BusinessBusiness RecoveryKPMG administrators set MF Global timeline

KPMG administrators set MF Global timeline

Administrators hope to return money to creditors by the middle of next year

KPMG ADMINISTRATORS have set out a timeline for the return of client money from MF Global UK.

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

Creditors will have access to a form from 8 December and have until 30 March 2012 to submit their claims.

The administrators hope to pay a proportion of claims before that deadline.

Heis (pictured) said: “Putting a timeline into place creates an important framework for the return of client assets and client money. This helps to create certainty around the number and size of claims, with the intention of allowing a return of a proportion of client funds before 30 March 2012.

“Subsequent distributions will be made in due course, once claims in relation to client money have been further resolved.”

The special administration regime (SAR) was created in February following the collapse of Lehman Brothers and is applicable to businesses regulated by the Financial Services Authority.

The SAR process entails 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.

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