Business and Property Courts of England and Wales, Companies & Insolvency List (CH.D) Court Number: CR-2023-005662
07126254
DAVID PHILIP SODEN (IP 015790) and JAMES ROBERT BENNETT (IP 020490) of Teneo Financial Advisory Limited, The Colmore Building, 20 Colmore Circus Queensway, Birmingham, B4 6AT were appointed as special administrators (“the Joint Special Administrators”) of IBP Markets Ltd (in special administration) (“the Company”), with company number 07126254 and registered office c/o Teneo Financial Advisory Limited, The Colmore Building, 20 Colmore Circus Queensway, Birmingham, B4 6AT on 13 October 2023 pursuant to an application made by the directors of the Company under Regulation 5(1)(b) of The Investment Bank Special Administration Regulations 2011.
Pursuant to the Financial Conduct Authority Client Assets Sourcebook (“CASS”) Rules 6.7.2R and 6.7.4E (Client Assets) and 7A.2.6AR and 7A.2.6CE (Client Money), the Joint Special Administrators of the Company sent to clients in respect of whom the Company has evidence that client assets and/or client money may belong, but who had not yet submitted a claim to the Joint Special Administrators for such client assets and/or client money, a letter dated 29 April 2026 (the "Initial CASS Notification").
The Initial CASS Notification (a form of which is available to view at https://ibpmarkets.com/) notified recipients that if clients wished to be considered by the Joint Special Administrators for participation in the CASS client money and client asset return process, they were requested to return to the Joint Special Administrators as soon as possible, and in any event, no later than 27 May 2026, their signed CASS Client Statement.
Further, the Initial CASS Notification notified recipients that if the Joint Special Administrators did not hear from clients by 27 May 2026, the Joint Special Administrators would issue a further notice requesting a response by a stated deadline.
The Joint Special Administrators now give notice to CASS clients, in accordance with the CASS Rules 6.7.2R(1)(b) and 7A.2.6AR(1)(b), that in the event a signed CASS Client Statement is not returned to the Joint Special Administrators by 27 August 2026, the Joint Special Administrators intend to use in due course the provisions under the Financial Conduct Authority CASS Rules to cease to treat any client money and/or client assets held on clients’ behalf as client money or client assets. The consequence of this action will mean such clients will no longer have any ability to assert an ownership right to such client money or client assets.
Any queries, including requests for CASS Client Statements, should in the first instance be directed to ibp.clients@teneo.com. If you would prefer to contact us by other means, you may contact us by post at the following address: Teneo Financial Advisory Limited, The Colmore Building, 20 Colmore Circus Queensway, Birmingham, B4 6AT.
The Joint Special Administrators act as agents of IBP Markets Ltd without personal liability.
David Philip Soden, Joint Special Administrator
13 August 2026
Ag TK51623
Recorded in The Gazette, issue 65155, 18 August 2026