MF Global UK Ltd update to statement of 16 April 2018.
We refer to our update statement of 16 April 2018. This update concerns the application issued by the Joint Special Administrators and Joint Supervisors on 22 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 and a copy here of the sealed order for your information.
The substantive hearing in respect of the CVA Directions Application took place from 14 May 2018 to 17 May 2018 before Mr. Justice Hildyard. Submissions were made on behalf of the following:
The judgment was handed down on 25 May 2018 and will be available once it has been finalised and approved by the Court.
In summary, Mr. Justice Hildyard favoured the position adopted by the FSCS and has directed that:
Mr. Justice Hildyard also granted Attestor permission to appeal the judgment on all grounds and the draft order provides for the following timetable in respect of filing of such appeal:
In accordance with the above timetable, Attestor filed its notice of appeal yesterday at the Court of Appeal.
Given that Attestor have appealed the first instance judgment, the Special Administrators have agreed not to provide the confirmation required under clause 3.1(e) of Section 2 of the CVA until after 1 June 2018.
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 the appeal by Attestor, please contact:
If you have questions or concerns about the CVA Directions Application or the appeal by Attestor generally, please contact the Joint Special Administrators/Joint Supervisors at firstname.lastname@example.org.