MF Global UK creditors to agree administrator fees

THE FIRST meeting for MF Global creditors is currently underway with topics such as administrator fees to be agreed.

Richard Fleming, (pictured) Richard Heis and Mike Pink, partners at KPMG, were appointed joint special administrators of MF Global UK in November.

Creditors were given access to claim forms in early December and have until 30 March to submit them.

The administrators unveiled the report which will be discussed at today's meeting in December. It showed the trio had managed to salvage £594m, representing 82% of segregated funds, with an estimated £200m yet to collect.

The special administration regime was created in February last year following the now legendary collapse of Lehman Brothers.

The newly created administration entails 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.