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  • #2,721
  • Jan 22, 2015 10:10am Jan 22, 2015 10:10am
Quoting FxTyran
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???
As I said earlier, they have to. Otherwise they'll get sued by the people they owe money to (the creditors). It'll be different if someone buys the whole company, then its up to them.

As other people here have mentioned, they will probably just sell the debt of to some debt collector as handling the recovery of outstanding debts isn't really KPMGs business.
  • #2,722
  • Jan 22, 2015 10:10am Jan 22, 2015 10:10am
Quoting TraderRaven7
{quote} Our importance as clients is diminishing every second as more and more people are getting ready to get their money and find a different broker. So 100000 is not 100000 anymore
We as customers might be attractive............ but who will make me stay with a broker that does not tick my criteria boxes?
Just because someone bought my account from Alpari UK does not mean a thing to me at all. Most of customers are so scared that they will withdraw their money anyway, simply to have a feeling that they are in control of it, even if it is for a day.

Personally I do not see why anyone would even consider buying Alpari UK?

Maybe there is a value in organization as such, meaning employees and the whole network, good to go for immediate expansion for someone.

and Customer base of 100k does not mean active customers of 100K, it can as well be 40k or 10k active traders, from which again more than a half had a bad experience last week trading (going bust) and their mental and financial trading ability can be questioned.
  • #2,723
  • Jan 22, 2015 10:10am Jan 22, 2015 10:10am
Does that mean if FXCM buys ALPARI we will have lost one of the broker with lowest spreads?
  • #2,724
  • Jan 22, 2015 10:20am Jan 22, 2015 10:20am
1-buLI
Quoting wantsomepips
{quote} We as customers might be attractive............ but who will make me stay with a broker that does not tick my criteria boxes? Just because someone bought my account from Alpari UK does not mean a thing to me at all. Most of customers are so scared that they will withdraw their money anyway, simply to have a feeling that they are in control of it, even if it is for a day. Personally I do not see why anyone would even consider buying Alpari UK? Maybe there is a value in organization as such, meaning employees and the whole network, good to...
I have Money i side of alpari UK
But buying such company it will make very great business
1-100k customer
2-and never forget the infrastructure of this company that with billions of dollars and your buying the. So cheap with this deal
  • #2,725
  • Jan 22, 2015 10:23am Jan 22, 2015 10:23am
Quoting Togu
Does that mean if FXCM buys ALPARI we will have lost one of the broker with lowest spreads?
give it 10 yrs and there will only be FXCM, FOREX.com and CMC markets left
(and no-one will want to trade anymore)
  • #2,726
  • Jan 22, 2015 10:27am Jan 22, 2015 10:27am
Quoting wantsomepips
{quote} We as customers might be attractive............ but who will make me stay with a broker that does not tick my criteria boxes? Just because someone bought my account from Alpari UK does not mean a thing to me at all. Most of customers are so scared that they will withdraw their money anyway, simply to have a feeling that they are in control of it, even if it is for a day. Personally I do not see why anyone would even consider buying Alpari UK? Maybe there is a value in organization as such, meaning employees and the whole network, good to...
I agree.
Personally I have not found any broker that was as good as alpari was (before they showed their true position).
So, if the new owner does not make any radical changes to the company then I might actually consider staying with alpari.
Finding a new broker will be time consuming and as it is I have missed out on many trading opportunities, which is alright now because my money is stuck but once I have it I do not want to waste time.
  • #2,727
  • Jan 22, 2015 10:30am Jan 22, 2015 10:30am
I want to make sure I understand what this new anouncement is saying. Initial letter to clients. Please correct me if I am wrong. The letter says nothing new. Mentions nothing about proof of debt form. Agains its says this group of people have been appointed as administrators, and they will get back to us within 8 weeks. And if anyone thinks alpari uk does not owe him money, he/she should let them know.... Am i right??
  • #2,728
  • Jan 22, 2015 10:34am Jan 22, 2015 10:34am
Write an email to [email protected]
Asking for an answer when we should get our money back.

http://www.kpmg.com/uk/en/services/a...ucturings.aspx
  • #2,729
  • Jan 22, 2015 10:54am Jan 22, 2015 10:54am
how interesting it is to see Special Administration Regime's top 1 of the four statutory objectives is to a) identifying, protecting, and facilitating the return of, client assets; yet so far what do we have from KPMG? We have every reason to ask a big WHY?



