Your funds are held in custody of Bank of New York Mellon, through segregated client monies & custodian accounts. As per Guernsey Financial Services Commission (GFSC), under article 9.3.2 of The Licensees Conduct of Business Rules 2016 (“Segregation Rules”), all client monies must be segregated from the companies own money.
If Dominion enters a formal insolvency process, investors would be required submit a proof of debt claim to the appointed officeholder (be that an administrator or liquidator) to be assessed and admitted. The officeholder is under a duty to administer the insolvent estate of Dominion by collecting in the assets and distributing to creditors in accordance with the statutory order to priority. Subject to any complexities arising in the insolvency and assuming the trust assets have been kept separate from the assets of Dominion, claims should be settled within one year.
For more information, contact us and we’ll be happy to provide you with an independent legal opinion on this.
Article is closed for comments.