Notice of declaration of a dividend: Final client money distribution and fourth interim creditor distribution.
Pursuant to Rule 175 of The Investment Bank Special Administration (England and Wales) Rules 2011, the Administrators have issued a notice that the Administrators intend to make a distribution to creditors by way of a fifth interim dividend to MFGUK’s preferential creditors (if any) and unsecured creditors.
The Administrators intend to make the distributions within the period of two months from 29 July 2015, being the last date for proving.
The Administrators have recently published on their website an updated illustrative financial outcome statement as at 31 March 2015 (the “IFO”). A copy of the IFO is available on the Administrators’ website. The IFO indicates that the Administrators may be able to declare a Fifth Interim Creditor Distribution of 3p in the £ to all unsecured creditors whose claims have been admitted for dividend purposes, which would bring the cumulative total to 87.5p in the £. However, the Administrators will not be able to finalise this figure until after the last date for proving (being 29 July 2015). All creditors will be notified of the actual level of the fifth Interim creditor distribution in due course following the last date for proving.
For details as to how to take part in the upcoming distribution, please refer to the notice.
Richard Fleming, Richard Heis and Mike Pink of KPMG LLP were appointed as the "Joint Special Administrators" of MF Global UK Limited following an application to the High Court in London by the directors of MF Global UK Limited on Monday 31 October 2011.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.