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Brexit Saga Continues | Oil Steadies

Published March 18, 2019
  • The British Prime Minister Theresa May is weighing up her chances of trying to push her Brexit deal through parliament at the third attempt after two previous defeats. May has indicated that if the Commons can agree to a deal before the European Council, Britain would seek to delay its previous departure date from the European Union to allow legislation to be passed.
  • WTI crude prices steadied on Monday, amid concerns that an economic downturn may dent fuel demand, however markets remain broadly supported by supply cuts led by producer group OPEC and US sanctions against Iran and Venezuela. WTI crude prices have hit a low of $58.05
  • British Chamber of Commerce (BCC) lowered its 2019 GDP forecast for the UK’s economy to 1.2% from the previous estimate of 1.3%. A weaker outlook for business investment and trade amid continued Brexit uncertainty and slower expected global economic growth were the main catalysts behind the leading business group’s downgrades to its forecast for GDP growth in 2019 and 2020.
  • President Donald Trump issued the first veto of his presidency, rejecting an effort by Congress to block the emergency declaration he had used to try to shake loose funds for his long-promised wall along the southwestern border.

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.