Following 19 months of creditor meetings, progress reports and client notices, clients of bankrupt Forex broker Alpari UK will be receiving between 78-80 cents on the dollar. Alpari UK went into receivership due to massive losses incurred when the Swiss Franc jumped 30% on the 15th of January, 2015, as a result of the Swiss National Bank announcing it was no longer going to support the euro peg.
Netherlands-based financial auditing firm KPMG was appointed to manage the bankruptcy process. While KPMG managed to recover most of the client deposits ($98.2 million) - even deposits in held in various online payment services - only about $77 million will come back to clients of Alpari.
According to the latest KPMG report, the auditing company will pocket close to £10.5 million in legal and administrative fees, down from the original £11.89 million estimate that was given prior to negotiations with the Creditors’ Committee:
“As a result of discussions with the Creditors’ Committee, there is a maximum cap on our fees of GBP 10.5 million directly relating to our work as joint special administrators. This figure does not include legal fees, disbursements or VAT.“The Alpari UK bankruptcy process took close to 2 years and most clients will get about 80% of their assets, with preferential creditors already being paid in full.
Image credit: seputarforex.com
