This is an update to clients and creditors following our Statement on 23 March 2012.
On 20 March 2012, the Provisional Liquidators (‘PLs”) made an application to the Hong Kong Court (‘the Court’) for the Court’s approval to make a Second Interim Distribution to the Qualifying Clients of MFG-HK.
The PLs draw clients’ attention to the fact that, in this application, the PLs will be seeking Orders authorizing, for the purposes of the Second Interim Distribution and all/any subsequent distributions, the ‘pooling’ of all Client Money held by the PLs. The Orders to be sought will furthermore allow the pooled funds to be allocated and distributed to Qualifying Clients on a pari passu basis.
The Court has set a date of 4 May 2012 for this application to be heard.
Any client who has not yet submitted the claim form previously provided (see link below), will be required to do so before they can receive any further distributions, if and when the Order is granted by the Court.
The first meeting of the contributories and creditors in respect of both MFG-HK and MFH (‘the Companies’) was held on 22 March 2012. The PLs are in the process of finalising the reports to the Court and the accompanying applications seeking orders in respect of the Companies, that:
1. the PLs, Patrick Cowley, Fergal Thomas Power and Lui Yee Man continue in office as the Joint and Several Liquidators of the Companies.
2. a Committee of Inspection ('COI') be appointed to act with the liquidators.
3. the liquidation of the Companies' be conducted as a creditors' voluntary winding up.
The application to the Court will also include the list of those creditors nominated to be on the Companies’ COI’s, and the Court will be asked to decide which creditors will form the Companies’ COI’s. The PLs expect that application will be filed with the Court by the end of next week.
As mentioned in the last update, the reconciliation process in respect of clients’ North American positions is ongoing. This is being undertaken in tandem while we continue to seek the final or verified transfer and close-out prices from the special administrators of MFG UK (for the positions on the LME) and the provisional liquidators of MFG Singapore, which remain outstanding.
Clients of MFG-HK are encouraged to contact Ms Jasmine Lai on +852 2913 2539 or email email@example.com with any enquires.
For and on behalf of MFG-HK (In Liquidation) and MFH (In Liquidation)
Joint and Several Provisional Liquidator
(The Joint and Several Provisional Liquidators act as agents of MFG-HK without personal liability)