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Alpari.co.uk Discussion

  • #2,201
  • Jan 19, 2015 4:04pm Jan 19, 2015 4:04pm
Quoting nAVIN2007
{quote} if u are with a broker and u enter a trade, for sure almost always there is a drawdown if the company closes the trade regardless of yur margin..they are at fault ..asking u to pay makes my completely lose faith in my the broker
When you open a trade DD is yours an also profit is yours. Alpari must close all trades because FSA .
  • #2,202
  • Jan 19, 2015 4:06pm Jan 19, 2015 4:06pm
Quoting chisi
Guys do you think we need to use the claim form on the KPMG website?
No. KPMG see your balance.
  • #2,203
  • Jan 19, 2015 4:10pm Jan 19, 2015 4:10pm
I think here you can find in detail how the firm has to use Segregation and the operation of client money accounts

http://fshandbook.info/FS/html/FCA/CASS/5/5
  • #2,204
  • Jan 19, 2015 4:12pm Jan 19, 2015 4:12pm
Quoting wantsomepips
As far as I understand anyone who is owed money from Alpari UK should send a proof of debt form that can be found here to an email that is on right side of this page: https://www.insolvency-kpmg.co.uk/ca...F119D1101.html
Yep. Thats all we can do at the minute.
Ive already emailed a signed proof of debt form along with a copy of my daily confirmation and a withdrawal request I made on the morning of the 16th january.
My only objective now is getting my funds and if thats the process I will follow it.
At least KPMG have now given me clear instructions on how to get the ball rolling.
I still believe the company will be sold now though.
The administrators can now split the company up into two parts. Positive accounts can remain with the company and sold to a broker wishing to expand their business and the negative accounts can be sold off cheaply to debt collectors, for a loss but at least they get some money and dont have the hassle of chasing debtors.
Maybe going into administration was the only way to attract a buyer as they can now purchase the company without the liabilities.
  • #2,205
  • Jan 19, 2015 4:18pm Jan 19, 2015 4:18pm
Quoting Tim_isoara
{quote} No. KPMG see your balance.
I disagree.
Get that form in to KPMG regardless. Thats the process and administrators will follow the process 100%.
KPMG will see your balance but if you dont get that form signed and returned to them you will go straight to the back of the queue when it comes to settling claims. They will do the easy work first then try to contact those who thought it was not necessary.
It always pays to be first in line.
  • #2,206
  • Jan 19, 2015 4:21pm Jan 19, 2015 4:21pm
Quoting jizzyjay
{quote} Yep. Thats all we can do at the minute. Ive already emailed a signed proof of debt form along with a copy of my daily confirmation and a withdrawal request I made on the morning of the 16th january. My only objective now is getting my funds and if thats the process I will follow it. At least KPMG have now given me clear instructions on how to get the ball rolling. I still believe the company will be sold now though. The administrators can now split the company up into two parts. Positive accounts can remain with the company and sold to a...
Are you sure that is how we claim, that looks more like lenders to the actual company, I.e. Shareholders, people who have purchased bonds.

i would have expected that the clients would go through a different portal.
  • #2,207
  • Jan 19, 2015 4:22pm Jan 19, 2015 4:22pm
If they do not resolve this in 1 day, we should:

 

  1. What if I am not happy with the strategy and/or progress of the administration?

If a creditor is not happy with how the administration is being carried out, this should be raised with the Administrators or their staff in the first instance.
If the creditor is still not satisfied, a complaint can be made to the Recognised Professional Bodies of the Administrators, or via the Complaints Gateway managed by the Insolvency Service. Details of the Administrators’ Recognised Professional Bodies can be found on correspondence, reports, Companies House or on this website.

