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ALPARI is gone - forever...

Sceadagenga
Feb 25 2015 at 09:21
83 posts
GodTrade,

A few words of encouragement as I am in the same sunken Alpari boat as you and many others.

The funds are not held by Alpari (UK) but are administered by KPMG (the receivers) and are the client funds so in theory you should expect to see all of your funds up to the limit of either your full deposit OR under the FCA limits as written in UK law ( England & Wales).

The Recievers (Insolvency Practitioners) KPMG will resolve Alpari (UK's) debts from the liquid assets of the company not the clients account.

This process has already started with the redundancy of staff and the Company image rights being sold to Andrey Dashin.

They will make many more further announcements as the 'fire sale' continues.

A word of caution do not expect the refund process to be quick and we may have to jump through hoops to get our money.

The regulators in the UK will be watching this process very closely to see that the letter of our laws are followed.

Regards

Sceadagenga

stevetrade (stevetrade)
Feb 25 2015 at 09:24
1408 posts
tchutchuco posted:
stevetrade posted:

Other than some initial ones at first from KPMG no I haven't. By the way, as they aren't sending out email notifications of new content you might want to set up a web page monitor for changes to that page. Here's some you could use. I use the Chrome extension.

https://www.hongkiat.com/blog/detect-website-change-notification/

Best regards Steve


Thanks a lot Steve for the tip.
This is my first time I am in this situation and I just started FX few months before everithing happened.
I haven't understood yet if I have to claim through the site that they say are preparing or I have to fill up any form ... can you help Please?

Regards,
Silverio


You should have received an email from them, if you had a flat account on the day in question then you should be able to make a claim through the claim portal soon. If you had trades then you will have to wait until they review those trades. All information - and I know it is a lot and hard to read through - will appear on that website.

11:15, restate my assumptions: 1. Mathematics is the language of nature. 2. Everything around us can be represented and understood through numbers. 3. If you graph these numbers, patterns emerge. Therefore: There are patterns everywhere in nature.
stevetrade (stevetrade)
Feb 25 2015 at 09:25
1408 posts
Sceadagenga posted:
GodTrade,

A few words of encouragement as I am in the same sunken Alpari boat as you and many others.

The funds are not held by Alpari (UK) but are administered by KPMG (the receivers) and are the client funds so in theory you should expect to see all of your funds up to the limit of either your full deposit OR under the FCA limits as written in UK law ( England & Wales).

The Recievers (Insolvency Practitioners) KPMG will resolve Alpari (UK's) debts from the liquid assets of the company not the clients account.

This process has already started with the redundancy of staff and the Company image rights being sold to Andrey Dashin.

They will make many more further announcements as the 'fire sale' continues.

A word of caution do not expect the refund process to be quick and we may have to jump through hoops to get our money.

The regulators in the UK will be watching this process very closely to see that the letter of our laws are followed.

Regards

Sceadagenga


I might be wrong here but I'm pretty sure I read that KPMG's fees are coming out of CLIENT funds, which means it's unlikely we will receive all our funds back. I think there is a case to apply to the FSCS ( https://www.fscs.org.uk/ ) for the balance but I'm not sure about this.

11:15, restate my assumptions: 1. Mathematics is the language of nature. 2. Everything around us can be represented and understood through numbers. 3. If you graph these numbers, patterns emerge. Therefore: There are patterns everywhere in nature.
stevetrade (stevetrade)
Feb 25 2015 at 09:32
1408 posts
Yep here it is in this document.

https://www.insolvency-kpmg.co.uk/Viewer/pdfViewer.aspx?sid=54wvjo0dcrv1clvaxxbuwdgg&did=dfb93f83-ec4b-4e68-b1ff-310e612119ea

'D) The costs and expenses of dealing with and distributing client assets (which
include client monies) are paid out of client assets. Other costs and expenses are paid
out of the firm’s assets.'

Can I suggest that if you aren't reading all documents you don't comment please as misinformation could lead to people failing to follow the correct procedures in a timely fashion and consequently not getting their due funds.

Best regards Steve

11:15, restate my assumptions: 1. Mathematics is the language of nature. 2. Everything around us can be represented and understood through numbers. 3. If you graph these numbers, patterns emerge. Therefore: There are patterns everywhere in nature.
tchutchuco
Feb 25 2015 at 11:05
28 posts
My understanding Steve and correct me if I am wrong is that if you had position open you must submit the Retail Client Statement of Claim before the 11th March as we will not be able to claim through the Claim Portal.

