Worldspreads Special Administrators’ proposals and initial meeting of creditors and clients

Worldspreads Special Administrators’ proposals

A meeting of creditors and clients of WorldSpreads Limited will be held on 23 May 2012 at 11:00am

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A meeting of creditors and clients (pursuant to paragraph 51 of Schedule B1 of the Insolvency Act 1986) of WorldSpreads Limited will be held at the Methodist Central Hall, Storey's Gate, London, SW1H 9NH, United Kingdom on 23 May 2012 at 11:00am, to consider the Joint Special Administrators’ Proposals and to consider establishing a creditors’ committee comprising representatives of creditors and clients.

In view of the large number of creditors and clients, in accordance with Rule 297 of The Investment Bank Special Administration (England and Wales) Rules 2011, certain statutory documents are being made available electronically. This includes the Special Administrators’ proposals.

If you are unable to download the PDF file, you may need to update your Adobe software to the latest version. Please go to the Adobe website

Hard copies of the Special Administrators’ proposals are available on request and free of charge. If you wish to receive hard copies of the proposals, please:

telephone +44 (0)20 3284 8829; or 

email; or 

write to KPMG LLP, 8 Salisbury Square, London EC4Y 8BB, United Kingdom

Creditors’ and clients’ respective claim and proxy forms can be found here:

Please refer to appendix 6 of the Joint Special Administrators’ Proposals, being further information regarding the initial meeting of clients and creditors and the voting process, for assistance regarding completion of the relevant claim and proxy form. 

Any client who has already responded to the statement emailed to the by the Special Administrators does not need to resubmit their claim for voting purposes.

Meeting of clients and creditors on 23 May 2012

It is likely that the meeting of clients and creditors on 23 May 2012 will be well attended and we recommend that attendees arrive at the venue in plenty of time to complete the registration process and take their seats. Registration will commence at 9.30am. Due to the restrictions at the Methodist Central Hall, each creditor and client should limit the number of attendees at the meeting to a maximum of three people. 

Details of how to get to the Methodist Central Hall and links to additional information on the venue, including information for disabled visitors, can be found here: 

The meeting format will consist of the Special Administrators presenting their proposals and updating clients and creditors on progress in the special administration. There will then be an opportunity for clients and creditors to ask questions in respect of the proposals and the conduct of the special administration. Clients and creditors who have not already voted will then be asked to vote on the Special Administrators’ proposals and the establishment of a creditors committee (likely to comprise three representatives appointed by the "clients", one representatives appointed by the "creditors" and one representative of the FSCS).

The Special Administrators will endeavour to be in a position to announce the outcome of the votes at the end of the meeting although, depending on the number of attendees, it may be necessary to announce the result after the meeting. The result of the votes will be made available on this website.

You are reminded that if you would like to vote at the meeting, whether in person or by proxy, you must provide details of your claim to the Special Administrators by 12 noon on 22 May 2012. Please note that the term "client" refers to a claimant who thinks he/she has an interest in the segregated client money pool under the FSA's client money regulations (CASS 7) or a claimant with a proprietary interest in a client asset or assets. 

A "creditor" may well have been a client of the firm in the ordinary sense of the word, but if he does not have a client money or client asset claim under the relevant FSA CASS rules, then he is regarded as a "creditor" for these purposes, with a claim against the unsecured estate. Accordingly, you may have claims against the company as both a creditor or a client. If this is the case and you wish to vote at the meeting, you must fill in both forms. We will be completing a verification process as and when claims forms are received in order to ensure that clients have completed the correct form(s).

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