Retail Forex broker Alpari (UK) is now officially dissolved

Maria Nikolova

The retail FX broker, which appointed administrators shortly after the CHF spike in January 2015, was dissolved following its liquidation.

Three years and a half after Alpari (UK) appointed joint special administrators from KPMG, the retail Forex broker officially ceases to exist. As per a regulatory filing with the UK Companies House, Alpari (UK) was dissolved on September 7, 2018.

The document publication follows KPMG’s announcement in May this year that the administrators had filed a notice of the broker moving from administration to dissolution.

A 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. 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. 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.

About a year ago – in August 2017, the administrators announced the closure of the client money pool (CMP) – a move that had been expected as it was in line with directions received by the High Court. No further costs or realisations would be charged or credited, the administrators stated.

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