final distribution was remitted directly to the FSCS as it ‘stands in the shoes’ of these clients that the FSCS has already compensated. The second and final distribution of the client money pool, amounted to approximately 3.2p in the £ and totalled some £0.8 million. The total amount distributed back to the Company’s clients from the client money pool has now amounted to some £13.8 million.
Regrettably, there have been insufficient funds realised in respect of non-client assets in the Special Administration to allow a dividend distribution to be paid to the Company’s secured, preferential or unsecured creditors.
In accordance with the Court Order, any unpresented dividend cheques older than six months have been transferred by the Special Administrators to the Insolvency Service’s Unclaimed Dividends Account ("ISUDA"), in order that the money can be preserved for the client to claim from the Insolvency Service at any time in the future, even following the closure of the Special Administration.
Should any clients hold cheques issued by the Joint Special Administrators that are older than six months from the cheque's date of issue, please review the Formal Notice which is available to view / download on this page, for further details and for the contact details of ISUDA.
Further documents, including the latest six month progress report to clients and creditors can be found on this page.
Where personal data is required to be processed, this will be dealt with in accordance with the Mazars LLP Insolvency Services Privacy Statement which can be accessed at: www.mazars.co.uk/Legal-and-privacy
Pritchard Stockbrokers Ltd Progress Report 101
Progress Report 1 March 2020 - 31 August 2020 to all known clients and creditors of Pritchard Stockbrokers Ltd