Alpari.co.uk Discussion

Can anyone tell me if i have to send any document to the administrators or complete any form or proof of debt... to let them know that i´m a client and i´m making a claim? i don´t see any form to complet and send to the administrators of Alpari-UK...

Are they saying in the letter that we have to wait to receive any notice from them? can anyone explain me?

Thanks a lot.

..or lose thousands of dollars. To trade on such occasions is a lottery.

We wait for them to contact us and then we do as they say. They "got us by the balls" so to speak.

Said it even from forexmagnates IRONFX VS PEPPERSTONE for acquire Alpari uk.
http://forexmagnates.com/ironfx-pepp...-uks-business/

updating the FAQ

Frequently asked questions – Alpari (UK) Limited (in special administration)
Q. What is a special administration?
A. The Investment Bank Special Administration Regulations 2011 (“Special
Administration Regulations”) were introduced in an attempt to improve the process
where an investment bank fails. In part, the Special Administration Regulations are
an attempt to learn lessons from the failure of Lehman Brothers and the
administration of Lehman’s European business. In many respects a special
administration is very similar to an ordinary administration. As such, it is subject to
the supervision of the English High Court in London. However, some of the
differences are set out below:
A) The special administrators have to pursue three objectives (although the order in
which they appear is not important):
• To ensure the return of client assets as soon as is reasonably practicable;
• To engage with market bodies and regulators both here and abroad in a timely
fashion; and
• To rescue the investment bank as a going concern or to wind it up in the best
interests of the creditors.
B) Client money held in segregated accounts where there are sufficient funds to repay
all eligible clients in full will be returned to clients. One of the immediate priorities
of the special administrators will be to establish the claims against the segregated
accounts.
As in an ordinary administration where sufficient realisations are made to enable
dividends to be paid, in due course, the special administrators expect to pay dividends
to unsecured creditors who submit proofs of claim by the last date for proving (that
we will notify shortly).
C) A creditors’ committee can be established to assist the special administrators to
fulfil their functions. Membership may include both creditors and clients with claims
against the segregated client funds only. A committee of between 3 and 5 members
will be formed at an initial meeting of creditors to be held as soon as is reasonably
practicable and, in any event (absent an order of the Court extending time), within 10
weeks of the date on which Alpari (UK) Limited went into special administration.
D) The costs and expenses of dealing with and distributing client assets (which
include client monies) are paid out of client assets. Other costs and expenses are paid
out of the firm’s assets.Q. Which business does the special administration cover?
A. Alpari (UK) Limited has been placed into special administration. The company
has subsidiaries in Japan, India, Germany, China and Australia. There are also group
companies in Dubai, Cyprus and Russia.
No other subsidiaries or companies in the group are covered by the special
administration order and the special administrators are not able to advise on matters to
do with them. Clients/creditors of any other businesses should speak to their usual
contact.
Q. Does Alpari (UK) Limited trade under any other names?
A. Yes – Alpari (UK) Limited provided financial spread betting under a number of
different trading styles.
These alternative trading styles included the following (this list is not exhaustive):
• Alpari FX
• AlpariFX
• AUK
• Quantum FX
• QuantumFX
Q. Why has Alpari (UK) Limited entered special administration?
A. Alpari (UK) Ltd applied for insolvency on Monday 19 January 2015 following the
decision on Thursday 15 January 2015 by the Swiss National Bank to remove the
informal peg to the euro at around 1.20 Swiss francs. The announcement by the SNB
prompted volatility across the foreign exchange markets which saw the company and
many of its clients make losses. After a weekend spent in urgent discussions with
various parties with a view to selling the company, these efforts were ultimately
unsuccessful.
Q. Alpari (UK) Limited announced that they were trying to sell the company, is
that not happening?
A. After a weekend spent in urgent discussions with various parties with a view to
selling the company, these efforts were ultimately unsuccessful.
We have had a number of enquiries from interested parties in relation to the
company's business. We will be speaking with these parties and others over the next
few days, and hope to secure a deal to preserve the business and jobs as far as
possible.The special administrators are pursuing all options available to maximise realisations
for clients and creditors and will provide an update in due course.
Clients
Q. What is the difference between retail and professional clients?
A. Retail clients are primarily private individuals holding trading accounts with the
Company; investments made by retail clients are afforded greater protection under the
FCA regulations and will generally have a segregated claim against the client money
pool. The majority of the Company’s clients are classified as retail clients.
Professional clients are individuals or entities that are considered to possess the
experience, knowledge and expertise to make their own investment decisions and
assess the risks inherent in those decisions. These clients are afforded less protection
by the FCA and as a result may not receive segregated protection. Instead, these
clients may be non-segregated and therefore have an unsecured creditor claim against
the ordinary funds (the House Estate) of the Company.
