Business restrictions
In addition, Holborn must not, in any way, dispose of, deal with, or diminish the value of any of its assets without the prior consent of the FCA.
This requirement does not prohibit the firm from dealing with or disposing of any of its assets in the ordinary and proper course of business.
The FCA confirmed for the avoidance of doubt, the following would not be in the ordinary and proper course of business for these purposes:
- the making of any capital distribution;
- the payment of any unusual or significant amounts to the firm’s shareholders, employees, officers or partners or any persons connected thereto;
- the making of any gift or any significant loan by the firm to any party; and
- the entry into any financial reconstruction or organisation.
