Breaking: Alpari UK’s Administrator Appoints Legal Debt Collection Agent
KPMG says that Beeston Shenton Solicitors Limited has been assigned for debt collections.
According to an official update from KPMG, the acting administrator for Alpari UK’s bankruptcy, the company today announced the appointment of Beeston Shenton Solicitors Limited as the legal collection agency that will attempt to collect the debts due from clients in connection with negative balances at the bankrupt entity Alpari UK.
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Beeston Shenton will contact clients directly, according to the update, after it was instructed to act on behalf of the company and the Joint Special Adminstrators including KPMG. The firm will accept payments due to Alpari UK.
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The update, posted on KPMG’s dedicated insolvency website, noted that any questions or queries that come up should be directed to Beeston Shenton initially, and they will liaise with the company and its administrators as needed.
Previously, KPMG’s second bankruptcy progress report had estimated client liabilities at $97.8 million, in addition, the debt collection efforts of KPMG directed towards clients of Alpari UK had continued to be slow with £323,597 collected from debtors with an additional £34,000 yet to be recovered, according to previous updates.
The news follows Finance Magnates’ last update regarding the status of the case at the end of last month showing an estimate for the amount of shortfall in client claims, and after the update in February that revealed that unsecured clients would receive 75-80 cents on the dollar.
75-80% is going to be distributed to GUC, or is that’s going to be the shortfall?
Sounds like they could have a tough time with this one. Inadequate risk management will be the argument and failure to close clients at appropriate levels to save them from going heavily into debt. Given that a large proportion of those clients would be B-Book, how much did Alpari really lose on the hedge?
Curious as to how can a firm of fee earning solicitors can portray themselves as ‘Debt Collectors’??