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 that the proposed distribution will be delayed until after an outstanding dispute with a significant creditor is resolved.
According to the notice, the Joint Special Administrators have adjudicated all claims, including sending notices of full or partial rejection where it deemed appropriate. KPMG intended to make a final distribution to clients by 24 July 2017.
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However, in the recently released statement KPMG said that it will be unable to distribute the remaining client funds until after the court gives a final judgement on 9-11 May 2017 on the appeal by ‘one very significant client creditor’ against the rejection of his claims. As such, client money distributions will be declared and paid in due course after this date. Clients will be notified of any further distributions and an update will be provided on the designated website http://www.kpmg.com/uk/alpari.
Earlier in September, the English High Court ordered that client money held by Alpari (UK) Limited should be distributed to clients. In accordance with the order, KPMG administrators planned to make a final distribution of client money, setting a bar date for claims at the end of October.
Following an earlier released report concerning Alpari UK client compensation, it seems 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.