Bull Markets Solutions problem

[Henry32]

A petition to wind up Bull Markets Solutions ltd will be heard at the Royal Courts of Justice, 7 Rolls Building, Fetter Lane, London on April 10th at 10.30 am

 

[Dundawala]

Thank you for this update. where do we go from here. Do we head down to London to get some answers? What are the chances of us seeing our money again?

 

[steve d]

I wonder if the monies held by all the BM clients are held directly by BM in their santander business account
or are they held in escrow by some overseas trading platform ????

 

[Henry32]

Originally I was told that tax (withholding) was payable on amounts over £25K which equate to Cyprus. However with Administration the situation is complicated and possible a long process. A few details below.

The administrator must notify all known creditors of his appointment as soon as reasonably practicable, and must send a copy of his proposals for achieving the purpose of administration to all creditors within eight weeks of his appointment. A meeting of all creditors must then normally be held within ten weeks of the date the company went into administration in order to consider the administrator's proposals, (this depends on certain circumstances and may not be required, and unlikely in this case).

Administration stops any legal action or process against a company from proceeding, unless the Administrators or the English Court give permission. This means that creditors can’t take legal action against a company in administration to recover outstanding amounts.

 

[Pharaoh]

It means clients can't take legal action, unless the administrators or the court gives permission. That's quite some distance from saying that they can't take legal action.

 

[steve d]

Surely we as clients are not creditors as the trading fund accounts should have been separate to BM working capital ?

 

[Pharaoh]

How sure are you that client money was held in segregated accounts?

 

[steve d]

How sure are you that client money was held in segregated accounts?

Not sure at all, did receive an email from BM stated that the funds were segregated but in hindsight wish I had requested proof
but how can a ltd company return company accounts showing clients funds in same account, that would be difficult !!

 

[Pharaoh]

The simplest way would be separate accounts for client funds, but this would have to be certified by the bank, not by the broker.

 

[steve d]

A petition to wind up Bull Markets Solutions ltd will be heard at the Royal Courts of Justice, 7 Rolls Building, Fetter Lane, London on April 10th at 10.30 am

Do we know the outcome of the winding up order held today ?