Insolvency broker SVS Securities has issued a notice that Leonard Curtis, the joint special administrator for insolvency, plans to petition the court to end the administration of SVS Securities in early 2023.

According to the statement, Leonard Curtis believes that the most appropriate course of closure is to file a notice of dissolution of the Company upon completion of all relevant asset distributions and disposal of all statutory obligations.

SVS Securities entered insolvency liquidation proceedings in August 2019. Last September, Leonard Curtis issued a notice that SVS Securities' receivership proceedings would end in early 2022.

At present, under Leonard Curtis' arrangement, 99% of SVS Securities' clients have been transferred to ITI Capital, a financial advisory and investment services firm, which saves SVS Securities clients a fee on the transfer of their funds.

SVS Securities also reached out to a small number of clients who were not eligible to move to other platforms to find out the appropriate way to return their funds. These clients have been hard to contact for two years.

In addition, with the Financial Services Compensation Scheme (FSCS) limiting compensation to £85,000 per claimant, less than 1% of SVS Securities' corporate clients and one individual trader were unable to recover their losses in full.