The special administrators of MF Global UK Limited (in special administration) (“MFG UK”) have published their second six month progress report.
The special administrators of MF Global UK Limited (in special administration) (“MFG UK”) have published their second six month progress report on activity to date, in accordance with statutory requirements.
Richard Heis, joint special administrator of MFG UK and restructuring partner at KPMG, commented: “We have seen some substantial progress made since our last progress report six months ago. In excess of £1 billion of assets have now been recovered into the house estate, while client assets and monies of some $923 million have been recovered. Statements in draft or final form have been sent to 95% of all trading customers, and over $179 million has been distributed to them. We have resolved approximately half of the 1,300 disputed claims regarding segregated and non-segregated account classifications. Seventy MF Global UK employees have been retained until at least 30 April 2013 to work alongside the KPMG team working on this complex case.”
Returning client monies/assets
Segregated versus non-segregated issues
Legal and US issues
Creditors’ committee and fees
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KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 11,000 partners and staff. The UK firm recorded a turnover of £1.7 billion in the year ended September 2011. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 152 countries and have 145,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.
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