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EncoreFX

FEATURE Update

Jun 14

Jun 14th 2018: Choosing a Hedging Instrument

If you’ve been following our CFO Series of articles, you’ve hopefully developed a best practice strategy for managing your FX…

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Mar 27

Mar 27th 2020: US Jobless Claims Reach Historic High | Russia Calls for New Oil Deal

US jobless claims skyrocketed to more than 3.2 million last week, which is by far the highest on record.  Despite…

Mar 26

Mar 26th 2020: Dollar Weaker Ahead of Jobs Data | Bank of England to Hold Rates

The US dollar is in decline again this morning ahead of what is expected to be the highest US jobless…

Mar 25

Mar 25th 2020: US Lawmakers Agree to Massive Stimulus Deal | Canadian Jobless Claims

US Senators were finally able to reach a fiscal stimulus deal yesterday that will inject $2 trillion into the economy…

Mar 24

Mar 24th 2020: Fed Unleashes Unlimited QE | Disastrous PMIs Send Ominous Sign

Yesterday morning the Federal Reserve unveiled fresh stimulus packages to inject liquidity into the system and stabilize the credit market,…

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To the Clients of EncoreFX:

 

It is with much regret that we inform you that EncoreFX’s (the “Company”) offices are suspending trading effective immediately.

This suspension will give the Company time to consider its restructuring alternatives. The restructuring has become necessary as a number of customers to whom the Company granted credit have defaulted on their obligations to the Company due mainly, we believe, to the rapid changes in the FX market caused by the coronavirus pandemic.

 

In order to provide stakeholders with transparency, the Company has filed an assignment in bankruptcy pursuant to Section 49(1) of the Bankruptcy and Insolvency Act (Canada) (the “BIA”) with respect to its Canadian operations and has assigned its Australian and New Zealand subsidiaries in Voluntary Administration in Australia and New Zealand. 

 

Ernst & Young has been appointed as the licensed insolvency trustee (the “Trustee”) in Canada and as the Administrator in Australia. 

 

Once the Trustee, working with the Company, has determined the best options for the Company and its stakeholders it will share that information with you. Information pertaining to the bankruptcy of EncoreFX will be available, in due course, on the Trustee’s website at: www.ey.com/ca/encorefx.