https://www.gov.uk/government/news/r...anks-published


"The SAR was developed to increase the confidence of market participants in the effectiveness of the UK’s insolvency regime as it applies to investment firms. The statutory objectives of the SAR are: a) identifying, protecting, and facilitating the return of, client assets; b) protecting creditors’ rights; ensuring certainty for investment banks, creditors, clients, liquidators and administrators; c) minimising the disruption of business and markets; and d) maximising the efficiency and effectiveness of the financial services industry in the UK."
  • #2,730
  • Jan 22, 2015 11:00am Jan 22, 2015 11:00am
Quoting default
I want to make sure I understand what this new anouncement is saying. Initial letter to clients. Please correct me if I am wrong. The letter says nothing new. Mentions nothing about proof of debt form. Agains its says this group of people have been appointed as administrators, and they will get back to us within 8 weeks. And if anyone thinks alpari uk does not owe him money, he/she should let them know.... Am i right??
pretty much so, and in about 8 weeks another letter will show up telling you that they just finished the afternoon tea, there u go another 8 more weeks. joking of course.
  • #2,731
  • Jan 22, 2015 11:06am Jan 22, 2015 11:06am
Quoting Jack.e
how interesting it is to see Special Administration Regime's top 1 of the four statutory objectives is to a) identifying, protecting, and facilitating the return of, client assets; yet so far what do we have from KPMG? We have every reason to ask a big WHY?
They were appointed 3 days ago, mate.
  • #2,732
  • Jan 22, 2015 11:24am Jan 22, 2015 11:24am
Quoting jizzyjay
{quote} I haven't heard any Alpari negative balance account holders disclose any amounts yet. Would be interesting. Im sure there are some huge negative accounts in there somewhere though.

I think the company was in trouble and they are using the swissy incident as an excuse..it doesnt make sense:- How can so many people with alpari trade there account to a place where its negative equity? but the other brokers havent had major issues

lets be honest!! ..we all thought if alpari is in this situation, they its a question of time b4 others are in a worse boat!!!but its not the case, which is quite odd!!

The company was in trouble a year ago..I am starting to think someone created this mess, making traders owe the company money because they are/were in a big hole and needed a reason to pull the plug..
It explain why finding a buyer is so hard because with alpari customer base it should be a easy sell

I smell foul play, corruption on alpari side..it just doesnt add up (just saying)
  • #2,733
  • Jan 22, 2015 11:28am Jan 22, 2015 11:28am
Quoting JensG
{quote} They were appointed 3 days ago, mate.
You are absolutely right.
But so far we only know that we will receive further directions within 8 weeks, and that is the only thing they have told us!!!
  • #2,734
  • Jan 22, 2015 11:43am Jan 22, 2015 11:43am
Quoting nAVIN2007
{quote} I think the company was in trouble and they are using the swissy incident as an excuse..it doesnt make sense:- How can so many people with alpari trade there account to a place where its negative equity? but the other brokers havent had major issues lets be honest!! ..we all thought if alpari is in this situation, they its a question of time b4 others are in a worse boat!!!but its not the case, which is quite odd!! The company was in trouble a year ago..I am starting to think someone created this mess, making traders owe the company money...
Maybe.
But maybe Mr Dashin did not want to have any part of a bailout deal which meant he would of had to put Alpari UK in an even worse position?
He said things were bad. If he had signed up to a deal similar to what FXCM did then that would of been silly. Have you seen what the terms of FXCM's loan are? They were bad enough to make their share price plummet.
Apparently it was shareholder deadlock that prevented a sale before administration. Maybe Mr Dashin vetod a sale for good reason.
If Alpari UK had been bought out that same weekend id of carried on trading with them not knowing that the company was in such a bad state.
  • #2,735
  • Jan 22, 2015 11:47am Jan 22, 2015 11:47am
Quoting jizzyjay
{quote} Maybe. But maybe Mr Dashin did not want to have any part of a bailout deal which meant he would of had to put Alpari UK in an even worse position? He said things were bad. If he had signed up to a deal similar to what FXCM did then that would of been silly. Have you seen what the terms of FXCM's loan are? They were bad enough to make their share price plummet. Apparently it was shareholder deadlock that prevented a sale before administration. Maybe Mr Dashin vetod a sale for good reason. If Alpari UK had been bought out that same weekend...
Good point of view bro
  • #2,736
  • Jan 22, 2015 11:50am Jan 22, 2015 11:50am
  •  IbkA
  • | Joined Nov 2009 | Status: 'Hope' + 'Greed' = GAMBLING... | 514 Posts
Quoting nAVIN2007
{quote} I think the company was in trouble and they are using the swissy incident as an excuse..it doesnt make sense:- How can so many people with alpari trade there account to a place where its negative equity? but the other brokers havent had major issues lets be honest!! ..we all thought if alpari is in this situation, they its a question of time b4 others are in a worse boat!!!but its not the case, which is quite odd!! The company was in trouble a year ago..I am starting to think someone created this mess, making traders owe the company money...
Hi Buddy! Long time since I last posted on FF! I agree with you, I don't understand why such a big company like Alpari should go down whilst others haven't fared so badly. Calls weren't being connected to their phone numbers during the Swissy drop as I repeatedly tried to ring them to close a trade that was in profit out, which just wouldn't close. I had to put an SL in and lost over £1k as my SL wasn't honored either!

