Further to the updates dated 8 April 2014 and 29 April 2014 concerning the Client Money Resolution Application, the Court has now approved the procedure for the negotiation of a settlement between the client money pool and the general estate.
The background to the application and proposed negotiation was explained in the fourteenth witness statement of Richard Heis, which is available via the update dated 29 April 2014. In summary, the aim of the negotiation and any settlement will be to benefit all clients and creditors by avoiding the costs and delay that would be involved in litigating the issues between the two estates.
If a settlement is agreed in principle between the two estates, the Administrators will post a further update on this website by 4.30 pm on 5 June 2014 giving details of the proposed settlement. Clients and creditors will then be able to raise queries about the proposed settlement with the Administrators ahead of the Court hearing which has been listed for 3 July 2014. If a client or creditor wishes to oppose the proposed settlement, they may appear at Court on 3 July 2014. If they wish to do so, they must give notice of their intention by 4.30 pm on 26 June 2014.
Further details of the procedure are set out in the Order. Further updates will be posted on this website as the application progresses. If you have further questions which are not addressed on the website, please email firstname.lastname@example.org or call +44 (0) 20 7785 0308, where a member of the Administrators’ staff will be able to assist.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.