On 6 January 2012, MF Global Finance USA Inc (“Finance USA”) submitted a creditor claim for an amount of between approximately £77.8 million and £151.2 million. On 9 January 2012, the Administrators rejected Finance USA’s claim for the purposes of voting and, on 3 May 2012, for the purposes of proving.
On 24 May 2012 Finance USA issued an application to the Court under rule 157(1) of The Investment Bank Special Administration Rules, to reverse the decision of the Administrators to reject the claim. The witness statement made in support of the application increases the alleged value of Finance USA’s claim to approximately £259 million, and suggests that Finance USA may also have a trust claim.
A hearing for directions as to the future conduct of the application took place on 20 July 2012 before Mr Justice David Richards. The Chapter 11 Trustee and/or Finance USA and/or MF Global Holdings Limited (together the “Claimants”) are to commence proceedings in the Chancery Division of the High Court by issuing and serving their Claim Form and Particulars of Claim by 28 September 2012. The Administrators are to serve their Defence by 9 November 2012 and the Claimants may serve their Reply by 23 November 2012. A further directions hearing shall take place on the first available date after 30 November 2012, but in any event before 21 December 2012. A copy of the directions Order can be accessed via the link below.