KPMG appoints UK debt collector CCI Legal to go after Alpari UK negative client balances

Professional services conglomerate KPMG, the firm which was invoked to conduct the special administration of Alpari UK following its insolvency as a result of the Swiss National Bank’s removal of the 1.20 peg on the EURCHF on January 15, has issued a notice which states that it has appointed CCI Legal to assist in recovery of the debts due from clients with negative balances.

Clients liable for negative balances, debt collector instigated

The notice makes it clear that it is confirmation that CCI Legal is formally authorized to act on behalf of the Company and the Joint Special Administrators and to accept payments due to the Company.

CCI Legal will contact clients directly. The notice states that clients should raise any questions or queries with CCI Legal in the first instance and they will liaise with the Company and the Joint Special Administrators as appropriate.

Account consolidation

Where clients held more than one account with the Company all such accounts have been
consolidated to arrive at a single net balance per individual. Clients should therefore only receive a demand for one amount which will reflect the final aggregated balance of all accounts they held with the Company.

Currency conversion

All account balances have been converted to GBP at the official exchange rate, which is the mean of the buying and selling spot rates prevailing in the London market as published at the close of business on 19 January 2015.

Whilst KPMG is requesting settlement in GBP, if this presents difficulties, clients are asked to speak to CCI Legal to discuss arrangements for paying in other currencies.

Prompt settlement discounts

The Joint Special Administrators will be allowing prompt settlement discounts to clients who make arrangements to settle their account balances promptly. Full details will be provided by CCI Legal once they are in a position to contact clients. To benefit from these concessions it is important that clients deal with any demand they might receive promptly.

For the official notice from KPMG, click here.

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