China

Statement from the Liquidators, MF Global Hong Kong Limited (in Creditors' Voluntary Liquidation) ("MFG-HK") and MF Global Holdings HK Limited (in Creditors' Voluntary Liquidation) ("MFH") 

This is an update to clients and creditors following our statement on 12 October 2012.

 

Orders from the Court of First Instance of High Court (the ‘Court’):

 

We have now received the formal sealed Orders from the Court. These Orders are effective at the date on which the Judge handed down his decision, i.e. 4 October 2012. The Orders made include the following:

 

  1. The winding up of both MFG-HK and MFH be conducted as if each winding-up was a creditors’ voluntary winding-up from the date of the Orders,
  2. Patrick Cowley, Fergal Thomas Power and Lui Yee Man be the Joint and Several Liquidators of both MFG-HK and MFH,
  3. Committees of Inspection (‘COI’) be constituted and the following creditors be appointed:

  

 

MFG-HK

MFH

1

Celestial Commodities Limited

Fong Chun Lai

2

CES Capital International (Hong Kong) Co., Ltd

MF Global Holdings Ltd

3

Friedmann Pacific Securities Limited

MF Global Singapore Pte Limited (In Creditors' Voluntary Liquidation)

4

Grand Investment (Futures) Limited

Michael James Bruce Wilson

5

MF Global Holdings Ltd

Peter John Lewis

6

MF Global UK Limited (In Special Administration)

Scott Weaver

7

Quam Securities Company Limited

WanTat Leung

8

Spring Rich Limited

-

9

Sun Hung Kai Commodities Limited

-

 

 

Additionally, the Court also ordered that the realisations paid by the PLs into the Companies’ Liquidation Account, such payments having been made on a without prejudice basis, be delivered up to the Liquidators without any deduction being made in respect of ad valorem fees pursuant to the Companies (Fees and Percentages) Order, such fees not being payable by a PL appointed under Section 193 of the Companies Ordinance. The Official Receiver has lodged a notice of appeal in respect of this particular Order. That appeal, however, will not affect the three Orders above.

 

COI meeting for MFG-HK and MFH:

 

The Liquidators have already informed all the appointed members of the Committees of the date of the First COI meeting. The COI meeting for MFH and MFG-HK is proposed to be held on 21 November 2012 and 22 November 2012 respectively.

 

If you have any questions, please contact Ms Jasmine Lai on +852 2913 2539 or email mfglobalhk@kpmg.com with any enquires.

 

 

 

 

For and on behalf of MFG-HK (In Creditors' Voluntary Liquidation) and MFH (In Creditors’ Voluntary Liquidation)

 

 

Patrick Cowley

Joint and Several Liquidator

(The Joint and Several Liquidators act as agents of MFG-HK and MFH without personal liability)