05 Aug 2022
IN THE HIGH COURT OF JUSTICE
BUSINESS AND PROPERTY COURTS OF ENGLAND & WALES: CR-2022-000596
COMPANIES AND INSOLVENCY LIST (CH. D.)
SOVA CAPITAL LIMITED
(IN SPECIAL ADMINISTRATION)
(COMPANY NUMBER 04621383) TRADING NAME: SOVA CAPITAL AND SOVA CAPITAL LIMITED (PREVIOUSLY TRADED AS OTKRITIE CAPITAL INTERNATIONAL, OTKRITIE CAPITAL AND ABC CLEARING) REGISTERED OFFICE: C/O TENEO FINANCIAL ADVISORY LIMITED, 156 GREAT CHARLES STREET, QUEENSWAY, BIRMINGHAM, B3 3HN PRINCIPAL TRADING ADDRESS: 12 FLOOR, 88 WOOD STREET, LONDON, EC2V 7RS
NOTICE OF CLIENT MONEY BAR DATE IN ACCORDANCE WITH REGULATIONS 12A AND 12E OF THE INVESTMENT BANK SPECIAL ADMINISTRATION REGULATIONS 2011 (AS AMENDED)
BAR DATE: 17:00 (BST) on 16 SEPTEMBER 2022
DAVID PHILIP SODEN (IP 015790), IAN COLIN WORMLEIGHTON (IP 014230) AND STEPHEN ROLAND BROWNE (IP 009281), of Teneo Financial Advisory Limited, 156 Great Charles Street, Queensway, Birmingham, B3 3HN were appointed as special administrators (the “Joint Special Administrators”) of Sova Capital Limited (in special administration) (the “Company”) on 3 March 2022 pursuant to an application made by the directors of the Company under Regulation 5(1)(b) of The Investment Bank Special Administration Regulations 2011 (as amended) (the “Regulations”).
The Joint Special Administrators hereby give notice, in accordance with Regulations 12A and 12E of the Regulations, as follows:
1. The Joint Special Administrators consider that it is necessary, in order to expedite the return of client money, to set a bar date of 17:00 hours (BST) on 16 September 2022 (the “Client Money Bar Date”) for the submission of claims for the return of client money which has been pooled in accordance with the Financial Conduct Authority’s client money distribution and transfer rules (a “Client Money Claim”).
2. The Joint Special Administrators gave notice of their appointment as Joint Special Administrators of the Company on 11 March 2022 in the London Gazette. The Joint Special Administrators consider that the time between publication of the notice of their appointment as Joint Special Administrators, and the Client Money Bar Date, is a reasonable amount of time for persons to be able to calculate and submit their Client Money Claims.
3. The Client Money Bar Date only applies to Client Money Claims and does not apply to clients’ safe custody assets. This notice does not require you to take any action in relation to any claims, other than Client Money Claims, that you may have.
4. This notice will be:
(a) sent to all clients of the Company whose Client Money Claims the Joint Special Administrators are aware of, provided the Joint Special Administrators have a means of contacting them;
(b) sent to all those persons whom the Joint Special Administrators believe have a right to assert a security interest or other entitlement over client money, provided the Joint Special Administrators have a means of contacting them;
(c) placed in the London Gazette;
(d) advertised in The Financial Times and The Financial Times International;
(e) published on the Sova website at www.sovacapital.com; and
(f) sent to the FCA.
5. As soon as reasonably practicable after the Client Money Bar Date, the Joint Special Administrators are required to make a distribution of client money in accordance with client money distribution and transfer rules to the clients or other persons who are entitled to payment under Client Money Claims in accordance with Regulation 12A(3) of the Regulations.
6. Unless you submit your Client Money Claim prior to the Client Money Bar Date, the Joint Special Administrators will not be able to guarantee that your Client Money Claim will be included in the distribution of Client Money Claims to be made after the Client Money Bar Date.
7. Subject to Regulation 12A(7), Once the Joint Special Administrators have returned client money after the Client Money Bar Date, no payment or part of any payment made to any person under the distribution may be recovered for the purpose of meeting a late claim in accordance with Regulation 12A(6) of the Regulations.
8. Unless the court orders otherwise, every claimant who submits a Client Money Claim under Regulation 12A of the Regulations must bear the cost of making its own Client Money Claim, including the costs incurred in providing documents or evidence or responding to requests for further information, in accordance with Regulation 12F of the Regulations.
9. If you believe that you have a Client Money Claim, please return your signed Client Statement to the Joint Special Administrators on or before the Client Money Bar Date. Your CASS Client Statement is available upon request by emailing cass.sovacapital@teneo.com or crm@sovacapital.com.
10. If you have been sent this notice, it does not mean that you necessarily have a Client Money Claim or are otherwise entitled to receive a distribution of client money.
11. Any general queries in relation to this notice should be directed to cass.sovacapital@teneo.com or crm@sovacapital.com. Alternatively the Joint Special Administrators can be contacted at sovacapital@teneo.com, and telephone queries can be made at: 01133 96 0166. You may wish, however, to consult your own legal and other professional advisers for advice in relation to the scope and effect of this notice.
David Philip Soden, Ian Colin Wormleighton and Stephen Roland Browne (Joint Special Administrators of the Company).
The Joint Special Administrators act as agents of the Company without personal liability.
5 August 2022