Chapuys
4 June 2019 13:25
3
Freetrade_Team:
[…]If you sell stock before administration, but your order is due to settle afterwards.
The contract still holds and you’ll still get your money.
However, since the stock has been suspended, sorting out the settlement is a more complicated process. This is because market makers usually won’t settle the stock until the administration process is over.
This means we/your broker has to do some manual work to make sure all the orders settle as agreed. It takes longer than a normal order, but rest assured we’ll get you your money.
Once it’s settled, the money for your sale will be available for you to withdraw from the app.
I was in this position with Debenhams - waiting for my money after I sold.
Its a shame Freetrade didn’t communicate the process better as I was randomly given my Debenhams shares back (I still have them in my GIA actually) and the withheld money deducted from my account. For days I was under the impression it had failed, contra to what had been said weeks before, until randomly the money was made available.
Look what has reappeared in my account today…
[IMG_1536]
The shares were sold the day before suspension, but obviously didn’t complete. Freetrade have also removed the unsettled cash from my account.
It would be nice for Freetrade to contact us by email or in chat support about something like this as a courtesy warning/explanation/apology etc. Especially as they had previously stated above that we would receive the money.
The saga continues.
Yesterday I noticed that the balance of my share sale just reappeared in my general investment account as available funds. The reappeared Debenhams shares are still in my account and the new purchase order does state cancelled. I have withdrawn the funds so I can move them over to my ISA.
Still no message from Freetrade about it all, which is possibly worrying for any future crisis, but thank you.
[IMG_1568]
1 Like