As you are aware, Mark Ford, Adam Stephens and Henry Shinners of Smith & Williamson LLP were appointed
Joint Special Administrators (“the JSAs”) of Reyker Securities Plc on 8 October 2019.
All assets held by Reyker on behalf of its clients continue to remain safe and under the control of the JSAs.
The JSAs have published in July 2020 an update for the company’s clients and creditors. This may be viewed at
https://smithandwilliamson.com/reyker-securities-plc . We are providing a summary below:-
Interim Distribution of Client Money
The JSAs confirm that a first interim distribution of client money will be paid during August 2020 from the Client
Money Pool (the latter being cash held as at 8 October 2019) to all clients who hold a Client Money balance with
Reyker and have submitted a Client Money Instruction Form by 17.00 hours (GMT) on 07 August, 2020. Gravitas
Finance LLC (‘’Gravitas’’), as a client of Reyker, is in the process of completing the submission of the required
Client Money Instruction Form.
The first interim distribution is announced as the sum of 85p in the £. However, depending on the eligibility of
participating clients to the Financial Services Compensation Scheme (FSCS) compensation, a number of
participating clients would receive 80p in the £ as interim client money distribution as the JSAs need to maintain
a reserve for these clients’ share of the costs of the special administration. In its claim to the JSAs, Gravitas have
elected to be considered for the FSCS compensation.
The balance of funds being retained in the Client Money Pool is a provision against future, new and unforeseen,
claims against the Client Money Pool (and costs for Clients ineligible for FSCS compensation). The balance of
Client Money is expected to be distributed in due course by way of a final distribution.
Transfer of Custody Assets
The transfer of Custody Assets is a separate and court-led process and requires the Distribution Plan ( a detailed
legal document with accompanying asset schedules and evidence collated by the JSAs and which details the
process by which the Custody Assets will transfer ensuring Clients’ rights are protected) to be submitted to the
Courts for consideration and approval before any custody assets transfer can take place.
At 10 July 2020, the JSAs and their legal advisors were finalising the Distribution Plan in collaboration with the
Creditors’ Committee, and with input from the FCA, and there are a number of legal and practical matters to be
considered prior to the JSAs submitting the desired application to Court.
The aim of the JSAs is to submit the application in early course to obtain a court hearing prior to the Summer
recess (which commences 1 August 2020). In the event a hearing date is not scheduled prior to the Summer recess, the JSAs’ advisors believe a case could be made for the application to be heard as an urgent application
during the Court’s summer recess. However, this determination will ultimately be at the Court’s discretion.
Gravitas currently awaits further communications from the JSAs as regards the interim return of client monies
and the distribution plan.
Please note that the JSAs have set up a dedicated website page to provide all updates to stakeholders, the link
of which is provided below. We recommend that you consult the same.
Gravitas has been and will remain in regular contact with the JSAs and will of course continue to keep you
updated of all developments regarding the above.
Gravitas support team
GWA-Gravitas Wealth Account Brochure
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