KPMG issues full notice of interim distribution to Alpari UK creditors including IBs, staff and customers

This week, KPMG’s Joint Special Administrators for defunct Alpari (UK) Limited which became insolvent following the removal of the 1.20 peg on the EURCHF pair by the Swiss National Bank in January 2015, has concluded its interim distribution proposals with regard to disbursements, issuing a notice of the proposed distribution to all creditors. KPMG Joint Special […]

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This week, KPMG’s Joint Special Administrators for defunct Alpari (UK) Limited which became insolvent following the removal of the 1.20 peg on the EURCHF pair by the Swiss National Bank in January 2015, has concluded its interim distribution proposals with regard to disbursements, issuing a notice of the proposed distribution to all creditors.

KPMG Joint Special Administrators Samantha Bewick, Richard Heis and Mark Firmin produced the document, with Ms. Bewick having stated:

“I propose to make a second interim distribution to the unsecured creditors of the Company within two months from 18 April 2016. To ensure that you are able to participate in the interim distribution please submit details of your unsecured claim by this date.

“Note that all clients with a claim into the Client Money Pool should continue to agree their claims through the Alpari Claims Portal and do not need to take any action with regards to this letter.”

“Notwithstanding the detailed information below; if you do not provide your proof of debt before 18 April 2016 then you will not be able to participate in the interim dividend and your payment will be delayed.”

The instruction from KPMG to creditors is as follows:

Trade Creditors

If you are a trade creditor with an agreed claim no action is needed, this notice is for information purposes only. Trade creditors with agreed claims will have already received the first interim distribution paid in December 2015. If you have not received the first interim distribution from the Company, please complete the proof of debt form dated 14 August 2015 that can be found on the website (www.kpmg.com/uk/alpari).

KPMG LLP, a UK limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.

Professional Clients

All Professional Clients have received bespoke proposals from the Joint Special Administrators (JSAs). If you have not returned these then please do so before 18 April 2016. If you require another copy please request one as soon as possible by emailing the inbox address at the top of thisletter.

Please note that in order to pay a dividend via bank transfer we will need a copy of a recent bank statement which includes the beneficiary name. We would also require a copy of a driving licence or passport for ID purposes.

Introducing Brokers (“IBs”)

If you are an IB and have received proposals from the JSAs, and have not yet returned these, please do so before 18 April 2016. If you require another copy please request one as soon as possible by emailing the inbox address at the top of this letter.

If you are an IB and have not received an IB proposal from the JSAs please complete a proof of debt form. This form can be found on the website (www.kpmg.com/uk/alpari) and is dated 14 August 2015. Please also attach an account statement as at the date of special administration, 19 January 2015, to substantiate your claim.

Please note that in order to pay a dividend via bank transfer we will need a copy of a recent bank statement which includes the beneficiary name. We will also require a copy of a driving licence or passport for ID purposes.

Employees

All employees will be contacted separately in a process running parallel to this one. Employees do not need to take any action with regards to this letter.

Segregated Clients

All clients with a claim into the Client Money Pool should continue to agree their claims through the Alpari Claims Portal. You do not need to take any action with regards to this letter. If you agree your claims through the Alpari Claims Portal you will automatically become eligible to receive a distribution as an unsecured creditor for the extent of any shortfall claim you may have against the Company following

Payment

The Joint Special Administrators intend to make all payments by bank transfer. Please ensure that you include your bank details on the proof of debt to enable the interim dividend to be paid by bank transfer. The dividend to unsecured creditors will be paid in pounds sterling (GBP) as that is the currency of the general estate.

Submission

Creditors have been advised to submit their claim via email to [email protected]. Alternatively creditors are able to submit claims by post to the following address:

Alpari (UK) Limited (in special administration)
c/o KPMG LLP
10th Floor
15 Canada Square London
E14 5GL

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