KPMG, the special administrators of bankrupt retail forex broker Alpari UK, said that the company’s secured creditors will receive a dividend that fully covers their claims to the broker, and that unsecured creditors will collect 14 pence for every pound lent.
Secured Creditors Get All They Are Owed
Secured creditors are the ones who have been granted collateral in exchange for the money they lend, while unsecured ones do not obtain collateral, hence the lower size of the dividend.
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The administrator said secured creditors will be receiving their claims’ worth immediately. Unsecured creditors, on the other hand, would only get their dividend if their claims were approved after the deadline for submitting them was extended to November 20. Initially, unsecured creditors were urged by KPMG to submit their claims by the end of October.
Minimum Sum Set for Payouts
There are also limitations on the size of the claims that will be partially redeemed within the current framework of payments. Any unsecured creditor owed GBP 714.29 ($1,081) or less will be left empty-handed, as the distributable amount for such claims is below GBP 100 ($151), the agreed minimum by the administrator.
Still, even these creditors will receive some money for their claims, but this will take place next year, KPMG said, as at the moment payouts below the sum established as minimum are deemed uneconomical.