Strand Capital Limited in special administration
Adam Stephens and Henry Shinners both of Smith & Williamson LLP and Virgil Levy of LA Business Recovery Limited were appointed Joint Special Administrators (“JSAS”) of Strand Capital Limited – in Special Administration (“Strand”) on 17 May 2017.
This website will be used to provide clients and creditors with information, and will be updated when information becomes available, on the Special Administration of Strand.
UPDATE MESSAGE FOR ALL OF STRAND’S CLIENTS
Court approved the Distribution Plan on 5 April 2019, and since that date the JSAs have instructed the return of all assets to clients who have provided valid instructions for a broker who can hold the assets they are to receive.
The return of assets is unfortunately a slow process; many of the assets are registered overseas and there are a number of different custodians and registrars who are part of this process.
The JSAs previously wrote to all clients on 5 March 2019 to obtain details of where each client wished their assets to be returned to; we are still waiting for instructions from some clients. Please note, if you are represented by a pension provider or SIPP you do not need to contact the JSAs.
We are also aware that some clients and custodians have had problems setting up accounts to hold the varied portfolio. All parties, with the assistance of the JSAs, are working to resolve any issues as quickly as possible.
Clients should be aware that assets are being transferred at different times, and take different lengths of time for transfers to complete. We are unable to provide a definitive timeline for all investors for when their respective transfers will be complete.
Over the forthcoming weeks and months clients will receive assets back into their control. Please be aware that there is no further action that the JSAs can take to speed up this process.
The JSAs have a dedicated telephone and email address for affected parties. These are:
Telephone - 020 7131 4452
For all press related queries please contact Mark Gee on 0207 131 4597.