MF Global UK Ltd – CVA Supervisors’ update to creditors | KPMG | UK
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MF Global UK Ltd – CVA Supervisors’ update to creditors

MF Global UK Ltd – CVA Supervisors’ update to creditors

MF Global UK Ltd brief update to statement of 28 March 2018

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We refer to our update statement of 28 March 2018. This update concerns the application issued by the Joint Special Administrators and Joint Supervisors on 23 March 2018 seeking directions from the Court regarding the implementation of the CVA (the "CVA Directions Application"). Please find here a copy of the CVA Directions Application notice for your information.

Ahead of the procedural hearing in respect of the CVA Directions Application, which has now been delayed to 11 April 2018, the following two creditors have agreed to act as respondents to put forward arguments relating to the CVA Directions Application on behalf of other creditors in their classes:

  • Attestor Value Master Fund LP, acting by its investment manager, Attestor Capital LLP, as representative respondent representing Participating Creditors who are not agreeable to the Joint Supervisors implementing the CVA; and
  • The Financial Services Compensation Scheme as representative respondent representing Exiting Creditors who expect the Joint Supervisors to implement the CVA.

The Court shall give directions including appointing the two respondents and a timetable for the submission of evidence, with a substantive hearing expected to take place in mid-May 2018. The judgment that the Court will give following the substantive hearing will be binding on all creditors who are represented by the above two respondents (i.e. all creditors who would or may not benefit from the implementation of the CVA).

If you are a creditor of MF Global UK Limited (in special administration) and would like to contact your appropriate representative respondent's solicitors, please contact:

If you have questions or concerns about the CVA Directions Application generally, please contact the Joint Special Administrators/Joint Supervisors at mfglobalclaims@kpmg.co.uk.

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