Alpari UK has issued a formal statement on its insolvency and entering administration by KPMG.
As we posted earlier, Alpari UK applied for insolvency and entered administration after a frantic weekend search for an outside financial lifeline or acquirer of the company, which the company was unable to conclude – at least in time to avoid insolvency.
However Alpari UK noted in its statement that, despite entering administration, it still hoped that it might be acquired (somewhat) intact, with the purchaser now needing to buy the company or its assets out of administration.
If a deal cannot be concluded fairly quickly, we would expect the administrator to begin refunding the $99 million in client funds held by Alpari UK back to their rightful owners as soon as possible.
We would remind our readers that the insolvency of Alpari UK does not affect other Alpari Group companies, including the flagship Alpari RU operation.
Alpari UK’s statement reads as follows:
Special Administrators appointed to Alpari (UK) Ltd
Upon the application of the directors of Alpari (UK) Ltd, on Monday 19 January 2015, the High Court appointed Richard Heis, Samantha Bewick and Mark Firmin of KPMG LLP as joint special administrators of Alpari (UK) Ltd, under the Special Administration Regime (SAR). Alpari (UK) Ltd is a company incorporated in the UK.
Alpari (UK) Ltd applied for insolvency on Monday 19 January 2015 following the decision on Thursday 15 January 2015 by the Swiss National Bank to remove the informal peg to the euro at around 1.20 Swiss francs. The announcement by the SNB prompted volatility across the foreign exchange markets which saw the company and many of its clients make large losses. After a weekend spent in urgent discussions with various parties with a view to selling the company, these efforts were ultimately unsuccessful.
We have had a number of enquiries from interested parties in relation to the company’s business. We will be speaking with these parties and others over the next few days, and hope to secure a deal to preserve the business and jobs as far as possible.
For all queries, please contact: [email protected]
The administrators will endeavour to respond to your query as soon as possible.
The Alpari UK statement can also be seen on its website.