Breaking: KPMG Postpones Final Distribution to Alpari UK Clients
- KPMG won't distribute the funds until after the court gives a judgment on the appeal by a ‘significant client creditor’.
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.
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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.
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 Client Money Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Read this Term 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 https://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.
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.
To unlock the Asian market, register now to the iFX EXPO in Hong Kong
[gptAdvertisement]
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.
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 Client Money Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Read this Term 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 https://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.