LQD Markets Bankruptcy Hurdles Cleared after 2nd Vote
- The second initial meeting with special administrators has passed with the inclusion of clients in their capacity as creditors
After the first initial clients and creditors meeting resulted in a hurdle for the bankruptcy process of LQD Markets, the second has successfully resolved the matter. Several days ago, the company's creditors have rejected the bankruptcy proposal by special administrator Baker Tilly.
At the second vote 76% of the creditors funds voted in favor of the bankruptcy resolution proposal totaling £239,582, with the remaining £55,316 voting against.
In January LQD Markets was one of the first companies who fell victim to the Swiss National Bank (SNB) induced foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term industry debacle. While the management of the brokerage was exploring its options to stay in business, the company got another hit from an error on its platform, just as the Asian markets were opening for a Monday morning trading session around 23:00 GMT.
Subsequently, at the initial clients and creditors meeting, votes worth £826 represented 91% of the vote of the creditors of LQD Markets. This was enough to reject the special administrator’s proposal about how to handle the company’s bankruptcy. A new meeting with the creditors of LQD Markets has been set up for the 20th of April of 2015.
Due to the Client Money Client Money Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Read this Term shortfall, the outcome of the second meeting could have been easily forecasted. Due to the client money shortfall, clients could vote in their capacity as creditors to remove the £826 obstacle.
According to estimates made by Baker Tilly their vote totaled to approximately 60% of the total amount of the client money claim. Ultimately, the stubborn creditors holding the golden £826 have had to let go of their resistance to the bankruptcy process proposed by the special administrator of LQD Markets.
With the current distribution of votes, the creditors will have little opposition to the remaining resolutions proposed by Baker Tilly in the original announcement.
After the first initial clients and creditors meeting resulted in a hurdle for the bankruptcy process of LQD Markets, the second has successfully resolved the matter. Several days ago, the company's creditors have rejected the bankruptcy proposal by special administrator Baker Tilly.
At the second vote 76% of the creditors funds voted in favor of the bankruptcy resolution proposal totaling £239,582, with the remaining £55,316 voting against.
In January LQD Markets was one of the first companies who fell victim to the Swiss National Bank (SNB) induced foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term industry debacle. While the management of the brokerage was exploring its options to stay in business, the company got another hit from an error on its platform, just as the Asian markets were opening for a Monday morning trading session around 23:00 GMT.
Subsequently, at the initial clients and creditors meeting, votes worth £826 represented 91% of the vote of the creditors of LQD Markets. This was enough to reject the special administrator’s proposal about how to handle the company’s bankruptcy. A new meeting with the creditors of LQD Markets has been set up for the 20th of April of 2015.
Due to the Client Money Client Money Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Read this Term shortfall, the outcome of the second meeting could have been easily forecasted. Due to the client money shortfall, clients could vote in their capacity as creditors to remove the £826 obstacle.
According to estimates made by Baker Tilly their vote totaled to approximately 60% of the total amount of the client money claim. Ultimately, the stubborn creditors holding the golden £826 have had to let go of their resistance to the bankruptcy process proposed by the special administrator of LQD Markets.
With the current distribution of votes, the creditors will have little opposition to the remaining resolutions proposed by Baker Tilly in the original announcement.