Wait for Knight Williams investors
Tuesday 08 August 1995
Even then, they may find themselves in a queue behind other creditors, such as the Inland Revenue and the 250 staff being made redundant from KW following the weekend announcement that the company was going into voluntarily liquidation. Director Robin Knight Bruce yesterday refused to comment on when a liquidator would be appointed but as KW voluntarily declared itself in liquidation, the Investors Compensation Scheme is powerless to act until a liquidator proves that losses cannot be met.
The move follows the sale of KW's investment funds to Singer & Friedlander in April for pounds 17m, but under the terms of the deal KW remains responsible for any liabilities to investors.
The Securities and Investment Board has already received more than 400 complaints alleging that KB, as an independent financial adviser, had given bad or misleading advice.
Allegations of "churning", where investors were persuaded to move funds into KW managed funds, re-generating commission fees, have also been made.
The SIB stepped in when arbitration between KW and investors generated yet more complaints but not one investor who complained to the SIB has yet received a penny in compensation.
A spokesman for the SIB said a decision was made to investigate all complaints before compensation was awarded to the complainants in order to ensure a "fair and equitable" distribution of any money.
Investors who have already had their complaints against the company settled by arbitration will not be able to seek more compensation through the ICS as arbitration awards are legally binding.
- 1 Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
- 2 The confessions of men who ordered mail-order brides
- 3 UK weather: Britain braced for snow as arctic air mass moves in
- 4 Aaron and Melissa Klein: Oregon anti-gay bakers ordered to pay $135,000 after refusing to make cake for same-sex wedding
- 5 'Isis' schoolgirls: Missing British teenager tweets picture of her Syrian takeaway
Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
Aaron and Melissa Klein: Oregon anti-gay bakers ordered to pay $135,000 after refusing to make cake for same-sex wedding
UK weather: Britain braced for snow as arctic air mass moves in
Power of Nepal earthquake was equivalent to 20 huge atomic bombs
Nepal earthquake video: Terrifying footage shows moment avalanche hit Everest Base Camp
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
iJobs Money & Business
£20000 - £60000 per annum: Recruitment Genius: Are you recently QCA Level 4 qu...
£20000 - £22500 per annum + OTE £30K: SThree: SThree Group have been well esta...
£25 - 30k: Guru Careers: We are seeking an Application Support Analyst / 1st L...
£45K - £55K (DOE) + Benefits: Guru Careers: We are seeking a full stack .NET D...