Information about client entitlements in relation to BBY Limited (Receivers and Managers appointed) (in Liquidation).
Information about client entitlements in relation to BBY Limited (in Liquidation).
4 September 2019
The Court approved process for verification and adjudication of claims in respect of client entitlements commenced on 24 May 2019.
If you believe you are entitled to claim against BBY and have yet to lodge a claim, this is a reminder to do so by 20 September 2019. Otherwise your client entitlements will, pursuant to orders of the Court, be taken to be in accordance with details extracted by the Liquidators from BBY records.
Please refer to our update of 24 May 2019 for further details.
24 May 2019
The Court approved process for verification and adjudication of claims in respect of client entitlements has commenced.
Former clients of BBY Limited will receive this circular by email (or post where email details were not held). This explains what you need to do in order to make a claim. Please read the instructions carefully.
If you have not received a circular (for email, by Tuesday, 28 May 2019 or otherwise by post) please contact Link Market Services on 1300 868 464. If we do not have your email details the circular will have been posted to you. This could take up to 7 days within Australia or longer for overseas addresses.
A Client Claims Portal at https://events.miraqle.com/bby (hosted by Link Market Services) has been created to assist in the process of verifying and adjudicating client claims and making distributions in relation to client entitlements (the Distribution Process). The Portal has been established in accordance with Orders of the Supreme Court of New South Wales dated 26 November 2018 on behalf of the Liquidators of BBY Limited, Stephen Vaughan and Ian Hall of KPMG. A copy of the Court Orders and other background documents, can be found here – Client Monies: Court Directions Proceedings.
Please note that the Court has ordered that clients with client entitlements of $100 or less are not entitled to participate in the Distribution Process due to the costs of processing such claims.
Attached to the circular is a notice from Link Market Services with a personalised Holder Reference Number (HRN). You will need the HRN in order to access the Client Claims Portal. You should keep your HRN confidential to prevent unauthorised access. If you have not received your HRN, please contact Link Market Services on 1300 868 464.
You will be able to update your contact and banking details and either verify your entitlements or make a claim via the Portal.
If your claim is for $1,000 or greater, you are required to provide a certified proof of identification. Refer to the Proof of Identity Information Sheet enclosed with the circular and on the Portal for further details.
If you disagree with your claim details set out in the Portal, you will be required to submit a Claim Form (enclosed with the circular and available on the Portal) along with substantiating documentation. If your claimed entitlements are greater than $50,000 you will be asked to provide additional documentation.
In the event that you are unable to access the Client Claims Portal (e.g. because you have no access to the internet), you will be able to complete the claim process by returning a Claim Form and supporting documentation by post to:
Link Market Services
PO BOX 3184
Rhodes, NSW 2138
Former clients with claims in respect of the Interactive Brokers (IB) product line may contend they are entitled to a particular asset or assets in specie, via tracing. This means such clients have the opportunity to seek the return of particular IB asset(s) in their present form, rather than sharing in the proceeds of the IB product line assets, if they can prove the necessary legal elements to the tracing claim.
If you wish to make a tracing claim you will be required to complete a Claim Form and submit it directly to Link Market Services along with relevant supporting documentation. Assets subject to tracing claims will not be liquidated and you will be excluded from any distribution of funds until the claim is determined.
The adjudication and processing of IB tracing claims will involve additional costs and time. In the event your tracing claim is successful, you will be required to pay various costs including the cost of transferring the particular IB asset to you. Further explanation is provided in the Client Claims Portal.
Verification of entitlements and claims can only be made in accordance with the Distribution Process and instructions set out in the circular.
Please direct any questions regarding the claims process to Link Market Services by phone on 1300 868 464 or via email via email@example.com.
Once all client claims have been verified and adjudicated, and various other steps set out in the Court Orders have been taken, cash distributions will be made to clients from available funds. Refer to the circular for further steps required before distributions can be made. The earliest date for distributions is likely to be late in 2019. We will provide further updates for clients on this website and inform clients when distributions are likely to commence.