Joint Administrators of Alpari (UK) Limited announced payment for unsecured creditors 

Further to the announcement in relation to Preferential creditor dividend, Joint Administrators of Alpari (UK) Limited announced that the JSAs will shortly be making a payment of 14 pence in the £ (GBP) to unsecured creditors whose claim has been agreed by the JSAs and who have passed the necessary Know Your Client (“KYC”) checks.

Unsecured creditors who have submitted a claim but have not passed KYC for any reason should have already been contacted by the JSAs with a request for further information.

The decission follows the announcement on 14 August 2015 when the Joint Special Administrators (“JSAs”) announced their intention to make a first interim unsecured creditor dividend (“the Interim Unsecured Creditor Dividend”) to unsecured creditors with agreed claims. As per that notice, the final date for proving claims in order to participate in the Interim Unsecured Creditor Dividend was 30 October 2015. However the JSAs have endeavoured to include any creditor who submitted a claim by the 20 November 2015; provided all the necessary documentation has been received.

JSA inform that the creditors who are due to receive a payment via the interim distribution will receive an email or letter to this end and that employee claims require a separate process. JSA expect all employees with an agreed unsecured claim to be paid their 14p distribution within the next 10 working days.

According to JSA:

Distributable Amounts

The JSAs will not be paying the Interim Unsecured Creditor Dividend to creditors with a distributable amount of GBP 100 or less i.e. creditors with a claim value of GBP 714.29 or less. This is because it is currently not economical for the body of creditors as a whole to bear the administrative costs of making payments below this level. Creditors who are not paid because of this will be paid when the final dividend is declared which will likely be in 2016.

Bank Details and failed payments

The JSAs have performed bank account checks ahead of payment however it is possible that there will be payments that fail. Those creditors whose payments fail will be contacted separately for alternate bank account information.

Further payments

There will be at least one further distribution to creditors. The amount and timing of further dividend (s) is currently uncertain; it is also not certain at this point whether there will be a further interim distribution ahead of the final dividend.

JSA encourage any unsecured creditor who has not yet submitted their claim to do so as soon as possible in order to participate in any further dividends. To submit a claim please complete the form entitled “14.08.15 – Proof of Debt form for Creditors and Introducing Brokers” which can be found on the website. This form, along with evidence substantiating your claim, can then be sent via email to alpariukclaims@kpmg.co.uk.

Queries

Any queries regarding the Interim Unsecured Creditor Dividend should be sent via email to alpariukclaims@kpmg.co.uk entitled “Unsecured dividend query – [YOUR NAME]”.

JSA states that, If you are concerned that you have not received a dividend, please wait until after 11 December 2015 to email us in order to allow time for payments to be processed. As previously mentioned, all creditors who are due to receive a payment via the interim dividend will receive an email or letter to this end.

Source: KPMG Insolvency

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