Alpari UK, a bankrupt victim of Swiss France spike on Black Thurdsay (Jan 15, 2015), has received KPMG as the joint special administrator a year ago and KPMG has now published its Second Progress Report on a disbursement of Alpair UK money.
According to the report:
To date Financial Services Compensation Scheme (FSCS) has taken assignment of 13,590 client claims and has paid compensation of $48.3 million to 10,444 clients.
KPMG estimates that client liabilities are $97.8 million.
Preferential creditors have been paid in full.
A dividend of 14p in the GBP was paid to unsecured creditors.
To date, KPMG has agreed unsecured claims of £14,085,602.
Alpari Shenzen has been successfully deregistered.
From the date of KPMG’s appointment to January 18, 2016, KPMG has incurred time costs and charged fees of £10,475,461 (about USD $15.2 million).
During the period, covered by this report, KPMG has recovered a total sum of £323,597 from debtors, achieved in 47 different countries.
To date, 94,355 clients have access to the Claims Portal representing 99.8% by value of clients, while 14,068 clients have agreed their claim representing 94.7% by value of clients with a claim into the client money pool.
Only 156 clients have disputed their claim with a value of $1.7 million. KPMG has paid a total of about $49.9 million from the client money pool in respect of 11,209 clients, representing approximately 51% of the CMP (client money pool).
Total claims (seen by KPMG) into the CMP reache $97.8 million. However, as 5.3% by value have not yet agreed their claim in the Claims Portal, the figure may fluctuate. KPMG now expects that the overall return to clients will be in the range of 75.0 cents to 80.8 cents in the $ (USD).
According to KPMG outlook, further client money distributions will be declared and paid in due course. Clients will be notified of any further distributions and an update will be provided on the designated website http://www.kpmg.com/uk/alpari.
Total agreed unsecured claims reached £14,085,602. KPMG claims to have incurred time costs of £3,199,798 from July 19, 2015 to January 18, 2016, what is 8,135 hours at an average rate of £393 per hour. From the date of the firm’s appointment to 18 January 2016, KPMG has incurred time costs of £10,475,461.
Furthermore, the FCA-regulated broker ETX Capital has informed that it has made an additional payment of $1.2 million to the Alpari UK estate.
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