Regards,
tchutchuco

stevetrade (stevetrade)
Feb 25 2015 at 11:20
1408 posts
No, if I am given to understand the recent email correctly. In order to vote for the proposals that KPMG have put forward for the insolvency you need to send in your Statement of Claim before 11th March to allow voting on the 12th.

If you don't intend to attend the meeting in London in person to vote you will need to vote by proxy.

These are the relevant bits from https://www.insolvency-kpmg.co.uk/case+KPMG+AF119D1101.html

Retail client proxy form

Retail client statement of claim form

and appendix 6 from

Joint special administrators proposals

I haven't had a chance to read all these yet myself.

With regards to claims, that's entirely different. People who had flat accounts at the time will be able to submit a claim through the claim portal as soon as it goes up and should get an email about it. People in trades on the day in question will get there's sorted out after that.

Which does raise the interesting question, if client funds are being distributed pro-rata and they don't know the balances of the actual accounts that had trades at this point how can they distribute funds to the clients with flat accounts? I'm sure the answer is in there, I just haven't seen it.


Best regards Steve

11:15, restate my assumptions: 1. Mathematics is the language of nature. 2. Everything around us can be represented and understood through numbers. 3. If you graph these numbers, patterns emerge. Therefore: There are patterns everywhere in nature.
stevetrade (stevetrade)
Feb 25 2015 at 11:48
1408 posts
Okay so I've flicked through appendix 6 and the relevant forms.

If you can't attend the meeting in London on 12th then you can nominate the chairman of the board or someone else to be your proxy and vote for you. The forms allow you to also say how you would like them to vote for you.

Resolution 1 - If you don't read/understand the near 100 page proposal document that leaves you a little unsure how to vote.
Resolution 2 - If you want KPMG's proposals to be challenged by a creditors committee then this is the one for you.

The resolutions from 4 onward only deal with the situation if a Creditor's Committee isn't formed. If you do want a creditors committee to be formed, I suggest you nominate the FSCS to sit on it as they will provide the best level of representation for the clients.

I suggest you read and consider all the resolutions.

Here's my view on things.

If a creditors committee is formed then the process will take longer and potentially KPMG will accrue more costs which they may potentially then charge against client funds. However it's also possible that the FSCS will argue against this and win as they may end up footing the bill for the balance.

If a creditors committee isn't formed then KPMG take 1.9 million out of client funds and redistribute the balance. If I'm reading things correctly and I'm happy to be corrected here, Alpari have 63 million in client funds, which means that 1.9 million is actually a small price to have to pay and works out as about 3%. I'm not 100% on this, I'd ask my accountant but he's skiing in France at the moment.

You don't have to vote, if you don't vote it doesn't change the fact that Alpari owe you money. This current process is not to do with getting your money back, all it is to do with is deciding if KPMG's proposals for how things work are cool with you.

Best regards Steve

11:15, restate my assumptions: 1. Mathematics is the language of nature. 2. Everything around us can be represented and understood through numbers. 3. If you graph these numbers, patterns emerge. Therefore: There are patterns everywhere in nature.
tchutchuco
Feb 25 2015 at 14:43
28 posts
Thank you so much Steve. I thought that I was suppose to go to the meeting if was wishing to see my money back.
I haven't still understood the etire process but I think is matter of time.
Thanks for your precious comments and suggestions.


Regards,
tchutchuco

Sceadagenga
Feb 25 2015 at 15:40
83 posts
B) Client money held in segregated accounts where there are sufficient funds to repay all eligible clients in full will be returned to clients. One of the immediate priorities of the special administrators will be to establish the claims against the segregated accounts.


OR IS IT

D) The costs and expenses of dealing with and distributing client assets (which include client monies) are paid out of client assets. Other costs and expenses are paid out of the firm’s assets.

This is from the same document just 2 paragraphs apart.

stevetrade (stevetrade)
Feb 25 2015 at 15:50
1408 posts
Read the proposal and voting proxy form. 'Where there are sufficient funds' is the key here. The proxy form has a specific vote on whether KPMG should take funds out of client money or even get paid.

Best regards Steve

11:15, restate my assumptions: 1. Mathematics is the language of nature. 2. Everything around us can be represented and understood through numbers. 3. If you graph these numbers, patterns emerge. Therefore: There are patterns everywhere in nature.
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