Premier FX Limited – In Administration (“the Company”)
UPDATED CUSTOMER FAQs
Global Currency Services Limited (“GCSL”)
Does the Administration of the Company include GCSL?
Whilst it is acknowledged that GCSL had a trading relationship with the Company, the appointment of the Joint Administrators does not extend to GCSL and the affairs of GCSL remain under the control of its existing management.
However, we are aware that the trading activities of GCSL were closely connected to the Company and therefore we would suggest that all customers of GCSL who consider themselves to be affected provide us with details via the designated email account. We will endeavour to assist where possible.
Registered Charges
What does the charge registered in favour of Barclays mean?
It is normal practice for a bank to register security by way of charge against a company’s assets where banking services are being provided and a credit facility is potentially extended (i.e. an overdraft, loan or types of credit). We understand that the vast majority of the Company’s accounts were operated on a cash positive basis and only relatively small amounts if any are due to Barclays in respect of charges.
Creditors
What does the Court action taken by Shipbuilding Asia mean for the remaining of creditors?
It is in the public domain that Shipbuilding Asia Ltd had initiated legal proceedings against the Company prior to the Administration which resulted in two Freezing Orders being granted by the Court in respect of monies stated to be due under various FX contracts.
Upon the appointment of the Joint Administrators, and at a subsequent Court hearing, the Freezing Orders were lifted. It is confirmed that no preferential status will be given to this creditor, or the five other creditors who joined their action, and all unsecured creditors remain in the same position and will be treated equally.
What to do next if payments were made on or after 27 July 2018?
As advised in the previous FAQ’s, the bank accounts were frozen on 8 August 2018, however, we understand that no outgoing payments were actually made from 27 July 2018.
It is requested that all clients who deposited funds on or after 27 July 2018 email the designated email address with full details and any supporting documentation. We will review the available options and revert to you upon further information becoming available.
Are personal details under Data Protection?
PKF Geoffrey Martin & Co abide by the recent GDPR regulations, and confirm that all data received is secure.
As detailed within the last FAQ’s, the Joint Administrators are to circulate a detailed report to all creditors within 8 weeks of appointment. Within this report, it is a statutory duty to detail all creditors’ names and amounts owing. Should you not wish for your details to be included, please email the designated email account to this effect. In these circumstances we will refer to you as Client A, Client B, Client C etc.
Further Communication
Who and how do we contact?
The Joint Administrators acknowledge that there will be a number of queries and questions that the customers wish to raise. However, based on the initial review of the Company’s books and records there are in excess of 150 customers.
It is requested that all queries are communicated by email to premierfx@geoffreymartin.co.uk where the team will endeavour to respond at their earliest convenience.
For and on behalf of
Peter Hart and Dina Devalia The Joint Administrators
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For a Sky News report, click HERE
