MF Global UK creditors to agree administrator fees

MF Global UK creditors to agree administrator fees

KPMG administrators are currently chairing the first creditor meeting for MF Global stakeholders which will outline repayment plans and their remuneration

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.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource