*/
Company – Administration. A company entered into administration. The company was exposed to possible claims for breaches of trust after it failed, as required by the rules contained in the Financial Services Authority Handbook, to segregate money received from or on behalf of clients. The administrators of the company and the company, as trustee of the client money trust, applied to the Companies Court to enable a settlement agreement to be made between the company, as trustee of the trust, and the general estate of the company, acting by its joint administrators. The court, in allowing the application, held that the terms of the proposed settlement were in the best interests of both the client money pool and the general estate.
Company – Administration. A company entered into administration. The company was exposed to possible claims for breaches of trust after it failed, as required by the rules contained in the Financial Services Authority Handbook, to segregate money received from or on behalf of clients. The administrators of the company and the company, as trustee of the client money trust, applied to the Companies Court to enable a settlement agreement to be made between the company, as trustee of the trust, and the general estate of the company, acting by its joint administrators. The court, in allowing the application, held that the terms of the proposed settlement were in the best interests of both the client money pool and the general estate.
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