Ashurst advises on SVS Securities' special administration

It is only the seventeenth company to enter the bespoke 'investment bank special administration' procedure since it was created in 2011 and this is the most significant in scale since Beaufort Securities Limited, which collapsed into the same process in 2018.

The team is being led by restructuring and insolvency partner Drew Sainsbury, dispute resolution partners Lynn Dunne and David Capps and financial regulatory partner Jake Green who are advising joint special administrators Julien Irving, Andrew Poxon and Alex Cadwallader of Leonard Curtis.

Ashurst’s market-leading distressed financial services practice previously acted on the Special Administrations of FX trader Alpari between 2015 and 2018 (for the firm and joint special administrators) and for the regulator on the first ever investment bank special administration, MF Global. Drew Sainsbury and Giles Boothman have also recently been acting on the failure of Curo, the regulated payday lender operating the “Wageday Advance” brand which entered administration in March 2019.