Notice of Proposed Company Voluntary Arrangement | KPMG | UK

Notice of Proposed Company Voluntary Arrangement under Part I of the Insolvency Act 1986

Notice of Proposed Company Voluntary Arrangement

(Updated on 30 November 2017) Important information relevant to all Creditors and Members of MF Global UK Limited (in Special Administration) (“the Company”).

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Proposal

Further to the Administrators’ announcement on 21 November 2017, the Administrators hereby give notice of their Proposal for a Company Voluntary Arrangement under Part I of the Insolvency Act 1986 (“CVA”). The important documents for you to review are available to view and download below.

Creditors and members should review the Proposal in detail. If you are in any doubt as to the action you should take in connection with the Proposal, or the tax or other consequences of the Proposal for you, you should contact your legal, tax or other professional advisers.

Formal notices of the Creditors’ Meeting and Members’ Meeting to approve the CVA are included within the Proposal.

***If you have previously filed a claim/Proof of Debt Form with the Administrators, you do not need to file a new claim/Proof of Debt Form.***

If you do nothing, and your claim has been accepted by the Administrators as an agreed claim in the Administration, you will, if the CVA is approved, be entitled to receive a payment that brings your aggregate distributions up to 99.75p/£ on your agreed claim. This will be the final payment you receive as an Exiting Creditor.

Creditors who have previously received distributions to date totalling 90p/£ from the Administrators will have an agreed claim.

DETAILS OF HOW TO VOTE AT THE MEETING AND HOW TO MAKE ELECTIONS UNDER THE PROPOSAL ARE CONTAINED IN PART B (VOTING, ELECTIONS AND PROVING) OF SECTION 1 OF THE PROPOSAL.

 

Meetings

Please note that the notice of creditors’ meeting dated 23 November 2017 (the “Previous Notice”), which summoned a virtual meeting of creditors to consider the CVA Proposal, has been superseded by the Revised Notice of Creditors’ Meeting dated 30 November 2017 (available to view and download above).

At the request of a number of creditors of the Company (together holding an amount exceeding 10% in value of the aggregate creditor claims against the Company), the creditors’ meeting will now be held by way of a physical meeting, at 12:00 p.m. on 12 December 2017, at the Connaught Rooms, 61-65 Great Queen Street, London, WC2B 5DA.

The Members’ Meeting will commence at 3:30 p.m. on the same day and at the same location.

Creditors and Members will be asked to vote on the resolution that:

  1. the Statement of Proposals Amendments be approved;
  2. the CVA be approved; and
  3. if resolution (2) is approved, that any act to be done by the Supervisors in connection with the arrangement may be done by all or any one or more of them.

The virtual meeting details circulated in the Previous Notice will no longer be valid. The Nominees may, however, at their discretion, permit remote attendance (by telephone conference) at the physical meeting, if a creditor so requests in advance of the meeting. Note that the Creditors’ Meeting may be suspended or adjourned by the Chairman (and must be adjourned if it is so resolved at the meeting).

Key Dates

23 November 2017 – Launch of Proposed CVA, Notice of Creditors’ Meeting and Notice of Members’ Meeting

30 November 2017 – Revised Notice of Creditors’ Meeting

11 December 2017 – Deadline for filing Proxy Forms 12:00pm

12 December 2017 – Creditors’ Meeting at 12:00pm and Members’ Meeting at 3:30pm

15 January 2018 – Proposed CVA Implementation Date and Final Claims Date (final bar date in Administration)

22 January 2018 – Proposed Allocation Date (notification of funding requirements to relevant creditors)

29 January 2018 – Proposed Date for Funding Deadline and Exit Payment process to commence thereafter.

If you are unable to download any of the Documents on this page or would like to request a hard copy of any of the Documents (free of charge), please contact the Administrators’ staff using the details set out below:

Email: mfglobalclaims@kpmg.co.uk

Telephone Number: +44 207 785 0308

Address: MF Global UK Limited (in special administration) c/o KPMG LLP 15 Canada Square London, E14 5GL
 

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