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PremierFX goes into liquidation - trading suspended

cashPremier FX Limited (‘PFX’) : Following the death of the founder of PremierFX and sole director, Peter Rexstrew, in June of this year, the new directors have become concerned about the cash flow solvency of the company.

"Having taken professional advice from independent lawyers and accountants and, mindful of their over-riding duties to the firm’s creditors and customers, the directors have decided to suspend the business of PremierFX and to take steps to put the company into liquidation.

"In the meantime PremierFX will not transact any new business nor process any customer payments (inbound or outbound).

"The directors anticipate that the liquidators will be contacting customers once they have been appointed."

 27 July, 2018

See also: 'Algarve business community shocked by news of Peter Rextrew's death'

 

 

 

 

 

 

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0 #9 Ed 2018-07-30 09:27
Quoting Jim Williams:
Ed: just noticed this ...
It cannot be determined if FSCS cover would apply to this firm. Please contact the firm directly to understand whether their products/services would be covered by FSCS.

https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000NMWNKAA5#ShPo_PermissionsAnchor


If the FCA doesn't know whether or not it is regulating this company, what hope have us mortals?
+1 #8 Jim Williams 2018-07-30 09:22
Ed: just noticed this ...
It cannot be determined if FSCS cover would apply to this firm. Please contact the firm directly to understand whether their products/services would be covered by FSCS.

https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000NMWNKAA5#ShPo_PermissionsAnchor
0 #7 Ed 2018-07-29 18:12
Quoting Jim Williams:
Full marks for sleuthing the current directors Ed. but any reason yet why it took several weeks to spot something was wrong with the accounts? Also a share capital of £1 does not suggest the original director was too concerned with covering the value of the money being transacted with their own assets.
No need to if the clients monies are ring-fenced and covered by a FCA guarantee. I hope to hear more on Monday...
+2 #6 Jim Williams 2018-07-29 17:24
Full marks for sleuthing the current directors Ed. but any reason yet why it took several weeks to spot something was wrong with the accounts? Also a share capital of £1 does not suggest the original director was too concerned with covering the value of the money being transacted with their own assets.
0 #5 Ed 2018-07-29 16:20
Quoting Jim Williams:
The Annual accounts tell us that the share capital was a princely sum of £1 and the company was claiming small firm exemption from fully audited accounts - so customers like Chip cannot have been transferring huge amounts. This years April 2018 annual accounts were passed in May without any changes so an accountant needs to explain what they did or did not do to check the state of play. The new Directors (a son and his wife using her maiden name Grogan?) took over in mid June. It is now late July.
https://beta.companieshouse.gov.uk/company/05769324/filing-history

The director are Peter Rextrew's son and daughter, not daughter-in-law.
+2 #4 Jim Williams 2018-07-29 09:09
The Annual accounts tell us that the share capital was a princely sum of £1 and the company was claiming small firm exemption from fully audited accounts - so customers like Chip cannot have been transferring huge amounts. This years April 2018 annual accounts were passed in May without any changes so an accountant needs to explain what they did or did not do to check the state of play. The new Directors (a son and his wife using her maiden name Grogan?) took over in mid June. It is now late July.
https://beta.companieshouse.gov.uk/company/05769324/filing-history
+2 #3 mj1 2018-07-28 10:21
chip ..I hope you have big fingers to cross, what is wrong with a normal bank?

are these smaller fx firms protected by any depositors protection scheme?
+5 #2 mj1 2018-07-27 19:46
there is very little security in any bank, I would be even more worried about the smaller fx firms
+5 #1 Chip 2018-07-27 13:20
Have used PremierFX regularly in the past and very glad I do not have a transfer going through now.
Good on the new directors for doing the honourable thing.
Now I have to find an alternative firm and cross my fingers.

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