Publications that covered this story include The Times, 10 January.
• Sixth time the Special Administration Regime has been used since its introduction in 2011
Andrew Andronikou and Peter Kubik of UHY Hacker Young LLP have been appointed as Special Administrators to London-based specialist investment company Hartmann Capital Limited under the Special Administration Regime.
A Special Administration order in respect of Hartmann Capital Limited was granted on Friday 3 January 2014 during an out of hours hearing after the directors made an urgent application to court the same day. The application was made after a potential shortfall in client monies and regulated capital was discovered.
Peter Kubik, partner in the turnaround and recovery department, comments: “We have worked closely with the FCA over the past few weeks to ensure that the company’s Special Administration has as minimal impact as possible on the clients of Hartmann Capital Limited and we continue to work alongside the FCA to ensure an orderly distribution of client assets as quickly as possible. This is the primary objective of the Special Administration regime and once all client assets have been returned, we will then focus on the more standard administration procedure of realising the company’s assets and carrying out a thorough investigation into the company’s dealings and specifically into how the shortfalls occurred.”
This is just the sixth time the Special Administration Regime (SAR) has been used since being introduced in 2011 after the collapse of Lehman Brothers.
The SAR was introduced to deal with insolvent investment banks and financial institutions with the objective of ensuring minimal disruption to financial markets and, as a result, managing consumer confidence.
UHY Hacker Young were also appointed Special Administrators to the fifth such order, in October 2013, of City Equities Limited.