United Kingdom

Details

  • Service: Advisory, Transactions & Restructuring
  • Industry: Financial Services
  • Type: Business and industry issue
  • Date: 28/11/2011

MF Global UK client update: Timetable for client claims process 

Invitation to submit claims for the return of client assets and client money


The Joint Special Administrators of MF Global UK Limited (the “Joint Special Administrators”) are pleased to announce a timetable for the submission of claims for the return of client assets. One of the statutory objectives of the special administration regime is to ensure the return of client assets including client money (as defined by the Financial Services Authority’s Client Asset rules) as soon as reasonably practicable.


Client money

  • All clients are invited to submit claims by 30th March 2012 for the return of client money.
  • Claim forms to be completed by claimants will be available to download from the website www.kpmg.co.uk/mfglobaluk, from 8th December 2011. The claim form will set out the information required from claimants, how to complete the form, where to submit the form and other relevant conditions.
  • The Joint Special Administrators propose to make an interim distribution of client money to claimants with agreed claims, subject to the issues set out below. This is intended to allow a return of a proportion of client funds before 30th March 2012.
  • The proportion of client money to be distributed initially is dependent upon
    the return of sufficient funds from third party institutions; and
    the ability of the Joint Special Administrators to make adequate provision for all possible claims in respect of client money.
    Subsequent distributions will be made in due course, once claims in relation to client money have been further resolved.
  • As part of their reporting procedures, the Joint Special Administrators intend to inform the Court of the timetable and procedure set out in this notice, including their intention to make an interim distribution. 

 
It is proposed that, provided these steps have been completed, an interim distribution from the client money pool will be made to a claimant with a client money entitlement within 14 days after its claim has been agreed by the Joint Special Administrators.


It is acknowledged that some claimants will be subject to delays in the completion of forms, for example because of the process to close out positions and trades (where the Joint Special Administrators are dependent upon information from third parties) which is still ongoing on some exchanges, and the necessary accounting exercise to bring client records up to date.  The Joint Special Administrators are taking steps to send out updated statements as soon as possible when the information is available. In the interim period, clients will be permitted to submit claims on an estimated basis.


The proposed interim distribution process applies only to client money, and not to the return of other client assets, which is dealt with below. In addition, the process described above does not deal with ordinary unsecured claims against the estate (i.e. claims which are not in respect of client assets, including client money). Separate processes for making ordinary unsecured claims will be announced in due course.

Client assets (other than client money)

  • All clients are invited to submit claims for the return of client assets. At this stage, no statutory bar date (provided for in the special administration regime) is being set for the return of claims in relation to client assets. Such bar date will be subject to separate, specific notification.
  • Claims forms to be completed by claimants will be available to download from the website www.kpmg.co.uk/mfglobaluk, from 8th December 2011. The claim form will set out the information required from claimants, how to complete the form, where to submit the form and other relevant conditions.

 

 

 

While every reasonable effort is made to ensure that the information provided on the pages of this website concerning MF Global UK Limited (in Special Administration) and its Joint Special Administrators, MF Global Overseas Limited (in Administration), MF Global UK Services Limited (in Administration) and MF Global Finance Europe Limited (in Administration) and their respective administrators  (together the "MFG UK Estate") is accurate, no guarantees for the currency or accuracy of the website or information therein are made. The pages of this website concerning the MFG UK Estate and related material (or third party information), is provided ‘as is’. It is provided without any representation or endorsement made and without warranty of any kind, whether express or implied.
 
Please be aware that the MFG UK Estate and KPMG LLP, hereby exclude all liability for any claim, loss, demands or damages of any kind whatsoever (whether such claims, loss, demands or damages were foreseeable, known or otherwise) arising out of or in connection with the use of this website or the information, content or materials included on this website, including without limitation, indirect or consequential loss or damage, loss of actual or anticipated profits, loss of revenue, loss of business, loss of opportunity, loss of anticipated savings, loss of goodwill or loss of reputation. Nothing in this disclaimer excludes or limits the Joint Special Administrators', the Joint Administrators' or MFG UK Estate's liability for fraud or fraudulent misrepresentation or any liability which may not be limited or excluded by law.
 
The use of this website and any dispute or claim arising out of or in connection with this website (including non-contractual disputes or claims) is governed by English law and you irrevocably submit to the exclusive jurisdiction of the English courts.


 

 

MF Global UK special administration

Contact information

For all non-press enquiries on MF Global UK Limited please email the following:

 

Claim queries 

mfglobalclaims@kpmg.co.uk