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Futex (UK futures broker) halts trading
Started: by Keab Views / Replies:6,033 / 48
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Futex (UK futures broker) halts trading

  #21 (permalink)
Market Wizard
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NGtrader View Post
I was hoping it did not have to come to this.

You may not have much of a choice. When companies declare some kind of insolvency the administrators start looking at their assets to refund creditors based on how much they are owed. As I understand it usually the people who are owed less get nothing. But it's best to start the process anyway, rather than not trying at all.

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  #22 (permalink)
Market Wizard
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NGtrader View Post
Thanks, I am going to contact British consumer affairs first since Futex is in the UK, maybe they can offer me some advice.

I was hoping it did not have to come to this.

The order of payment is Banks, the appointed Company Liquidator (who's objective is to drain any remaining cash in fees and its completely awful/legal) direct employees then 3rd parties.

You will get nothing whatsoever I'm afraid in all probability, if they are in administration maybe but that is often just the step before liquidation. I worked for a firm that owed me £12k in salary as an employee, there was 2 million in the holding company and the liquidator and banks got it all.

Check of course. Only saying this as I had an emotionally tough year fighting the law, and the law won.

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  #23 (permalink)
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Rory View Post
The order of payment is Banks, the appointed Company Liquidator (who's objective is to drain any remaining cash in fees and its completely awful/legal) direct employees then 3rd parties.

You will get nothing whatsoever I'm afraid in all probability, if they are in administration maybe but that is often just the step before liquidation. I worked for a firm that owed me £12k in salary as an employee, there was 2 million in the holding company and the liquidator and banks got it all.

Check of course. Only saying this as I had an emotionally tough year fighting the law, and the law won.

Thanks, I actually talked to a Financial Services Ombudsman and he suggested I talk to my credit card company which I have done. Looks like there may be some chance of me getting half back through them.

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  #24 (permalink)
Market Wizard
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NGtrader View Post
Thanks, I actually talked to a Financial Services Ombudsman and he suggested I talk to my credit card company which I have done. Looks like there may be some chance of me getting half back through them.

Ah good news, credit card should work You don't want to be an ordinary debtor holding your breath.

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  #25 (permalink)
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Rory View Post
Ah good news, credit card should work You don't want to be an ordinary debtor holding your breath.

Thanks, sorry to hear of your bad experience and not getting the money you were owed.

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  #26 (permalink)
Market Wizard
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Futex administrator says no offer made for firm

Holding company of the prop firm filed for administration earlier this month

The administrator to Futex's holding company said it has not received an offer to buy the trading firm less than a month after the Cork Gully was appointed to managed the defunct business.

"The administrators are continuing to [explore] all options available to the company however no offer has been received to buy it as a going concern," a spokesperson for Cork Gully told FOW.

A 'going concern’ refers to a firm that has the resources to continue to operate independently for the foreseeable future.


From FOW

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  #27 (permalink)
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xplorer View Post
Holding company of the prop firm filed for administration earlier this month

The administrator to Futex's holding company said it has not received an offer to buy the trading firm less than a month after the Cork Gully was appointed to managed the defunct business.

"The administrators are continuing to [explore] all options available to the company however no offer has been received to buy it as a going concern," a spokesperson for Cork Gully told FOW.

A 'going concern’ refers to a firm that has the resources to continue to operate independently for the foreseeable future.


From FOW


Brannigan yesterday said in Periscope that Futex is done.

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  #28 (permalink)
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NGtrader View Post
Brannigan yesterday said in Periscope that Futex is done.

could you share the link please?

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  #29 (permalink)
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joselopezde View Post
could you share the link please?

https://www.periscope.tv/bjb_FutexLive/1ypKdnreRmpJW

38:00 mark

May have to download Periscope plugin to run it.

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  #30 (permalink)
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if paid with card, you can ask your issuer/bank to chargeback
reason code : service not delivered

this is like an airline ticket you paid, but the company goes belly up before your flight
you will get the money back

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