Nabarro has advised foreign exchange broker, LQD Markets (UK) Limited, on its entry into special administration following difficulties related to the Swiss National Bank’s decision to abandon the ceiling on the exchange rate between the Swiss Franc and the Euro.

The company entered into special administration by court order made at 12.04pm on 2 February 2015. The appointed special administrators are Matthew Haw, Matthew Wild and Graham Bushby of Baker Tilly Restructuring & Recovery.

The special administration regime was introduced in 2011 to help resolve issues arising from failed investment banks in a more orderly and efficient manner. The special administrators have special powers which recognise the unique nature of investment banks. One of the main statutory objectives is to return client monies as soon as reasonably practicable.

The Nabarro team was led by partner Glen Flannery, assisted by senior associates Morgan Bowen and Sam Robinson, and trainee Carys Hughes.