IN THE HIGH COURT OF JUSTICE
BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES
INSOLVENCY AND COMPANIES LIST (ChD)
CR-2023-005672
IN THE MATTER OF BLANKSTONE SINGTON LIMITED (IN SPECIAL ADMINISTRATION) AND
IN THE MATTER OF THE INVESTMENT BANK SPECIAL ADMINISTRATION REGULATIONS 2011
NOTICE OF CLIENT ASSETS BAR DATE
UNDER REGULATION 11 OF THE INVESTMENT BANK SPECIAL ADMINISTRATION REGULATIONS 2011
AND RULE 138 OF THE INVESTMENT BANK SPECIAL ADMINISTRATION (ENGLAND AND WALES) RULES 2011
Andrew Poxon and Hilary Pascoe of Leonard Curtis Recovery Limited, Riverside House, Irwell Street, Manchester, M3 5EN and Alex David Cadwallader of Leonard Curtis Limited, Level 5, The Grove, 248a Marylebone Road, London, NW1 6BB were appointed as joint special administrators (the "Joint Special Administrators") of Blankstone Sington Limited (in special administration) ("BSL"), with company number 02378144 on 13 October 2023 pursuant to an application made by the directors of BSL under regulation 5(1)(b) of The Investment Bank Special Administration Regulations 2011 (the "Regulations").
The Joint Special Administrators hereby give notice, in accordance with Regulation 11 and rule 138 of The Investment Bank Special Administration (England and Wales) Rules 2011 (the "Rules"), as follows:
1. The Joint Special Administrators consider that it is necessary, in order to expedite the return of client assets other than client money ("Custody Assets"), to set a bar date of 17.00 hours (GMT) on 14 December 2023 (the "Custody Assets Bar Date") for the submission of:
a. claims to the beneficial ownership, or other form of ownership, of Custody Assets; or
b. claims of persons in relation to a security interest asserted over, or other entitlement to, Custody Assets,
as set out in Regulations 11(1)(a) and (b) ("Custody Assets Claims").
2. In accordance with Regulation 11(2), contingent or disputed claims are included within the Custody Assets Claims described above.
3. The Joint Special Administrators gave notice of their appointment in the London Gazette on 18 October 2023. The Joint Special Administrators consider that the time between publication of the notice of the special administration and the Custody Assets Bar Date is a reasonable time for clients to be able to calculate and submit their Custody Assets Claims.
4. The Custody Assets Bar Date only applies to Custody Assets and does not apply to client money received or held by BSL. A separate notice is being provided for client money. This notice relates only to Custody Assets Claims and does not relate to any other type of claim you may have against BSL.
5. This notice will:
a. be made available to all clients of BSL whose claims to ownership of Custody Assets the Joint Special Administrators are aware of, provided the Joint Special Administrators have a means of contacting those clients;
b. be made available to all those persons whom the Joint Special Administrators believe have a right to assert a security interest or other entitlement over Custody Assets, provided the Joint Special Administrators have a means of contacting those persons;
c. be advertised in the London Gazette;
d. be advertised in The Times;
e. be sent to the Financial Conduct Authority; and
f. be placed on the dedicated BSL webpage on the Leonard Curtis website.
6. Following the Custody Assets Bar Date, once the Joint Special Administrators have returned Custody Assets with the approval of the Court, the claimants to whom the Custody Assets have been returned will have acquired good title to the Custody Assets and there shall be no disruption to those Custody Assets that have already been returned.
7. Please note, in accordance with Regulation 11(5) and Rule 147, if you fail to submit your Custody Assets Claim by the Custody Assets Bar Date, and if BSL has insufficient assets of the type claimed by you, your only remedy will be to submit a proof of debt in writing to the Joint Special Administrators, in accordance with Rule 152, for the value of the Custody Assets not returned to you.
8. If you believe that you have a Custody Assets Claim, please follow the instructions provided to you in our letter dated 14 November 2023 and our guidance note which is available to view at https://www.leonardcurtis.co.uk/case/blankstone.
9. Unless the Court orders otherwise, every claimant who submits a Custody Assets Claim under either Rule 139 or 140 must bear the cost of making its own Custody Assets Claim, including the costs incurred in providing documents or evidence or responding to requests for further information.
10. Receipt of this notice does not guarantee that you have a Custody Assets Claim or are otherwise entitled to receive a distribution of Custody Assets.
11. Any general queries in relation to this notice should be directed to 0161 820 4238 or blankstone@leonardcurtis.co.uk. We encourage any client unsure about the scope and effect of this notice to seek independent professional advice from a legal or financial adviser.
ANDREW POXON, HILARY PASCOE AND ALEX CADWALLADER (JOINT SPECIAL ADMINISTRATORS)
The Joint Special Administrators act as agents of BSL without personal liability.
14 November 2023