KPMG releases full Joint Special Administrators’ Proposals relating to Alpari UK – dissolution looms

In the advent of the scheduled creditors and clients meeting which will be held by KPMG with regard to Alpari UK’s insolvency and subsequent special administration procedure for which professional services and auditing firm KPMG is responsible, a full and comprehensive set of proposals have been released by the administrators.

LeapRate exclusively reported the contents of the full memorandum from KPMG, immediately after it became available, and subsequently reported that the creditors and clients meeting will be held on March 12.

The proposal by KPMG states that the most likely exit route will be dissolution, and proposes that the possible formation of a creditors committee should be discussed at the clients and creditors meeting on March 12.

KPMG’s proposal includes the potential liquidation of assets, and details that the firm leases its premises in London, with landlord held rent deposits totaling some £1.4 million.

The rent and service charge due under the leases was paid by the Company in December 2014 for the first quarter of 2015. KPMG is currently in discussions with the Landlord regarding the Company’s continued occupation of the property, the rent deposit held and the process which it will follow to vacate the property at the appropriate time.

The Company also has leasehold interests in properties in China and Germany, which are or were occupied by its subsidiaries or representative agents. We KPMG has contacted the respective landlords to confirm that we have no interest in the leases.

Other than the rent deposit referred to above, there are no realizable values in any of the above mentioned leases.

An inventory of office and IT equipment has been drawn up, and will be assessed for potential sale.

KPMG has attached a full breakdown of its Joint Administration receipts and payments account, with the full document being available by clicking here.

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