Alpari (UK) in Special Administration: USD 99.2 million client money have been realised 

KPMG insolvency has published a progress report in relation with Alpari (UK) Limited – in Special Administration for the period January 19 to July 18 2015. The progress report provides an update on the special administration of the Company.

As a summary of the report, KPMG points that:

1) Richard Heis, Samantha Bewick and Mark Firmin were appointed Joint Special Administrators of the Company by order of the High Court dated 19 January 2015; pursuant to the Investment Bank Special Administration Regulations 2011, upon an application by the directors of the Company.

2) KPMG has realised client money totalling USD 99.2 million.

3) KPMG has faced a number of unique challenges, not least because there are over 100,000 clients, 82% of which are not based in the UK.

4) To date, 89.6% of clients by value have agreed their claims.
A Claims Portal has been developed which enables clients to agree their balances and claims online, assign their claim to FSCS and direct where dividends or compensation payments should be paid.

5) To date FSCS have taken assignment of 9,693 client claims and have paid compensation amounting to USD 36.6 million in respect of 8,660 clients.

6) At present client liabilities total USD 97.3 million.

7) Special Administrators have made a first interim distribution to clients of 55 cents in the CMP. Administartors presently estimate the overall return for clients will be in the range of 71.6 to 87.7 cents in the CMP.

8) House money totalling £7.8 million has been realised. Realisations have also been made from the sale of the intellectual property (£3.8 million), Alpari Japan K.K. (£1.7 million) and the initial receipt from the sale of the client data to ETX Capital Limited (£0.2 million).

9) Preferential creditors will be paid in full.

10) There will be a dividend distribution to unsecured creditors.

Read the Full report: Alpari (UK) Limited in Special Administration Progress Report

Source: KPMG Insolvency

 

 

 

 

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