Alpari UK clients to get final distribution of 27 cents in the $
The Final Client Money Distribution will be made to clients who have agreed their client money entitlement and contractual claim on the Claims Portal before the Bar Date – October 30, 2016.
The saga with the special administration of Alpari UK, which got into trouble following the January 15, 2015 events, is gradually coming to a close. The joint special administrators (JSAs) from KPMG have just published a notice on the final client money distribution.
The amount of the final client money distribution is 27 cents in the $ (USD) and it will be paid to clients with agreed client money claims on the Claims Portal before the Bar Date – October 30, 2016. This distribution will take total client money distributions to 82 cents in the $.
Those to receive the compensation will be notified via email by June 2, 2017 confirming that the payment has been made to them.
According to the JSA’s 4th Progress Report, covering their work on the case from July 19, 2016 to January 18, 2017, to date, 94,375 clients got access to the Claims Portal, whereas 16,278 clients have agreed their claim representing 96.2% by value of clients with a claim into the Client Money Pool (CMP).
The report said the JSAs have paid a total of about $51.8 million from the CMP to 12,503 clients, representing circa 53% of the CMP. The administrators forecast back then that total claims into the CMP will reach USD 97.8 million.
Regarding unsecured claims, the JSAs have agreed unsecured claims of GBP 18.47 million at the time of the publication of the 4th progress report. The administrators have declared and paid two interim dividends totalling 20 pence in the £ (GBP) to unsecured creditors.
The latest progress report said the Financial Services Compensation Scheme (FSCS) has taken assignment of 12,759 client claims and has paid compensation of USD 50.8 million to 12,305 clients.
Today, the JSA provided some procedural details concerning the first distribution too. They said they did not pay the First Client Money Distribution to Clients with a distributable amount of USD 200 or less because it was not economical for the CMP to bear the administrative expenses associated with making such payments. Clients with a total distributable amount of more than USD 51.50 but a first distribution of less than USD 200 are poised to receive the full amount of their combined distribution now.