KPMG’s Joint Special Administrators for Alpari (UK) Limited, which became insolvent following the SNB event in 2015, has released a new update regarding the defunct company’s client funds, issuing a notice of the proposed distribution to all traders.
According to the notice, the English High Court on 29 September 2016 ordered that client money held by Alpari (UK) Limited should be distributed to clients.
In accordance with the order, KPMG administrators plan to make a final distribution of client money, setting a bar date for claims at the end of this month.
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The recently released KPMG statement said that clients who have not yet submitted a claim and still wish to do so should send their applications to the appointed special administrators at any point up to and including 30 October 2016.
The Joint Special Administrators intend to make a final distribution to clients by 24 July 2017.
“Alpari intends to distribute all remaining client money. Clients who have not submitted a client money claim to the Joint Special Administrators as set out below by the last date for proving will not be entitled to share in the proposed distribution of client monies,” the statement further states.
Following an earlier released report concerning Alpari UK client compensation, it seems like that ex Alpari UK clients will get back around 75-80 cents on one USD. However, KPMG has outlined that claims of less than US$51.50 will be disqualified according to a de minimis threshold that was approved by the court.