Strand Capital Limited (Strand), an investment management firm, formally entered the Special Administration Regime (SAR) insolvency proceedings on 17 May 2017.
Having reached an assessment that it was no longer solvent, Strand made an application to the court to formally initiate insolvency proceedings under SAR.
Strand has approximately 3,000 customers.
The joint special administrators are Adam Stephens and Henry Shinners of Smith & Williamson and Virgil Levy of LA Business Recovery Limited.
Client money and assets
The special administrators will carry out an assessment of the client money and assets held by the firm to confirm the current position.
Following the assessment the special administrators will return as much client money to customers as quickly as possible.
If the assessment of client money results in Strand’s clients not having all of their money returned, they may have access to the Financial Services Compensation Scheme, depending on their individual circumstances.
Special Administration Regime (SAR)
The SAR was introduced by the Government in 2011 to help resolve situations where investment firms, which hold client money and/or assets under our Client Assets Sourcebook rules, fail.
The SAR process has a number of objectives: one of these is to ensure money is returned to customers as soon as is reasonably possible.