Fixi Plc - in liquidation
On 31 May 2019, Nigel Rackham and Michael Jervis were appointed joint liquidators of Fixi Plc by deemed consent. The Company provided trading platforms to professional, institutional and retail clients since its incorporation in 2005. The business has been financially strained and the focus of regulatory attention, having made losses for a number of years. In December 2018, the Company reported to the Financial Conduct Authority ("FCA"), that it was below the minimum capital threshold due to poor revenues and a lack of funds being injected from the main shareholder.
The Company was unable to resolve its problems, and talks with third party investors did not lead to anything tangible. As a result, the Company submitted a voluntary application for the imposition of requirements ("VREQ") to the FCA on 20 December 2018.
Under the VREQ, the Company agreed to not conduct any regulated activities except with the written consent of the FCA, and to close all open trading positions. All payments since the VREQ have required authorisation from the FCA before being made.
A board meeting of directors was held on 1 May 2019, where the board decided to put the Company into a creditors' voluntary liquidation ("CVL").
On 31 May 2019, the Company shareholders passed a winding up resolution by written resolution and appointed Nigel Rackham and Michael Jervis as joint liquidators. A creditors' decision by deemed consent on that day confirmed the appointment.
Declaration of dividend - 16 March 2022
Further to our report dated 21 July 2021, we have now received a distribution of £1,294,361.77 from the liquidators of Drapac Financial Pty Ltd. After meeting costs of the liquidation and paying a dividend of 100p in the £ to preferential creditors, we are pleased to report that we are in a position to make a distribution to unsecured creditors, who have submitted claims and whose claims have been agreed, of 26.43 pence in the pound. This means that for every £100 of your claim that has been agreed, you will receive a distribution of £26.43. Dividend payments will be made electronically or by cheque in the next few days. Please ensure any cheques are banked once received.
Please report to this page and the links below, for further information and updates as the liquidation progresses.
Conclusion of the liquidation as at 22 September 2022
The Company's affairs are now fully wound up and all funds disbursed. Nigel Rackham and Michael Jervis have ceased to act as joint liquidators of Fixi plc and filed a "Notice of final account before dissolution" at Companies House. We anticipate that the Company will be dissolved in approximately three months.
A small number of dividend cheques were not cashed. In accordance with regulations these have now been cancelled and paid to the Insolvency Service. Any creditor who wishes to reclaim their dividend should contact the Insolvency Service at: CustomerServices.EAS@insolvency.gov.uk.
Documents available to download
Statement of Claim form UK & international creditors outside the EU
Statement of Claim form EU Member States
Initial letter to creditors with formal notice of our appointment
Joint Liquidators’ first report to creditors for the period 31 May 2019 to 30 May 2020
Remuneration report: Initial estimate to creditors including Fees Estimate
Joint Liquidators' second report to creditors for the period 31 May 2020 to 30 May 2021
Notice of final account prior to dissolution in CVL
Douglas Nigel Rackham and Michael John Andrew Jervis have been appointed as Joint Liquidators of Fixi Plc to manage its affairs, business and property as its agents without personal liability. They are licensed in the United Kingdom to act as Insolvency Practitioners by the Institute of Chartered Accountants in England and Wales.
The Joint Liquidators are bound by the Insolvency Code of Ethics which can be found at: https://www.gov.uk/government/publications/insolvency-practitioner-code-of-ethics.
The Joint Liquidators may act as controllers of personal data, as defined by the UK data protection law, depending upon the specific processing activities undertaken. PricewaterhouseCoopers LLP may act as a processor on the instructions of the Joint Liquidators.
Personal data will be kept secure and processed only for matters relating to the Joint Liquidators' appointment. Further details are available in the privacy statement on the PwC.co.uk website or by contacting the Joint Liquidators.
