LCF Letter to Bondholders from Administrators
Dear Sir / Madam,
London Capital & Finance Plc (in administration) (‘LCF’)
We are writing to you, as you are a Bondholder of LCF.
On 30 January 2019, LCF entered into administration. Finbarr O’Connell, Adam Stephens, Colin Hardman and Henry Shinners of Smith & Williamson LLP were appointed Administrators of LCF. This email has been written by the Administrators to you to update you on the position with regard to the administration of LCF.
There has been some press and social media comment about LCF and LCF’s prospects in recent weeks but we appreciate that the fact that LCF has gone into administration is likely to come as a shock to you. We are very mindful of Bondholders’ (and other creditors) understandable concerns about the current situation.
What we are doing
Our work is at an early stage. We are already working with the Company’s existing staff and LCF’s borrowers to ascertain what needs to be done in order to maximise the returns to the Bondholders. We are especially focusing on the various loans made by the Company to borrowers. At this point in time, we are not in a position to return any monies to Bondholders.
What can you do?
Because you have received this communication directly from us, that means that we have your contact details. There is nothing more for you to do at this juncture.
If you move address in the future, then please do provide us with updated address details.
At this time we are gathering information, and we would ask that you keep a look out for further emails from us and look at the LCF’s website (where we will be posting updates). Here is a link to the LCF website: www.londoncapitalandfinance.co.uk
You should read the Frequently Asked Question (‘FAQ’) document we have prepared which you can find at the LCF website or our dedicated webpage: www.smithandwilliamson.com/london-capital . The FAQs contain questions and answers relating to ISA status, payments, the administration process and the FSCS.
The FCA’s website also has section as regards LCF, which we understand will be updated with further information.
://www.fca.org.uk/.../information-london-capital-and...
How we will contact you in the coming weeks
We will be contacting Bondholders in the coming weeks with further details about what has happened and what we will be doing in more detail. We will be doing this via a number of ways:
Emailing you.We plan to email you from time to time.
LCF Website. We intend to provide updates on the LCF website.
Writing to you.We will be writing to you too, with details around the insolvency process.There will be a more lengthy document provided (within 8 weeks of our appointment) called the Administrators’ Proposals. This is a longer form document which sets out the Administrators’ plans for managing the Administration. You will receive a letter with access to a website portal from where you will be able to download the Administrators’ Proposals.
Login Access
The Administrators are working to ensure that access to the client portal remains live. Obviously in light of recent events the website may experience high levels of traffic, so please bear with us. However, you should still be able to login to the website. The website is:
www.londoncapitalandfinance.co.uk/login
Please be aware that the system will have limited functionality and, for instance, you will not be able to actually make withdrawals. The information currently available on the Company’s platform is based on the Company’s records.
More information
We have prepared a FAQ document. It can be found at the LCF website.
There are some 14,000 bondholders, so we have a lot of people to consider. We have set up a dedicated call centre helpline phone number and a dedicated email address: LondonCapital@smithandwilliamson.com . The call centre helpline operates Monday to Friday, 0800 to 1900 (GMT), plus on Saturday, 0900 to 1700 (GMT), UK - 0800 046 7006. International - +44 (0)20 3281 1808.
We are sorry if you can’t get through on this line straight away but the lines will be very busy from time to time. The people who are manning the phone lines will be able to take queries, but will not be able to answer any specific details about your individual Bonds. They will likely refer you to the FAQs.
Overall
We recognise that you will likely be very concerned about LCF entering into administration. We will be working with LCF’s borrowers, the security trustee, LCF personnel, the FCA and other stakeholders to advance matters as expeditiously as possible. Thank you.
Kind regards
The Joint Administrators – LCF
London Capital & Finance Plc (in administration) (‘LCF’)
We are writing to you, as you are a Bondholder of LCF.
On 30 January 2019, LCF entered into administration. Finbarr O’Connell, Adam Stephens, Colin Hardman and Henry Shinners of Smith & Williamson LLP were appointed Administrators of LCF. This email has been written by the Administrators to you to update you on the position with regard to the administration of LCF.
There has been some press and social media comment about LCF and LCF’s prospects in recent weeks but we appreciate that the fact that LCF has gone into administration is likely to come as a shock to you. We are very mindful of Bondholders’ (and other creditors) understandable concerns about the current situation.
What we are doing
Our work is at an early stage. We are already working with the Company’s existing staff and LCF’s borrowers to ascertain what needs to be done in order to maximise the returns to the Bondholders. We are especially focusing on the various loans made by the Company to borrowers. At this point in time, we are not in a position to return any monies to Bondholders.
What can you do?
Because you have received this communication directly from us, that means that we have your contact details. There is nothing more for you to do at this juncture.
If you move address in the future, then please do provide us with updated address details.
At this time we are gathering information, and we would ask that you keep a look out for further emails from us and look at the LCF’s website (where we will be posting updates). Here is a link to the LCF website: www.londoncapitalandfinance.co.uk
You should read the Frequently Asked Question (‘FAQ’) document we have prepared which you can find at the LCF website or our dedicated webpage: www.smithandwilliamson.com/london-capital . The FAQs contain questions and answers relating to ISA status, payments, the administration process and the FSCS.
The FCA’s website also has section as regards LCF, which we understand will be updated with further information.
://www.fca.org.uk/.../information-london-capital-and...
How we will contact you in the coming weeks
We will be contacting Bondholders in the coming weeks with further details about what has happened and what we will be doing in more detail. We will be doing this via a number of ways:
Emailing you.We plan to email you from time to time.
LCF Website. We intend to provide updates on the LCF website.
Writing to you.We will be writing to you too, with details around the insolvency process.There will be a more lengthy document provided (within 8 weeks of our appointment) called the Administrators’ Proposals. This is a longer form document which sets out the Administrators’ plans for managing the Administration. You will receive a letter with access to a website portal from where you will be able to download the Administrators’ Proposals.
Login Access
The Administrators are working to ensure that access to the client portal remains live. Obviously in light of recent events the website may experience high levels of traffic, so please bear with us. However, you should still be able to login to the website. The website is:
www.londoncapitalandfinance.co.uk/login
Please be aware that the system will have limited functionality and, for instance, you will not be able to actually make withdrawals. The information currently available on the Company’s platform is based on the Company’s records.
More information
We have prepared a FAQ document. It can be found at the LCF website.
There are some 14,000 bondholders, so we have a lot of people to consider. We have set up a dedicated call centre helpline phone number and a dedicated email address: LondonCapital@smithandwilliamson.com . The call centre helpline operates Monday to Friday, 0800 to 1900 (GMT), plus on Saturday, 0900 to 1700 (GMT), UK - 0800 046 7006. International - +44 (0)20 3281 1808.
We are sorry if you can’t get through on this line straight away but the lines will be very busy from time to time. The people who are manning the phone lines will be able to take queries, but will not be able to answer any specific details about your individual Bonds. They will likely refer you to the FAQs.
Overall
We recognise that you will likely be very concerned about LCF entering into administration. We will be working with LCF’s borrowers, the security trustee, LCF personnel, the FCA and other stakeholders to advance matters as expeditiously as possible. Thank you.
Kind regards
The Joint Administrators – LCF
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