The Honister Capital administrator, Grant Thornton, has assured creditors that the 112 complaints it has received since the advisory firm went into administration will be dealt with by the Financial Services Compensation Scheme (FSCS).
In documents sent out to creditors last Friday, Honister administrator, Grant Thornton, broke down the 112 complaints it had received since the firm was put into administration into the advisory firm's divisions.
Some 28 of the claims related to Honister Partners , 49 of the claims related to Burns Anderson, and 30 claims related to Sage Financial Services.
None of these claims are covered by professional indemnity insurance.
The 112 complaints are in addition to the 192 outstanding professional indemnity complaints received before the company went into administration.
Each document stated: "In respect of all claims in which it makes a payment, the FSCS will then stand in the shoes of the complainant for any amount that it pays out and will have an unsecured claim against the relevant company.
"If a client's claim is over the FSCS payment limits, the FSCS will pass on any dividend to the client. All claims will be subject to the administrators', or subsequent liquidators', claims agreement process."
Honister Capital was put into administration on 3 July last year, after failing to secure professional indemnity insurance (PII) for its member firms. About 700 advisers were made redundant.
The administrator also said that it is continuing to investigate the restructure of the group in December 2011 which resulted in the share capital of Honister's profitable execution-only division Willis Owen Limited (WOL) being transferred from Honister Capital to the newly formed Honister Capital Holdings. WOL is not subject to an insolvency process.
The administration process is due to end on 2 July 2013. Prior to this the administrators will either ask the creditors to extend the process for six months, make an application to the courts to extend the process or place the companies into voluntary liquidation.
It shocks you
2,000 people surveyed
Six FTSE 100 female CEOs earning 32% less than men
It is the 'Second City'