KPMG files notice of Alpari (UK) moving from administration to dissolution

Maria Nikolova

The administrators of the now-defunct retail FX broker notify Companies House of the move of Alpari (UK) from administration to dissolution.

Further to publishing their final progress report into the administration of now-defunct retail FX broker Alpari (UK), the Joint Special Administrators of KPMG have also added another notice to the list of documents in this case.

The latest filing is the so-called AM23 form, that is, a notice to the Companies House informing of the move of an entity – in this case, Alpari (UK), from administration to dissolution.

Let’s recall that KPMG has filed a copy of the progress report with the Registrar of Companies together with the requisite notice. The special administration will cease to have effect when the Registrar of Companies registers these documents. The broker will be dissolved three months after that date.

The final progress report was issued following the receipt of the Court Order regarding closure of the special administration. The JSA’s application to the Court was heard on April 18, 2018 and they obtained an Order for their appointment as Special Administrators to cease to have effect upon the registration by the Registrar of Companies of the final progress report. In addition, the JSAs will be discharged from any liability with effect from 28 days after the date on which the appointment ceases to have effect. All matters within the special administration have now been dealt with and the JSAs have applied to cancel the FCA registration of Alpari (UK).

The final progress report covers the period from January 19, 2018 to May 18, 2018, and marks the end of efforts that started in March 2015, when the broker confirmed it was into trouble after the SNB decision that led to the CHF spike on January 15, 2015.

As per the final report, the agreed final client balances totalled USD 95.8 million.

During the special administration, the JSAs have paid and declared two client dividends totalling 82.0 cents in the $. In August 2017, a “catch-up” dividend of 20 pence in the £ was made to clients, being equal to the interim distributions made to unsecured creditors.

In February 2018, the JSAs declared and paid a final dividend of 23.54 pence in the £ (GBP), bringing total unsecured distributions to 43.54 pence in the £ (GBP).

All preferential creditors have been paid in full. The total value of agreed unsecured claims (excluding client unsecured claims but including employee unsecured claims) is GBP 21,625,599. Client unsecured claims total GBP 8,957,898.

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