The classification of the claim will depend on the account documentation established
between the Company and client.
Q. Are you a retail or professional client?
Retail
Q. What does this mean for retail clients with open positions/cash balances?
A. All clients with any open positions had their position closed out as at the close of
the markets on Friday 16 January 2015. On administration, there is a pooling event
under the FCA’s Client Asset rules, which means that all clients are entitled to share
on a pro-rata basis in the client money pool.
Q. My funds were held in a segregated account, why can’t they just be
returned?
Segregated accounts are held together with all of the firm’s client money in omnibus
accounts designated as client monies at banks or exchanges/clearing houses. Pursuant
to the FCA’s Client Asset rules, on insolvency all these designated accounts are
pooled and any segregated client is entitled to a share in the pool on a pro-rata basis.
Until the overall total of claims against the segregated pool is established, money
cannot be returned to individual clients having a claim against the segregated pool.
Q. Do I have a claim into the client money pool?
If you are a retail client and are owed money, you should have a claim against the
client money pool.
Q. Does Alpari (UK) Limited have a client money deficit?As far as the special administrators are aware, Alpari (UK) Limited does not have a
client money deficit, however the special administrators need to reconcile the position
before they can confirm this.
Q. I would like to close my account now and have the funds remitted to me – can
you action this?
A. The Company is unable to action requests for withdrawals from client accounts,
including requests made prior to the appointment of the special administrators that
remain outstanding. If you held an account that had a cash balance and/or trade
positions at the date of appointment you will be required to follow the claims process
in order to receive a distribution for amounts owed to you. Details of the claims
process will be published on the website shortly. Unfortunately we are unable to
provide any further details on possible timings or the quantum of any distributions at
this time.
Q. Will I get a statement of amounts due to/from me?
A. Yes, you will receive one in due course. This will confirm both the value of your
claim and its classification (either client money or creditor). Information will also be
provided should you wish to dispute your statement.
Q. Can I make a claim to the Financial Services Compensation Scheme (FSCS)
for amounts owed to me by Alpari (UK) Limited?
A. The FSCS is the compensation fund for retail customers of authorised financial
services firms. It protects private individuals and small businesses if an authorised
firm becomes insolvent and cannot return money or investments to its customers. For
eligible claims, the FSCS can pay up to £50,000 in compensation per person. If
claims are paid by the FSCS, the FSCS will then assume those client claims against
Alpari (UK) Limited.
The special administrators will work with the FSCS to determine the position.
Further updates will be given as this process continues but at present no further
information can be given.
Q. What if I owe Alpari (UK) Limited money?
A. You will be asked to pay that money. We will write to you with details of where
the money should be paid.
Q. Where should I direct further queries?
A. A mailbox has been set up for those affected by the special administration of
Alpari (UK) Limited ([email protected]); please direct any further queries
to this address. This mailbox is being monitored by the Joint Special Administrators
staff and they will endeavour to answer your queries as soon as possible. However,
due to the volume and similarity of certain queries being received, certain queries will
be addressed through updates on the Joint Special Administrators’ website. Please
monitor the website for latest updates at www.kpmg.com/uk/alpari. Q. How do I advise the special administrators of any matter?
A. If you wish to advise the special administrators of any matters please email them at
[email protected].
Q. Are you a retail or professional client?
Professional
Q. What does this mean for professional clients with open positions/cash
balances?
A. All clients with any open positions had their position closed out as at the close of
the markets on Friday 16 January 2015.
Q. Will I get a statement of amounts due to/from me?
A. Yes, you will receive one in due course. This will confirm both the value of your
claim and its classification (either client money or creditor). Information will also be
provided should you wish to dispute your statement.
Q. Do I have a claim into the client money pool?
If you are a professional client you do not have a claim against the client money pool,
you will have a claim against the other assets of the company.
Q. What if I owe Alpari (UK) Limited money?
A. You will be asked to pay that money. We will write to you with details of where
the money should be paid.
Supplier
Q. I am a supplier of Alpari (UK) Limited, what should I do?
A. The special administrators will write to you in due course regarding outstanding
balances and ongoing supply, however, please contact David Ossa of KPMG LLP, 8
Salisbury Square, London, EC4Y 8BB (c/o [email protected]) in the first
instance.
Creditor
Q. I am a creditor of Alpari (UK) Limited, what should I do regarding
outstanding balances?
A. Are you a supplier or a client? (Suppliers and clients please see the relevant
section above). All other creditors: The special administrators will write to you in due course regarding outstanding balances and ongoing supply, however, please contact
David Ossa of KPMG LLP, 8 Salisbury Square, London, EC4Y 8BB (c/o
[email protected]) in the first instance.
CONTACT DETAILS
Website: www.kpmg.com/uk/Alpari
Email: [email protected]
Phone: 0333 202 1397

