KPMG has released an update on its website in reference to the Special Administration of Alpari UK. In the note, KPMG has outlined details about the currency pairs people affected by the case are dealing in.
The update covers details about the Client Money Pool, the note states: “The Client Money Pool (“CMP”) is to be held and distributed in US dollars only. All clients who have a claim will therefore be paid any distributions in US dollars by the Joint Special Administrators. Since the designation of the Client Money Pool is US dollars, all Clients’ account balances which were not held in US dollars are required by law to be converted into US dollars at the spot rate prevailing at the time of the appointment of the Joint Special Administrators, which is 2.45 pm, GMT, on January 19 2015.”
On the contrary, the House Estate and Debtor Balances are dealt with in British Pounds, the notification added: “The House Estate is held in Pounds Sterling; therefore all claims against the House Estate will be converted to and distributed in Pounds Sterling.”
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In addition; “Client debtor balances are also converted to Pounds Sterling, and any requests for payment from clients with a negative balance on their account will therefore be made in Pounds Sterling. This is due to the fact that monies recovered relating to debtor balances are realised in the House Estate, which is held in Pounds Sterling as outlined above.”
KPMG held a meeting with clients and creditors on the 12th of March 2015, the results of which were announced fewd ays later. Among the numerous updates were details about the a new firm, CCI Legal, which has been appointed as a Joint Special Administrators to assist in the recovery of negative balances.
The latest notification aims to clarify details issued in the media as they relate to a paragraph called Currency Conversion in the Update for clients with negative balances – March 17, 2015 document which states that balances were converted in GBP.