MF Global Clients May Soon Claim Assets

Michelle Remo, “Big 4″ observer
November 28, 2011 /

MF Global UK Limited clients with claims against funds in the customer money pool and client assets can complete and submit a claim form from starting December 8, according to one of the administrators.

Richard Fleming, Richard Heis and Mike Pink of KPMG LLP, the Joint Special Administrators of MF Global UK Limited, have announced a timeline for the return of client money and client assets.

KPMG LLP asked all claims against client assets and the client money pool to be submitted by March 30, 2012. The accounting firm said there is no bar date (as provided for in the special administration regime) set at this stage for claims against client assets.

“Putting a timeline into place creates an important framework for the return of client assets and client money. This helps to create certainty around the number and size of claims with the intention of allowing a return of a proportion of client funds before 30th March 2012,” Richard Heis, Joint Special Administrator of MF Global UK, said.

“The proportion of the client money pool 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,” Heis added.

According to Heis, subsequent distributions will be made in due course, “once claims in relation to client money have been further resolved.”

The Joint Special Administrators will inform the court of the timetable and procedure set out in its notice as part of the reporting procedure. The administrators also intend to make an interim distribution.

The administrators 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 they agreed on its claim.

Claim forms will be available to download from the website ( www.kpmg.co.uk/mfglobaluk) from starting December 8, 2011.

The claim form includes the requisite information, steps to complete the form; recipient to submit the form to and other relevant conditions.

 

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