Baker Tilly, the accounting firm acting as special administrators for the insolvency of LQD Markets, sent out a letter to clients of the firm today, updating them on the situation.
The administrators reminded the bankrupt broker’s clients that the reason they cannot simply withdraw money from the firm was that the regulator had placed protections on the funds, attempting to reassure them they were in process of being reconciled.
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Unlike KPMG, that are designing a new Claims Portal website, Baker Tilly lets LQD Markets’ clients simply send their claims to a dedicated email address monitored by the team. They ask for details on the amount of money owed, account statements and any other supporting documentation.
The special administrators say that the reconciliation process will clarify the total deficit in client funds the bankrupt company suffers from, but would not give any timeframe for it to happen.
LQD Markets’ clients may be able to claim their deficit from the UK regulator’s Financial Services Compensation Scheme, but that will not be possible until the reconciliation process with Baker Tilly is completed and the claims have been agreed upon.