Beaufort Asset Clearing Services Ltd, Re

Beaufort Asset Clearing Services Ltd, Re

The court is satisfied that the special administration objectives have been sufficiently achieved, all reasonable steps to return client assets and money have been taken, and there are no further steps open to the administrators. The winding up of BACSL, BNL, and Raven is appropriate, and administrators are entitled...

Source-derived case information.

Parties
Applicant: Beaufort Asset Clearing Services Limited; Applicant: Beaufort Nominees Limited; Applicant: Raven Nominees Limited
Jurisdiction
England and Wales
Judgment Date
16 December 2020
Procedural Posture
Insolvency / Final Judgment on Winding Up Petitions and Discharge of Administrators
Outcome
winding up orders granted; administrators discharged from liability
Legal Topics
Special Administration, Winding Up, Distribution of Client Assets, Discharge of Administrators, Client Money, Nominee Companies
Insolvency Company Law Financial Regulation Special Administration Winding Up Distribution of Client Assets Discharge of Administrators Client Money +1 more

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Summary, issues, holding and outcome

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Parties

Beaufort Asset Clearing Services Limited

Applicant

Beaufort Nominees Limited

Applicant

Raven Nominees Limited

Applicant

Procedural Posture

Insolvency / Final Judgment on Winding Up Petitions and Discharge of Administrators

Legal Issues

  1. 1 Whether administrators of BACSL should be discharged from liability
  2. 2 Whether BACSL, BNL, and Raven should be compulsorily wound up under the Insolvency Act 1986
  3. 3 Whether special administration objectives have been sufficiently achieved

Ratio Decidendi

The court is satisfied that the special administration objectives have been sufficiently achieved, all reasonable steps to return client assets and money have been taken, and there are no further steps open to the administrators. The winding up of BACSL, BNL, and Raven is appropriate, and administrators are entitled to discharge from liability after a notice period.

Court Disposition

winding up orders granted; administrators discharged from liability

Orders

  • Administrators' appointments to cease to have effect.
  • Administrators discharged from liability 28 days after cessation of appointment.