28 Jun 2022
IN THE HIGH COURT OF JUSTICE
BUSINESS AND PROPERTY COURTS OF ENGLAND & WALES
COMPANIES AND INSOLVENCY LIST (CH.D.)
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”), with company number 04621383 and registered office c/o Teneo Financial Advisory Limited, 156 Great Charles Street, Queensway, Birmingham, B3 3HN 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.
Pursuant to the Financial Conduct Authority Client Assets Sourcebook (“CASS”) Rules 6.7.2R and 6.7.4E (Client Assets) and 7A.2.6AR and 7A.2.6CE (Client Money), the Joint Special Administrators of the Company sent to clients in respect of whom the Company has evidence that client assets and/or client money may belong, but who had not yet submitted a claim to the Joint Special Administrators for such client assets and/or client money, a letter dated 27
May 2022 (the “Initial CASS Notification”).
The Initial CASS Notification (a form of which is available to view at https://sovacapital.com/) notified recipients that if clients wished to be considered by the Joint Special Administrators for participation in the CASS client money and client asset return process, they were requested
to return to the Joint Special Administrators as soon as possible, and in any event, no later than 24 June 2022, their signed CASS Client Statement.
Further, the Initial CASS Notification notified recipients that if the Joint Special Administrators did not hear from clients by 24 June 2022, the Joint Special Administrators would issue a further notice requesting a response by a stated deadline.
The Joint Special Administrators now give notice to CASS clients, in accordance with the CASS Rules 6.7.2R(1)(b) and 7A.2.6AR(1)(b), that in the event a signed CASS Client Statement is not returned to the Joint Special Administrators by 29 July 2022, the Joint Special Administrators intend to use in due course the provisions under the Financial Conduct Authority CASS Rules to cease to treat any client money and/or client assets
held on clients’ behalf as client money or client assets. The consequences of this action will mean such clients will no longer have any ability to assert an ownership right to such client money or client assets.
Any queries, including requests for CASS Client Statements, should in the first instance be directed to cass.sovacapital@teneo.com or crm@sovacapital.com. If you would prefer to contact us by other means, you may contact us by post at the following address: Teneo Financial Advisory Limited, 156 Great Charles Street, Queensway, Birmingham, B3 3HN. David Philip Soden, Ian Colin Wormleighton and Stephen Roland Browne (the Joint Special Administrators of Sova Capital Limited).
The Joint Special Administrators act as agents of Sova Capital Limited without personal liability.
CASS – Letter to unresponsive clients 27.05.22
CASS asset return process