Due to Covid-19, Gravitas is expected to maintain its ''work from home'' programme to ensure continuity of client services with the least disruption possible till at least 01 June 2020.
We understand that the present situation may cause anxiety but there is currently no impact on our ability to operate our full range of services.
We will continue to monitor the situation and will communicate any further developments with you. Meantime, please do not hesitate to contact us on firstname.lastname@example.org for any assistance you may require.
We thank you for your continued support.
Kind Regards and Keep Safe
Reyker Securities Update – July 2020
As you are aware, Mark Ford, Adam Stephens and Henry Shinners of Smith & Williamson LLP were appointed
Joint Special Administrators (“the JSAs”) of Reyker Securities Plc on 8 October 2019.
All assets held by Reyker on behalf of its clients continue to remain safe and under the control of the JSAs.
The JSAs confirm that a first interim distribution of client money will be paid during August 2020 from the Client
Money Pool (the latter being cash held as at 8 October 2019) to all clients who hold a Client Money balance with
Reyker and have submitted a Client Money Instruction Form by 17.00 hours (GMT) on 07 August, 2020. Gravitas
Finance LLC (‘’Gravitas’’), as a client of Reyker, is in the process of completing the submission of the required
Client Money Instruction Form.
The first interim distribution is announced as the sum of 85p in the £. However, depending on the eligibility of
participating clients to the Financial Services Compensation Scheme (FSCS) compensation, a number of
participating clients would receive 80p in the £ as interim client money distribution as the JSAs need to maintain
a reserve for these clients’ share of the costs of the special administration. In its claim to the JSAs, Gravitas have
elected to be considered for the FSCS compensation.
The balance of funds being retained in the Client Money Pool is a provision against future, new and unforeseen,
claims against the Client Money Pool (and costs for Clients ineligible for FSCS compensation). The balance of
Client Money is expected to be distributed in due course by way of a final distribution.
Transfer of Custody Assets
The transfer of Custody Assets is a separate and court-led process and requires the Distribution Plan ( a detailed
legal document with accompanying asset schedules and evidence collated by the JSAs and which details the
process by which the Custody Assets will transfer ensuring Clients’ rights are protected) to be submitted to the
Courts for consideration and approval before any custody assets transfer can take place.
At 10 July 2020, the JSAs and their legal advisors were finalising the Distribution Plan in collaboration with the
Creditors’ Committee, and with input from the FCA, and there are a number of legal and practical matters to be
considered prior to the JSAs submitting the desired application to Court.
The aim of the JSAs is to submit the application in early course to obtain a court hearing prior to the Summer
recess (which commences 1 August 2020). In the event a hearing date is not scheduled prior to the Summer recess, the JSAs’ advisors believe a case could be made for the application to be heard as an urgent application
during the Court’s summer recess. However, this determination will ultimately be at the Court’s discretion.
Gravitas currently awaits further communications from the JSAs as regards the interim return of client monies
and the distribution plan.
This calculator is provided by Gravitas Finance LLC. And is intended solely for general information and guidance purposes. It is not intended in any way as financial, securities, insurance, tax or legal advice or services, or as a solicitation for any financial, securities, insurance, tax or legal product or service. The results of using this calculator may not be applicable or accurate with regard to your individual circumstances and cannot be relied upon to avoid penalties imposed by tax or other authorities. You should not take any action on the basis of the information provided through this calculator. Please consult with your financial, securities, insurance, tax and/or legal advisors for advice regarding your personal circumstances. You could lose money or fail to achieve your objectives by relying on this calculator.
Please note that the computations performed by this calculator are based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculator is intended to allow you to test those assumptions, since variations in assumptions, such as to future interest rates, investment returns or inflation, may significantly affect the results produced by the calculator. In entering your assumptions, you should keep in mind that higher rates of return generally involve a higher degree of risk, including the risk of loss of principal invested. Actual results or inputs may be higher or lower than the inputs used or results displayed in hypothetical calculations, and are likely to vary over time. In addition, the calculator does not take into account all of the factors that may be relevant to your decision-making.
Please also note that other information incorporated in the calculator or displayed in connection with the calculator may be based on historical or current data, but is not guaranteed to be accurate, complete or timely. Moreover, past performance does not indicate future results.
THIS FINANCIAL CALCULATOR IS PROVIDED "AS IS" AND ON AN "AS AVAILABLE" BASIS WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION WARRANTIES OF SUITABILITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT. Gravitas Finance LLC assumes no duty to you by making this calculator available and shall not be responsible for any errors, omissions or defects in this calculator or the consequences of any decisions or actions taken in reliance upon this calculator. Gravitas Finance LLC shall not be liable under any circumstances for lost profits, lost business, loss of business reputation, or any direct, indirect, incidental, special, punitive or consequential damages of any kind, whether foreseeable or not, that result in any way from, or relate in any way to, your use, non-use or reliance on this calculator. Your sole and exclusive remedy for any claim related to this calculator is to stop using it.
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