http://in.reuters.com/article/2015/0...0V121T20150122

markos save us! lol

Hopefully Alpari will come back

Any FX Broker reading this

If you want to have business from Alpari UK ex-clients, offer a promotion to give a credit that is equal to an available balance on last Alpari statement (or statement on 14/01 with note that last statement has to be positive, well you get the idea, how you filter clients who will get money back and who will not is up to you).


In return to sign a paper saying when that balance will be paid back to us we will pay it to you.

I will go for such an offer in a heartbeat!!!

Q. What if I owe Alpari (UK) Limited money?
A. You will be asked to pay that money. We will write to you with details of where
the money should be paid.

Does that mean that they will go after negative balances???

well, if I bring my bank account in the negative balance, then gives me the bank this money? Just think logically, then such questions are unnecessary. who has speculated too high and has produced a negative balance, which has debts to Alpari. That is my view.

"You will be asked....." does not sound like: "you will be required....."

I can ask you to deposit some money into my account.

No one can give you an exact answer to what will happen to negative balance account holders.

alpari does not exist anymore. Whatever happens from here on is on special administrators.
So yes I believe if things do not work out with the sale then they will go after people with negative balances.

'Run Forrest Run'

From what I understand, its the sale of client database, not the company. Or am I wrong...?

KPMG don't play nice.

If they will go after negative balances to be PAID
Then positive balances will surely be PAID in TOTAL

I have a feeling that reality will be for positive balances on 16th to be paid back as they were on 14th - processing fee.
And they will try to chase all negative balances.

certainly. If you have a negative balance, is obliged to pay. Insolvency administrators are not the British welfare. The only chance for traders with a negative balance is that a new owner balances the accounts. So begins to pray, hahaha.

Why so negative?
I feel that the company will be sold and as a goodwill gesture from the new owners and to alleviate any fears we will get all we are owed and a nice little bonus.
The one thing we are forgetting is that KMPG have been assigned by the FCA.
That means that Alpari UK cannot be sold to a company that will adversely affect us financially now and in the long run.
Thats why im happy to sit back and see what offer they will produce. Any buyer will have to be vetted by KPMG to ensure that they comply with all regulation and can afford to take us on as clients for the long term.
Whether you stay with the new owners or not is your choice but as I said the new owners will in effect of had a full audit before any sale takes place so they will have a fresh stamp of approval from the FCA.
If you withdraw your money its not Alpari UK your leaving behind.
They caused this mess but they are gone now, finished.

Disagree. And here's why:
They sell the client base, and maybe the website and the brand with the domain.
And here's what happens next: The actual Alpari UK Ltd, (KPMG actually), will be chasing all the clients and trying to recover any funds possible, in order to repay their PBs and LPs. All the proceedings will be sent to cover their debts as well as the negative balances.

But I might be wrong. (take it as a disclaimer)