MF Global UK administrators hope to release funds soon
‘Special administrators' from KPMG are aiming for a speedy return of funds to creditors
FUNDS FOR CREDITORS of MF Global UK should soon be released, according to a statement from the administrators.
Richard Fleming, Richard Heis and Mike Pink, partners at KPMG, were appointed joint ‘special administrators’ to MF Global UK and MF Global UK Services earlier this week, following a decision taken by MF’s board.
Fleming said: “In relation to client assets and monies held by the company, we are actively working to reconcile holdings and accounts in order to enable assets to be released as soon as possible.”
In a special administration, one of the main aims is to make a swift return to creditors, freeing up the process from various red-tape procedures.
The special administration regime (SAR) was created in February following the collapse of Lehman Brothers.
It entails the administrators completing three tasks: making a swift return of client assets; timely engagement with authorities; and to rescue the business as a going concern, or to wind it up in the best interests of the creditors. A regular administration involves the latter, but not the first two objectives.
The administrators have received thousands of emails, letters and calls in regards to complex transactions with the collapsed bank from its customer base of about 10,000 in the UK.