Madison Pacific is pleased to announce we have been appointed as Replacement Security Trustee by the High Court of Justice in London.
The Administrators of London Capital & Finance PLC, a company incorporated under the laws of England and Wales, (the “Company”) issued a claim in the High Court for the removal and replacement of the Security Trustee. The Administrators’ claim has been successful and pursuant to a Court Order dated 14 January 2020, Madison Pacific Trust Limited has been appointed pursuant to the Order of the Court as the new Security Trustee. The security trust structure was established by the Company to secure in excess of £237 million of Bonds issued by the Company to over 11,500 bondholders.
Under the existing Security Trust Deed, Madison’s role relates only to the distribution to bondholders of recoveries made by the Administrators. It has been agreed between the Administrators and Madison Pacific that Madison Pacific will delegate its responsibilities for distributing the proceeds of enforcement to the Administrators. This means that the Administrators will calculate and distribute funds to bondholders. Madison Pacific will assist the Administrators as necessary and will take steps to satisfy itself that the work of the Administrators is being carried out properly and correctly.
Madison Pacific looks forward to working with the Administrators for the benefit of all bondholders.
The Administrators are representatives from Smith & Williamson LLP and FRP Advisory LLP. If any bondholder would like more information about either the appointment of Madison Pacific or the administration process, they should contact the Administrators directly via their website https://www.smithandwilliamson.com/london-capital.