Securities Exchanges Guarantee Corporation Limited (“SEGC”)

Securities Exchanges Guarantee Corporation Limited

The SEGC are calling for eligible clients to lodge their claim directly with the SEGC.

The SEGC are calling for eligible clients to lodge their claim directly with the SEGC.

The Securities Exchanges Guarantee Corporation Limited (“SEGC”), in connection with claims on the National Guarantee Fund (“NGF”), are calling for eligible clients to lodge their claim directly with the SEGC.

If you are a client of BBY Limited and wish to lodge a claim against the NGF please read this notice (PDF 30.9KB) and direct your correspondence to the SEGC (as outlined in the notice).

If you have any questions regarding this notice please contact SEGC directly on segc@asx.com.au or +61 2 9227 0424.

 

LATEST NEWS – 20 June 2015

 

NGF – Deadlines for Lodgement of Claims

Property Entrusted Claims[1]
SEGC had previously set a deadline for lodging claims of 11 June 2016 in relation to “property entrusted claims”. Since that deadline was set, SEGC has been informed that a number of BBY clients who might have claims against SEGC under the relevant regulatory provisions are, for proper reasons, not in a position to lodge these claims prior to 11 June 2016. It has also become apparent that the proceedings commenced by the liquidators of BBY in the Supreme Court of New South Wales will not be resolved by, or shortly after, 11 June 2016.

For that reason SEGC will continue to accept property entrusted claims after 11 June 2016 until such time as SEGC fixes a further deadline by issuing a further notice in accordance with the Corporations Regulations 2001 (Cth). SEGC has published a formal notice (PDF 49KB) in The Australian and on its website advising BBY clients of this latest development.

Potential claimants should check SEGC’s and KPMG’s websites regularly to ensure they are aware of any further deadlines when they are set.

Contract Guarantee Claims[2]
Under the Corporations Regulations 2001 (Cth), Contract Guarantee Claims must generally be made within 6 months of the day on which the claimant became entitled to make the claim. For most claimants the 6 month period would have expired.

Notwithstanding that requirement, the Board of SEGC is open to considering any contract guarantee claim received from BBY clients on or before 31 July 2016. SEGC has published a formal notice (PDF 49KB) to this effect in The Australian and on its website.

Further information
If you have any queries about this Claims Update or your specific claim, please email segc@asx.com.au or call Gabby Hart on +61 2 9227 0424.

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1 Claims relating to property (such as shares or money) entrusted to BBY in connection with its securities business before it went into administration.
2 Claims relating to non-completion of sales and purchases of securities entered into by BBY on behalf of its clients.
 

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