WealthTek LLP (trading as WealthTek, Vertem Asset Management and Malloch Melville)
With effect from 6 April 2023, WealthTek Limited Liability Partnership (the ‘LLP’ or ‘WealthTek’), trading as Vertem Asset Management and Malloch Melville, has been placed into Special Administration following an application to the High Court by the Financial Conduct Authority (‘FCA’). Shane Crooks, Mark Shaw and Emma Sayers, licensed insolvency practitioners from BDO LLP, have been appointed as Joint Special Administrators (the ‘JSAs’).
The Special Administrators are now responsible for the affairs of the LLP.
In accordance with the statutory objectives contained within the Investment Bank Special Administration Regulations 2011 they must: (i) ensure the return of client assets as soon as reasonably practicable; (ii) ensure timely engagement with market infrastructure bodies and authorities; and (iii) either rescue the firm as a going concern or wind it up in the best interest of the creditors. Further information in respect of the Special Administration and what this means for clients and creditors of the LLP, together with some FAQs, is provided below.
The Joint Special Administrators will be writing to all clients and creditors of the LLP. If you have any queries in respect of the appointment of the Joint Special Administrators or your claims against the LLP, please contact: WealthTekclients@bdo.co.uk
Further information in respect of the appointment of the Joint Special Administrators and what this means for clients and creditors of the LLP, together with some FAQs, can be found at https://www.bdo.co.uk/en-gb/wealthtek-administration.
The LLP remains regulated by the FCA, albeit certain restrictions are now in place to prevent WealthTek (including under its other trading names) from undertaking any regulated activities. The Joint Special Administrators are working closely with the FCA as they carry out their duties.
On 4 April 2023, the FCA imposed requirements for the LLP to immediately cease carrying on all regulated activities for which it has a Part 4A permission (other than where it has the express written consent of the FCA).
Under the provisions of paragraph 100(2) of Sch. B1 to the Insolvency Act 1986, as applied pursuant to regulation 15 of the Investment Bank Special Administration Regulations 2011, the Joint Special Administrators carry out their functions jointly and severally and any one or more of the Joint Special Administrators has exclusive power to exercise any function. The Joint Special Administrators act as agents of the LLP and without personal liability.
Please note that Shane Crooks, Mark Shaw and Emma Sayers had previously been appointed as Joint Interim Managers with effect from 4 April 2023. Their appointment as Joint Special Administrators supersedes their previous appointment with immediate effect.