This will see a return of client assets including client money
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.
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)
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.
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For the latest updates from the special administrators of MF Global UK Limited please visit our dedicated page.
For all non-press enquiries on MF Global UK Limited please email the following:
Claim queries: firstname.lastname@example.org
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.