It looks like the Special Administrator for the insolvent Alpari UK, the accounting firm KPMG, has itself quite organized in dealing with the situation.
KPMG has already issued instruction letters to both (former) clients and creditors of Alpari UK, with instructions for each to follow.
In its letters, KPMG indicates that it will issue specific proposals for creditors of Alpari UK no later than March 16, or for those counting exactly 52 days from today.
Rumors continue to fly around regarding the eventual fate of Alpari UK. First, a number of retail forex brokers are actively looking to scavenge Alpari UK clients, IBs and affiliates. Separately, there is talk surrounding whether Alpari UK will be sold to another retail forex broker intact (or in part), or alternatively whether it will be simply shut down with client money returned (presumably in full if all client funds were properly segregated), and creditors paid from what remains of the company’s own funds.
We understand that a very limited number of parties are seriously looking at Alpari UK, but that a deal will be very hard to get done in a short time frame – in part because of potential litigation against the company.
Other than as we’ve noted for Alpari Japan and Alpari ME DMCC, we would remind our readers that the insolvency of Alpari UK does not affect other Alpari Group companies such as the flagship Alpari RU operation.
The KPMG letter for clients can be seen here.
The KPMG letter for creditors can be seen here.
Stay tuned to LeapRate for full and continued coverage of the situation at Alpari UK.