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May Suffers Crushing Defeat on Brexit Vote | Canada-China Diplomatic Tensions Increase

Published January 16, 2019
  • UK lawmakers will hold a vote of no-confidence in Prime Minister Theresa May’s leadership today after yesterday’s historical defeat of the Brexit deal. Britain could face its third general election in four years. Bank of England Governor Mark Carney spoke with lawmakers this morning, of which he stated that the central bank is communicating with the UK Treasury about powers it will require to quell potential financial volatility.
  • The Trump administration has ordered furloughed federal employees back to work today without any pay to limit the impact of the partial shutdown. President Trump is due to sign legislation today that would provide workers with back-pay after the shutdown ends.
  • Oil prices have stabilized this morning after climbing roughly 3% in the previous session on the expectations that OPEC will continue to push production cuts which would tighten supply. Brent crude futures were trading at $60.70 per barrel, and West Texas Intermediate futures were down 0.13% to $52.04 a barrel.
  • Canadian Foreign Affairs Minister Chrystia Freeland has recently reached out to China’s ambassador to ask for clemency in the case of Robert Lloyd Schellenberg. The Canadian is facing the death penalty for smuggling narcotics into China, the death sentence against Schellenberg has become the latest escalation in the diplomatic split between Canada and China.


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.