As a producer working in the Canadian film industry, you’re well aware that timelines for filming are often out of your control. It can be frustrating when unforeseen circumstances like weather, casting disputes, or last-minute location changes set back filming. Even more frustrating is watching exchange rates cut into your production budget while you wait for all the moving parts to fall into place.
EncoreFX knows that you have a hundred things to think about – foreign exchange risk shouldn’t be one of them.
With timeline and the fine details not yet locked down, you are unable to plan your exchange in advance. When will you need to convert your USD to CAD? Should you wait? What if things fall through?
All the while, currency markets are fluctuating, and you have no idea whether you’ll be able to capture your budgeted exchange rate when the time comes.
Protect your funding proactively using your main production company as a placeholder.
EncoreFX can provide your umbrella company with credit, entitling you to strategies that capture your budgeted rate. Funds can then be transferred to your production entities as your timeline falls into place.
With the EncoreFX Credit Umbrella,
you can protect your production budget from exchange rate losses for as many projects as you need, even before you’ve registered them as unique entities
Contact one of our EncoreFX Entertainment Division team members to find out how the FX Credit Umbrella can work for you.
The EncoreFX Entertainment Division is a national trading desk dedicated to the North American film industry, servicing clients across the country and on either side of the border. Regardless of the size of your production, fluctuations in currency exchange rates can impact your project budgets and profitability. Daily, we are working with production teams to provide efficient, competitive currency exchange services; most importantly, we’re developing and executing on strategies that manage the risks posed by currency fluctuation.
EncoreFX works with businesses to develop unique programs, best suited to individual circumstances and goals, that protect those businesses against adverse movements in currency exchange rates.
This does not need to be time-consuming or difficult, hard to understand or expensive, but
by preparing a foreign exchange risk management strategy today, you can protect your business from unforeseen risks tomorrow.
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.