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Screenshot of a breaking news alert e-mail from Q2 2017
Alpari UK special administrator KPMG issued an announcement today stating that following the Joint Special Administrators obtaining an order from the Court to approve the mechanics of closing the client money pool, it has adjudicated all claims, and sent notices of full or partial rejection where KPMG considers it appropriate.
Worth noting is one very significant client creditor who has appealed KPMG’s part rejection of its claim. A timetable has been set for the hearing, but the court is unable to hear the case until a date between May 9th-11th, 2017.
KPMG said that it’s unable to distribute the remaining client money funds until after the judgment of the significant client creditor has been given.
FCA-regulated Alpari UK went belly up immediately following the surprise Swiss Franc spike of January 15, 2015 – almost 2-years ago. Virtually all of the $98 million in client funds held at Alpari UK were indeed accounted for and in place in segregated client bank accounts.
In total, KPMG expected to distribute 79 cents on the dollar from the Client Money Pool. Clients whose balances were £50,000 or less should be able to recover their entire account balance via the FSCS.
The full KPMG explanation regarding adjudication of all claims can be seen here.