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DWF advises on Dolfin Financial (UK) Ltd's Special Administration

14 July 2021

DWF, the global provider of integrated legal and business services, has advised the Board of Dolfin Financial (UK) Ltd on placing the London-based wealth management firm into Special Administration and the Special Administrators with regards to a subsequent asset sale. 

Dolfin Financial (UK) Ltd, a finance boutique firm with circa £1.28 billion in custody assets and approximately £120m of client money, was placed into Special Administration following an enforced wind-down of its regulated activities resulting from the Financial Conduct Authority (FCA) imposing restrictions following concerns over the firm's business activities. With the consent of the FCA the Special

Administrators have completed on an asset sale to Britannia Global Markets Limited which includes an agreement for the purchaser to on-board the bulk of the firm's client assets.

Adam Stephens and Kevin of Smith & Williamson LLP were appointed Joint Special Administrators of Dolfin Financial (UK) on 30 June 2021 and Natasha Atkinson and James Moore, Restructuring and Insolvency partners at DWF are advising them on the Special Administration process.

James Moore, comments, "It was a great achievement of the team to secure the Special Administration Order for Dolfin and subsequent asset sale in extremely challenging circumstances. 

"The special administration regime is a relatively rare insolvency tool, given the restricted circumstances in which it can be used to secure a structured wind-down of an FCA regulated business holding client assets. Despite this, we have a wealth of experience within the team in dealing with complex restructurings within the financial services sector, including acting on multiple special administrations and are pleased to have assisted in securing a successful outcome for Dolfin's clients."

Natasha Atkinson, also commented, "The special administration regime enables the client monies and assets held by Dolfin to be brought under the control of the Special Administrators who are best placed to protect and re-home them to a suitable acquirer with the approval of the FCA".

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