BusinessBusiness RecoveryMF 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.

Related Articles

Carillion CFO blew whistle over 'sloppy accounting' months before collapse

Business Recovery Carillion CFO blew whistle over 'sloppy accounting' months before collapse

3m Alia Shoaib, Reporter
Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

3m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

4m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

4m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

4m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

6m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

6m Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

6m Emma Smith, Managing Editor