Appointment of Interim Managers of WealthTek LLP

In a potentially-significant development of the High Court’s approach to urgent applications under the Investment Bank Special Administration Regulations 2011, Shane Crooks, Mark Shaw and Emma Sayers of BDO LLP were appointed Joint Interim Managers of WealthTek LLP pending determination of the FCA’s application for a special administration order.

 

Roth J made the interim order sought (in the alternative) by the FCA at 1243 am on Tuesday, 4 April, at a without notice remote hearing which had commenced at 1130 pm on Monday night, being satisfied on the evidence before the Court that there was at least a good prima facie case for saying that a special administration order would be made on the FCA’s application. Later at the same hearing, he granted a without notice freezing injunction against an individual.

 

At a subsequent hearing on Thursday, 6 April, Zacaroli J made a special administration order in respect of WealthTek LLP, and appointed the same practitioners to act as WealthTek’s special administrators.

 

WealthTek LLP is a wealth management firm which also trades as Vertem Asset Management and Malloch Melville.

 

Glen Davis KC of South Square led the Counsel team, instructed by the FCA.

 

Mark Craggs of Norton Rose is advising the special administrators.

 

The FCA’s Notice is available on the FCA website.

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