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.

Read this next

Market News

Stock Market Analysis: Is NVDA Losing Its Leadership?

Since the beginning of the week, the S&P 500 Index (US500) has seen a modest increase of about 0.58%, whereas NVDA’s share price has experienced a decline of approximately 3.8%. This recent divergence raises concerns among Nvidia stock investors — could it signify a loss of NVDA’s market leadership?

Industry News

ESG: Australian regulator wins first greenwashing court case against Vanguard

Vanguard admitted that a notable portion of the securities within both the Index and the Fund did not undergo the promised ESG scrutiny.

Fintech, Uncategorized

BitMEX integrates HALO from Solidus Labs for cross-market surveillance

““The recent approval of the Spot Bitcoin ETF has piqued the market’s interest. As a result of price volatility, the trading volumes for crypto derivatives have gone up substantially. HALO, with its advanced technology and crypto-native detection architecture, will enable BitMEX to smoothly and safely scale trade surveillance across its increased trading volumes and provide the necessary safeguards for new product launches.”

Reviews

IUX Broker Review

IUX, recently rebranded from IUX Markets, stands as a multi-asset Forex broker recognized for its regulatory compliance across various jurisdictions.

Industry News

Horizon Software rebrands to Horizon Trading Solutions

“Horizon Trading Solutions has seen accelerated global growth over the past year to meet the rising demand for our trading solutions and built-for-purpose technology offering. The choice to rebrand represents a key part of this development, while maintaining our heritage and history in the industry.”

Market News

USDJPY has surged to levels last witnessed in 2022. Should we consider opening a short position?

The recent resurgence of the US dollar has propelled USD/JPY to new heights, touching levels not seen since 2022. This surge comes against the backdrop of stable short-term yields and ongoing economic data that fails to signal a significant slowdown, prompting questions about the extent of current monetary easing measures.

Digital Assets

DED Trends on Twitter After Memecoin Snapshot Announcement

Polkadot-backed community coin #DED, made it to the trending charts on X, demonstrating community’s engagement and interest behind the memecoin. 

Digital Assets

BlockDAG Presale Nears $10 Million Amid Toncoin’s Momentum, Green Bitcoin’s Presale, and the Rise of Other Top Cryptos

This article will examine three top trending topics: Toncoin’s potential, Green Bitcoin’s innovative presale, and BlockDAG’s sustainable mining approach. These cryptocurrencies take centre stage for their uniqueness and innovation.

Digital Assets

Coinbase scores minor victory vs SEC, but lawsuit to proceed

A federal judge in Manhattan, U.S. District Judge Katherine Polk Failla, ruled on Wednesday that the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Coinbase can largely proceed.

<