Alpari (UK) administrators set to make payment of 23.54p in the £ to unsecured creditors

Maria Nikolova

The special administrators will also be making a payment of 43.54 pence in the £ to unsecured creditors who were not included in previous distributions.

Further to the December announcement by the Joint Special Administrators (JSAs) of now-defunct retail FX broker Alpari (UK) about their plans to pay a final dividend to unsecured creditors, the administrators from KPMG have earlier today published a notice stating that they have declared the dividend on February 23, 2018.

The JSAs will shortly be making a payment of 23.54 pence in the £ (GBP) to unsecured creditors who received the previous 20 pence in the £ (GBP) distributions. The JSAs will also be making a payment of 43.54 pence in the £ (GBP) to unsecured creditors who were not included in previous distributions and whose claim has been agreed by the JSAs, providing they have passed the necessary Know Your Client checks.

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

The administrators warn that employee claims require a separate process. They expect all employees with an agreed unsecured claim to be paid their 23.54 pence in the £ (GBP) distribution within the next 10 working days.

Regarding unclaimed dividends, the JSAs say they they are seeking an Order that the balance of funds available for distribution to clients and/or unsecured creditors will be transferred to the Secretary of State for Business, Energy and Industrial Strategy. The Secretary will take over responsibility for processing any unclaimed client and/or creditor dividends by accepting payment into the Insolvency Services Account.

The administrators note that they will not be able to process any further payments of unclaimed dividends after March 16, 2018.

The Special Administrators advise those concerned that they have not received a dividend to wait until after March 2, 2018 to email KPMG in order to allow time for payments to be processed. As previously mentioned, all creditors who are due to receive a payment via the final dividend will receive an email or letter to this end.

Last week, the administrators gave notice that they intend to apply to Court under paragraph 79 of the Rules for an Order seeking the closure of the Special Administration, to be effective 28 days from the registration by the Registrar of Companies of the company’s final progress report. Back then, the JSAs indicated that the administration is expected to come to an end in March 2018. As per the documents released today, the special administration of Alpari (UK) is due to end in early April 2018.

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