Joke of course,
but if it takes too long we can start to complain

  • #2,208
  • Edited 4:26pm Jan 19, 2015 4:23pm | Edited 4:26pm
Quoting verv
{quote} Are you sure that is how we claim, that looks more like lenders to the actual company, I.e. Shareholders, people who have purchased bonds. i would have expected that the clients would go through a different portal.
We are no longer clients, we are creditors.
All creditors whether its individuals or big corporations will now have to follow the same procedure.
The only difference is big corporations will have the ability to speak directly to the administrators. We as individuals just have to do what we are told if we want to see our money in the shortest order possible.
  • #2,209
  • Jan 19, 2015 4:30pm Jan 19, 2015 4:30pm
how can i sign the paper of KPMG digitally guys, need help ,thanks
  • #2,210
  • Jan 19, 2015 4:31pm Jan 19, 2015 4:31pm
Quoting jizzyjay
{quote} We are no longer clients, we are creditors. All creditors whether its individuals or big corporations will now have to follow the same procedure. The only difference is big corporations will have the ability to speak directly to the administrators. We as individuals just have to do what we are told if we want to see our money in the shortest order possible.
Client money is in segregate accounts.
Alpari. have his account and his creditors.
  • #2,211
  • Jan 19, 2015 4:36pm Jan 19, 2015 4:36pm
Quoting Tim_isoara
{quote} Client money is in segregate accounts. Alpari. have his account and his creditors.
When a company is in administration anyone who is owed money is a creditor.
The segregated account means our money is safe but as creditors we need to claim it.
We have to remember that we are no longer clients of alpari, we are now creditors who are owed money.
  • #2,212
  • Jan 19, 2015 4:38pm Jan 19, 2015 4:38pm
People please read FAQ on right side.
it states that we are creditors and that is the form we have to fill out and send.
Defo will not hurt anybody.
but you do not need to send any additional docs, those will be only on request if needed, that is also stated.
  • #2,213
  • Jan 19, 2015 4:45pm Jan 19, 2015 4:45pm
Quoting wantsomepips
People please read FAQ on right side. it states that we are creditors and that is the form we have to fill out and send. Defo will not hurt anybody. but you do not need to send any additional docs, those will be only on request if needed, that is also stated.

  1. What is a creditor?

A creditor is anyone who is owed money, goods or services by an entity, who can demonstrate that.

  1. What type of creditor am I?

There are various types of creditor. The main types are listed below:
Secured creditors

  1. A secured creditor (often a bank) has a charge, registered at Companies House, over some (or all) of the assets of the entity.
  2. Creditors wishing to claim any form of security should immediately notify the Administrators in writing and provide appropriate supporting security documentation.

Fixed charge creditors

  1. A fixed charge creditor is a secured creditor which has a charge allowing it to exercise control over specific assets of the entity (for example a property).

Floating charge creditors

  1. A floating charge creditor is a secured creditor which has a charge over some or all of the assets of the entity but does not have control over each asset.

Preferential creditors
A preferential creditor is one or more of the following:

  1. An employee who is owed arrears of wages up to a statutory maximum (any balance owed above this maximum is an unsecured claim);
  2. An employee with outstanding holiday pay; or
  3. An employee who is owed certain pension contributions; and
  4. Certain other amounts listed in the Insolvency Act 1986.

Preferential creditors have no security over any assets of the entity but are paid in priority to floating charge creditors and unsecured creditors.
Unsecured creditors

  1. Unsecured creditors have no security over any of the assets of the entity. They will typically include trade suppliers, landlords, utility providers, customers and any employee claims which do not rank preferentially.

Ok. Clients are creditors. I read but in wich paragraf said that?

  • #2,214
  • Jan 19, 2015 4:53pm Jan 19, 2015 4:53pm
important things in previous link and also in this link

http://fshandbook.info/FS/html/handbook/CASS/5/6#DES326

Money due to a client from a firm
If a firm is liable to pay money to a client, it must as soon as possible, and no later than one business day after the money is due and payable:

(1) pay it into a client bank account, in accordance with CASS 5.5.5 R; or
(2) pay it to, or to the order of, the client.

CASS 5.5.13
A firm can hold client money in either a general client bank account (CASS 5.5.38 R) or a designated client bank account (CASS 5.5.39 R). A firm holds all client money in general client bank accounts for its clients as part of a common pool of money so those particular clients do not have a claim against a specific sum in a specific account; they only have a claim to the client money in general. A firm holds client money in designated client bank accounts for those clients who requested that their client money be part of a specific pool of money, so those particular clients do have a claim against a specific sum in a specific account; they do not have a claim to the client money in general unless a primary pooling event occurs. If the firm becomes insolvent, and there is (for whatever reason) a shortfall in money held for a client compared with that client's entitlements, the available funds will be distributed in accordance with the client money (insurance) distribution rules.

