Administrators of Alpari (UK) plan final distribution to unsecured creditors

Maria Nikolova

The Joint Special Administrators propose to make a distribution to creditors of Alpari (UK) by way of a final dividend to the unsecured creditors of the company.

The joint special administrators of Alpari (UK), the retail FX broker that got into trouble after the CHF spike on January 15, 2015, have earlier today provided an update on the fund distribution process.

Edward Boyle, Samantha Bewick and Richard Heis each of KPMG LLP said in a notice that they propose to make a distribution to creditors of Alpari (UK) by way of a final dividend to the unsecured creditors of the company. Proofs of debt may be lodged with the Joint Special Administrators at any point up to and including January 12, 2018, that date being the last date for proving. The Administrators plan to declare and make a distribution within the period of two months from January 12, 2018.

Creditors may find additional information in a covering letter.

In August this year, the KPMG JSAs said that a catch up distribution of 20 pence in the £ will be paid to clients with agreed client money claims. The total amount being made available from the House estate for distribution in relation to the Catch Up Distribution was GBP 1,775,594.44. In addition, as a result of a reduction in the costs provided for when closing the client money pool, an amount of GBP 331,445.92, representing 0.03% of Client Claims was made available for distribution to clients. This sum has been added to the Catch Up distribution.

In line with the High Court directions regarding the client money pool (CMP), a second and final client money distribution of 27 cents in the $ (USD) was declared on May 31, 2017, taking total distributions to clients from the CMP to 82 cents in the $.

As of the bar date (October 2016), $95.7 million of client claims have been agreed representing 98% of value of clients with a claim into the CMP. The administrators have paid a total of $77.9 million from the CMP in respect of 13,644 clients.

All preferential creditors have been paid in full.

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