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Kirkland & Ellis and Maitland Chambers have secured a High Court ruling that has clarified the position for creditors of Financial Services Authority (FSA)-regulated companies that deal with client money.
The liquidators of derivatives broker Global Trader Europe (GTE), Stephen Cork and Joanne Milner of Smith & Williamson, asked the court for clarification on how client money should be treated after liquidation.
GTE went into liquidation last year, while holding money on behalf of a range of clients. As the company treated clients in a number of different ways, with some money held in segregated accounts, it was unclear how they should rank as creditors.
Sir Andrew Park’s judgment will be relevant for the clients of any other companies that hold client money and are facing liquidation.
Kirkland partner Kon Asimacopoulos, instructing Rebecca Stubbs of Maitland, represented GTE.
The clients with money held by GTE were split into representative groups with Lovells, Herbert Smith, Baker & McKenzie and Mishcon de Reya representing them.
The law firms instructed Felicity Toube and Adam Al-Attar of 3-4 South Square, Glen Davis of 3-4 South Square, Nicholas Peacock of Maitland Chambers and Javan Herberg of Blackstone Chambers.