The client money (insurance) distribution rules seek to facilitate the timely return of client money to a client in the event of the failure of a firm or third party at which the firm holds client money.

Failure of the authorised firm: primary pooling event
CASS 5.6.4
A primary pooling event triggers a notional pooling of all the client money, in every type of client money account, and the obligation to distribute it.

If a primary pooling event occurs:
(1) client money held in each client money account of the firm is treated as pooled;
(2) the firm must distribute that client money in accordance with CASS 5.3.2 R or, as appropriate, CASS 5.4.7 R, so that each client receives a sum which is rateable to the client money entitlement calculated in accordance with CASS 5.5.66 R; and
(3) the firm must, as trustee, call in and make demand in respect of any debt due to the firm as trustee, and must liquidate any designated investment, and any letter of credit or guarantee upon which it relies for meeting any shortfall in its client money resource and the proceeds shall be pooled together with other client money as in (1) and distributed in accordance with (2).
  • #2,215
  • Jan 19, 2015 4:55pm Jan 19, 2015 4:55pm
Quoting magicpips
how can i sign the paper of KPMG digitally guys, need help ,thanks
Scanning is the only option I guess.
  • #2,216
  • Jan 19, 2015 5:00pm Jan 19, 2015 5:00pm
CASS 5.5.66
A firm's client money (client balance) requirement is the sum of, for all clients, the individual client balances calculated in accordance with CASS 5.5.67 R but excluding any individual balances which are negative (that is, uncleared client funds).

CASS 5.5.67
The individual client balance for each client must be calculated as follows:

(1) the amount paid by a client to the client (to include all premiums); plus
(2) the amount due to the client (to include all claims and premium refunds); plus
(3) the amount of any interest or investment returns due to the client;
(4) less the amount paid to insurance undertakings for the benefit of the client (to include all premiums and commission due to itself) (i.e. commissions that are due but have not yet been removed from the client account)3;
(5) less the amount paid by the firm to the client (to include all claims and premium refunds);
and where the individual client balance is found by the sum ((1) + (2) + (3)) - ((4) + (5)).
  • #2,217
  • Jan 19, 2015 5:11pm Jan 19, 2015 5:11pm
It isnt alpari but i have to take this note because its nice to see that there decent brokers out there in these times where lots of people face prosecution by some brokers because of negative balances and there are in worst trouble than most of us who will eventual get ours money one way or the other.


DUKASCOPY: NO TRADE CANCELLATIONS, NO NEGATIVE BALANCES
Management of Dukascopy Group has decided to take an exceptional decision to cover negative balances on client accounts related to CHF move on SNB decision on 15.01.2015.
In spite of the fact that agreements and regulation allow Dukascopy to claim negative balances compensated by clients, it was decided to release customers from obligation to cover negative balance.
Dukascopy Bank has not canceled or negatively adjusted any trade concluded on 15.01.2015 with clients during the CHF move.
Dukascopy Bank and Dukascopy Europe invite all the industry to follow the same approach to build up customers trust in the industry.
  • #2,218
  • Jan 19, 2015 5:42pm Jan 19, 2015 5:42pm
Quote
The special administrators will be setting up a hotline for affected customers. Details of this will be posted on the www.kpmg.co.uk website later today.
the sooner they get this done the better.
filled out the creditors form aswell
  • #2,219
  • Jan 19, 2015 5:44pm Jan 19, 2015 5:44pm
Quoting Tim_isoara
{quote} What is a creditor? A creditor is anyone who is owed money, goods or services by an entity, who can demonstrate that. What type of creditor am I? There are various types of creditor. The main types are listed below: Secured creditors A secured creditor (often a bank) has a charge, registered at Companies House, over some (or all) of the assets of the entity. Creditors wishing to claim any form of security should immediately notify the Administrators in writing and provide appropriate supporting security documentation. Fixed charge creditors...
Unsecured
  • #2,220
  • Jan 19, 2015 5:46pm Jan 19, 2015 5:46pm
Quoting Justicio
CASS 5.5.66 A firm's client money (client balance) requirement is the sum of, for all clients, the individual client...
You are doing a great job here Justicio,

Much appreciated!

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