Alpari (UK) Administrators issued an update progress report 

The Join Administrators of Alpari (UK) Limited have published the 4th progress report, an update report including of all amounts received and payments made since the date of their appointment, the costs which they have incurred to date and their future strategy for the special administration and how likely it is that they will be able to pay each class of creditor.

What is more, the progress report includes answers to frequently asked questions.

The Executive summary of the report says:

• This progress report covers the period from 19 July 2016 to 18 January 2017.
• We have focused on all three statutory objectives set out in the Regulations (Section 2 – Progress to date).
• To date FSCS has taken assignment of 12,759 client claims and has paid compensation of USD 50.8 million to 12,305 clients (Section 2.4 – Regulatory Matters).
• We applied to the Court for approval to close the client money pool (“CMP”). On 29 September 2016 the English High Court made an Order prescribing a procedure by which client money should be distributed to clients. (Section 2.4 – Regulatory Matters).
• As required by the CASS rules, costs incurred in dealing with the CMP are to be charged to the CMP (Section 2.5 – Costs).
• We have made one interim distribution from the CMP to clients of 55 cents in the USD. Our final distribution to clients from the CMP is anticipated before 24 July 2017. Our latest CMP illustrative financial outcome indicating how much clients will receive in a final dividend will be available by the end of February 2017 at http://www.kpmg.com/uk/alpari (Section 3 – Dividend prospects and dividends paid).
• Preferential creditors have been paid in full (Section 3 – Dividend prospects and dividends paid).
• No further dividend has been paid to unsecured creditors since the second distribution in April 2016.The total distribution to unsecured creditors is currently 20 pence in the £ (GBP). The timing and quantum of a further dividend remains uncertain. However, on current information we anticipate the final dividend will be paid by the beginning of 2018. (Section 3 – Dividend prospects and dividends paid).
• Please note: you should read this progress report in conjunction with our previous progress reports and proposals issued to the Company’s creditors which can be found at http://www.kpmg.com/uk/alpari. Unless stated otherwise, all amounts in this progress report and appendices are stated net of VAT.

You can read the Full progress report at: Joint Special Administrators’ progress report for the period 19 July 2016 to 18 January 2017

Source: KPMG Insolvency

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