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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 update to statement of 6 April 2018.

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We refer to our update statement of 6 April 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.

The procedural hearing in respect of the CVA Directions Application was heard on 11 April 2018 and an order was made for the substantive hearing to take place, on an expedited basis, in the week commencing 14 May 2018. The timetable for filing evidence and the other directions made are set out in the sealed order, a copy of which can be found here for your information.

In addition, the following two creditors were formally joined as representative respondents to put forward arguments on behalf of the other creditors with whom they have the same interest in the CVA Directions Application:

  • Attestor Value Master Fund LP, acting by its investment manager, Attestor Capital LLP, as representative respondent for those creditors (primarily the Participating Creditors) who would like the CVA not to be implemented and/or to be terminated; and
  • the Financial Services Compensation Scheme Limited, as representative respondent for those creditors (primarily the Exiting Creditors) who would like the CVA to be implemented and not terminated.

The judgment that the Court will give following the substantive hearing will be binding on all creditors.

If you are a creditor of MF Global UK Limited (in special administration) and would like to contact your appropriate representative respondent's solicitors to discuss the CVA Directions Application or if you wish them to advance an argument on your behalf, please contact:

Should you wish to do so, you are also entitled to apply to the Court if you object to being represented by the relevant representative respondent (as is provided for by paragraph 7 of the order).

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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