14 Nov 2023
Sova Capital Limited – In Special Administration (“the Company”)
In the High Court of Justice Business and Property Courts of England And Wales
Claim No. CR-2022-000596
Company Number: 04621383
Registered Office Address: C/O Teneo Financial Advisory Limited, The Colmore Building, 20 Colmore Circus Queensway, Birmingham, B4 6AT
CLIENT MONEY HARD BAR DATE NOTICE AND CLAIMS ADJUDICATION PROCEDURE
As you may be aware, the Company was placed into Special Administration on 3 March 2022, and David Philip Soden, Ian Colin Wormleighton and Stephen Browne of Teneo Financial Advisory Limited were appointed as Joint Special Administrators (the “Joint Special Administrators”).
Pursuant to the order of Mr Justice Miles dated 3 October 2023 (the “Order”), the Joint Special Administrations hereby notify Clients that they have received Court approval to set a Hard Bar Date in respect of Client Money Claims and to implement a claims adjudication procedure in relation to Client Assets (“Claims Adjudication Procedure”).
Hard Bar Date
Please find attached a copy of the Client Money Hard Bar Date Notice (the “Hard Bar Date Notice”).
As detailed in the Hard Bar Date Notice, the Client Money Hard Bar Date expires at 17.00 (GMT) on 13 December 2023.
Clients who have not yet engaged with the Joint Special Administrators in respect of the return of their Client Money and/or who have not provided their Client Statements to the Joint Special Administrators are urged to contact the Joint Special Administrators and/or provide such Client Statements as soon as possible. If you are not sure whether you have returned your Client Statement, please contact the Joint Special Administrators.
Clients who have already submitted Client Statements to the Joint Special Administrators are not required to take any action in relation to the Hard Bar Date Notice.
As further detailed in the Hard Bar Date Notice:
(1) the Client Money Hard Bar Date only applies to Client Money Claims and does not apply to clients’ safe custody assets received or held by the Company. The notice does not require clients to take any action in relation to any claims, other than Client Money Claims, that they may have.
(2) After the expiry of the Client Money Hard Bar Date, the Joint Special Administrators:
(a) may, in accordance with the rules in the Financial Conduct Authority’s Client Asset Sourcebook, transfer to the Company’s own bank accounts any balance of the client money pool which the Company holds after the return of Client Money to eligible claimants; and
(b) may not meet any further final money claims.
Any final Client Money Claim received after expiry of the Hard Bar Date will rank as an unsecured claim.
Please refer to the attached document for additional information. Should you still have any queries in relation to this notice, please contact the Company as follows:
Email: CASS.SovaCapital@teneo.com or crm@sovacapital.com
Post: Teneo Financial Advisory Limited, The Colmore Building, 20 Colmore Circus Queensway, Birmingham, B4 6AT.