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 email@example.com, (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.