We helped an individual owed c. £1 million by a company in administration for the proceeds of his trading derivatives with them.
The company, which operated a derivatives trading platform, had contracts with several traders who split their proceeds in certain percentage proportions with the company. The individual’s request to withdraw his capital resulted in other traders following suit and caused the company to enter administration.
Before the company went into administration, another trader had brought a freezing order application against it and a claim for monies held at bank. We successfully intervened in the application which benefited all traders who worked with the company and helped the Licensed Insolvency Practitioners be appointed liquidators. An application was made by the liquidators to clarify who was entitled to the monies held at bank – either the company via the liquidator, the funded traders or the non-funded traders. The matter has since settled on confidential terms.