Information for employees of MF Global UK Limited (in special administration)
Following the recent articles in the press, the administrators would like to clarify the position regarding statutory and contractual redundancy.
To claim redundancy pay an employee must have worked at the company for a minimum of two complete years. Redundancy pay is based on age and length of service and is paid at the weekly rate of pay or the statutory maximum (currently £400), whichever is the lower.
Many employees have contractual claims over and above the statutory limits. These will rank as unsecured claims against the estate.
We have committed to retaining around half of MF Global’s people beyond the end of November and indeed it is likely that many people will be working for many months or even years beyond that time.
For further information, please visit The Insolvency service Website: https://www.gov.uk/government/organisations/insolvency-service. This contains information relating to redundancy and employee claims.
While every reasonable effort is made to ensure that the information provided on the pages of this website concerning MF Global UK Limited (in Special Administration) and its Joint Special Administrators, MF Global Overseas Limited (in Administration), MF Global UK Services Limited (in Administration) and MF Global Finance Europe Limited (in Administration) and their respective administrators (together the "MFG UK Estate") is accurate, no guarantees for the currency or accuracy of the website or information therein are made. The pages of this website concerning the MFG UK Estate and related material (or third party information), is provided ‘as is’. It is provided without any representation or endorsement made and without warranty of any kind, whether express or implied.
Please be aware that the MFG UK Estate and KPMG LLP, hereby exclude all liability for any claim, loss, demands or damages of any kind whatsoever (whether such claims, loss, demands or damages were foreseeable, known or otherwise) arising out of or in connection with the use of this website or the information, content or materials included on this website, including without limitation, indirect or consequential loss or damage, loss of actual or anticipated profits, loss of revenue, loss of business, loss of opportunity, loss of anticipated savings, loss of goodwill or loss of reputation. Nothing in this disclaimer excludes or limits the Joint Special Administrators', the Joint Administrators' or MFG UK Estate's liability for fraud or fraudulent misrepresentation or any liability which may not be limited or excluded by law.
The use of this website and any dispute or claim arising out of or in connection with this website (including non-contractual disputes or claims) is governed by English law and you irrevocably submit to the exclusive jurisdiction of the English courts.
For the latest updates from the special administrators of MF Global UK Limited please visit our dedicated page.
For all non-press enquiries on MF Global UK Limited please email the following:
Claim queries: email@example.com
© 2020 KPMG LLP, a UK limited liability partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.