KPMG continues winding up Alpari (UK), disclaims onerous property

A short update on how the process of winding up Alpari (UK) Limited, the Forex broker that fell victim to “Black Thursday” events, has been progressing.

KPMG, the joint special administrators of Alpari UK, have filed a Notice to Registrar of Companies of Notice of disclaimer (under section 178 of the Insolvency Act 1986), which is a necessary step towards the dissolution of the company.

Under the law, such a document is used to disclaim any onerous property.

Onerous property could mean:

  • any unprofitable contract, and
  • any other property of the company which is unsaleable or not readily saleable or is such that it may give rise to a liability to pay money or perform any other onerous act.

In the case of Alpari (UK), the disclaimer concerns a leasehold in London.

The joint special administrators of Alpari (UK) Limited disclaim all the company’s interest in:

the leasehold land known as Part Level 5 of the building known as 201 Bishopsgate London EC2 and more particularly demised by and described in a Lease dated August 30, 2011, and made between (1) Broadgate (PHC 8) 2008 Limited and (2) Alpari (UK) Limited.

It is worth recalling at this point, that the property mentioned above refers to the premises of Alpari UK. To mention one interesting figure, at the date of KPMG’s appointment as special administrators of Alpari UK, the Landlord held rent deposits totalling some £1.4 million ($2.2 million). The rent and service charge due under the leases was paid in December 2014 for the first quarter of 2015.

Alpari UK also has leasehold interests in properties in China and Germany.

With the exception to the rent deposit referred to above, there are no realisable values in any of the above mentioned leases.

To download the official Disclaimer document as filed by KPMG, click here.

Read Also: