United Kingdom

Details

  • Service: Advisory, Transactions & Restructuring, Restructuring
  • Industry: Financial Services
  • Type: Business and industry issue
  • Date: 12/06/2013

MF Global UK - Notice Regarding Distribution of Client Money 

Client money

Notice of Order prescribing a client money distribution procedure

Notice of proposed distribution of client money and bar date for claims of 19 July 2013


This is notice that, on 11 June 2013, the English High Court made an Order prescribing a procedure by which client money held by MF Global UK Limited (in special administration) (“MFG UK”) should be distributed to clients.  The rules governing the client money distribution procedure are set out at Schedule A to the Order (the “Rules”).  The Order can be viewed and downloaded here (PDF 112 KB).


This is also notice pursuant to Rule 6 that Richard Fleming, Richard Heis and Michael Pink of KPMG LLP, the administrators of MFG UK (the “Administrators”), intend to make a second interim distribution of client money to clients of MFG UK, in accordance with the Rules.


Clients who have not yet submitted a client money claim, but wish to do so, must submit their claim in writing to the Administrators by returning a client money claim form or a signed settlement agreement. 


Clients may submit client money claims at any point up to and including 19 July 2013, being the last date for proving.  Clients who have not submitted a client money claim by the last date for proving will not be entitled to share in the proposed distribution.


The Administrators intend to make a distribution to clients within the period of two months from the last date for proving. 


(If client money claims are received after the last date for proving, the Administrators are likely to wait until after the distribution has been declared before dealing with the claims.  Any such claims that the Administrators accept will then be paid a ‘catch up’ distribution, to the extent there are funds available for distribution, before any further distributions are paid to other clients.)


Any further notices of intention to make distributions of client money will be given by way of advertisement on the MFG UK pages of the KPMG website only (www.kpmg.co.uk/mfglobaluk) and will not be sent directly to clients.


Any further communications from the Administrators to clients of MFG UK relating to client money  are likely to be sent by email only.  This includes notices informing clients that their client money claims have been rejected.  Any client who has not already done so should use the contact details below to ensure that the Administrators have the client’s current email address for these purposes.

Clients who have already returned counter-signed settlement agreements agreeing the value of their client money claims need take no further action with respect to submitting a client money claim.  Similarly, clients who have already submitted a client money claim form need only take further action if requested to do so by the Administrators. Such further action could include the provision of further information requested by the Administrators, or the counter-signing of any settlement agreement sent following receipt of a claim form.


Copies of the client money claim form and instructions explaining how to submit a client money claim can be accessed at:

http://www.kpmg.com/UK/en/IssuesAndInsights/ArticlesPublications/Pages/MF-Global-Client-Creditor-claims-forms.aspx.


Clients of MFG UK may request hard copies of the Order and other documents mentioned above: (a) by emailing
mfglobalclaims@kpmg.co.uk, (b) by writing to MF Global UK Limited (in special administration), 5 Churchill Place, Canary Wharf, London, E14 5HU, England, or (c) by telephoning +44 (0)20 7785 0308.

Unsecured dividend

Notice of Order postponing the ‘last date for proving’ to 19 July 2013


Notice inviting creditors to submit claims before 19 July 2013


On 28 November 2011, the Administrators gave notice (the “Notice”), pursuant to rule 175(1) of The Investment Bank Special Administration (England and Wales) Rules 2011 (the “SAR”), that they were proposing to make an interim distribution to the preferential creditors (if any) and to the unsecured creditors of MFG UK within the period of two months from 30 April 2012. 

 
The Notice stated that creditor claims could be lodged with the Administrators at any point up to and including 30 April 2012, that date being the ‘last date for proving’.  A copy of the Notice is available at: http://www.kpmg.com/UK/en/IssuesAndInsights/ArticlesPublications/Pages/MF-Global-UK-creditors-claims.aspx


On 29 June 2012, the Administrators gave notice that they had taken the decision to postpone the dividend pursuant to SAR 177(1) and 177(2) until such time as certain issues had been resolved.  The Administrators now hope that those issues will be resolved during the course of August 2013, such that they will be able to make the distribution anticipated by the Notice.


This is notice that, on 10 June 2013, English High Court made an Order postponing the ‘last date for proving’ to such date in July 2013 as the Administrators think fit.  The Order can be viewed and downloaded from here (PDF 1.58 MB). The Administrators have determined that the ‘last date for proving’ should fall on 19 July 2013.

 
This is a notice pursuant to SAR 175(4) inviting creditors to submit creditor claims, if they have not already done so. 


Creditors may submit creditor claims at any point up to and including 19 July 2013, being the revised last date for proving.   Creditors who have not submitted a creditor claim by the last date for proving will not be entitled to share in the proposed dividend.


(If creditor claims are received after the last date for proving, the Administrators are likely to wait until after the dividend has been declared before dealing with the claims.  Any such claims that the Administrators accept will then be paid a ‘catch up’ dividend, to the extent there are funds available for distribution, before any further dividends are paid to other creditors.)


Creditors are requested to submit their creditor claims at the earliest opportunity.  Creditors are encouraged to submit supporting evidence with their creditor claims and may be requested to provide such further details or produce additional documentation or other evidence as the Administrators may request.


The Administrators intend to declare and make an interim distribution to creditors within the period of two months from the revised last date for proving.


Creditors who have already returned counter-signed settlement agreements agreeing the value of their unsecured claims need take no further action with respect to submitting a creditor claim. Similarly, creditors who have already submitted a creditor claim form need only take further action if requested to do so by the Administrators. Such further action could include the provision of further information requested by the Administrators, or the counter-signing of any settlement agreement sent following receipt of a claim form.


Copies of the creditor claim form and instructions explaining how to submit an unsecured creditor claim can be accessed at: http://www.kpmg.com/UK/en/IssuesAndInsights/ArticlesPublications/Pages/MF-Global-Client-Creditor-claims-forms.aspx.


Creditors of MFG UK may request hard copies of the Order and other documents mentioned above: (a) by emailing mfglobalclaims@kpmg.co.uk, (b) by writing to MF Global UK Limited (in special administration), 5 Churchill Place, Canary Wharf, London, E14 5HU, England, or (c) by telephoning +44 (0)20 7785 0308.

The Administrators and MFG UK

Richard Heis, Michael Robert Pink and Richard Dixon Fleming were appointed as Administrators of MFG UK by an order of the High Court of England and Wales on 31 October 2011.  The Administrators’ insolvency practitioner numbers are 8618, 8004 and 8370 respectively.


The special administration proceedings are being conducted in the High Court of England and Wales, Chancery Division, Companies Court with number 9527 of 2011.  MFG UK’s registered number is 01600658.


The Administrators provide regular updates on the special administration on their website (www.kpmg.co.uk/mfglobaluk). 

 
The Administrators may be contacted: (a) by emailing mfglobalclaims@kpmg.co.uk, or (b) by writing to MF Global UK Limited (in special administration), 5 Churchill Place, Canary Wharf, London, E14 5HU, England (which is also the registered office and principal trading address of MFG UK).


Richard Heis


Dated 12 June 2013

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