The problem we retailers have is that all clients' funds will be pooled, and then distributed after KPMG has been paid their fees for distributing our monies back to us, from this notice on KPMGs' site "D) The costs and expenses of dealing with and distributing client assets (which include client monies) are paid out of client assets". That's not good as KPMG is not cheap!!! The only saving grace is UK based clients may be able to claim any balance from the FSCS - but for any clients trading from abroad - I'm not sure what recompense, if any, is available in the event they don't get 100% of their funds back.

I never thought I'd see the day when Alpari, of all brokers, would go bust - but it's happened, and life just has to go on.
  • #2,737
  • Jan 22, 2015 11:53am Jan 22, 2015 11:53am
Luckily for us mr Dashin does not have any say in the sale of Alpari. We would have been worse off if that was the case.

The court has appointed KPMG and any decisions regarding a sale will be done by them with possible inputs from the FCA.

Alpari ( Mr Dashin) have declared insolvency and therefor have lost his right of ownership.

I am sure we will all have good news by next week about a buyer and our lives can continue.
Never Ever Give Up!
  • #2,738
  • Jan 22, 2015 11:59am Jan 22, 2015 11:59am
Quoting IbkA
{quote} Hi Buddy! Long time since I last posted on FF! I agree with you, I don't understand why such a big company like Alpari should go down whilst others haven't fared so badly. Calls weren't being connected to their phone numbers during the Swissy drop as I repeatedly tried to ring them to close a trade that was in profit out, which just wouldn't close. I had to put an SL in and lost over £1k as my SL wasn't honored either! The problem we retailers have is that all clients' funds will be pooled, and then distributed after KPMG has been paid their...
yes it does..i feel for u buddy..lets hope we get a good resolution
  • #2,739
  • Jan 22, 2015 12:02pm Jan 22, 2015 12:02pm
Quoting jizzyjay
{quote} Maybe. But maybe Mr Dashin did not want to have any part of a bailout deal which meant he would of had to put Alpari UK in an even worse position? He said things were bad. If he had signed up to a deal similar to what FXCM did then that would of been silly. Have you seen what the terms of FXCM's loan are? They were bad enough to make their share price plummet. Apparently it was shareholder deadlock that prevented a sale before administration. Maybe Mr Dashin vetod a sale for good reason. If Alpari UK had been bought out that same weekend...

when u want to close up shop u need an excuse remember u are an employer..they dont care about people..but for sure they need a reason..I cant prove anything but its smells is all i am saying
  • #2,740
  • Jan 22, 2015 12:02pm Jan 22, 2015 12:02pm
The thing that gets me is my demo accunts that mirror my live account are doing so well at the moment funny that

My Question
Please let me have access to MyAlpari so I can organise the return of my own funds

Answer
Dear Sir/Madam

Alpari (UK) Limited (in special administration) (the "Company")

Thank you for your email.

We confirm that Richard Heis, Samantha Bewick and Mark Firmin were appointed as Joint Special Administrators to the Company (the "Joint Special Administrators") on Monday, 19 January 2015.

The Joint Special Administrators are currently receiving extremely high volumes of queries from creditors and clients. The Joint Special Administrators will endeavour to answer your queries as soon as possible, however due to the volume and similarity of queries being received, this will be performed through updates on their website.

www.kpmg.com/uk/alpari

The website will continue to be updated as further information becomes available.

The Joint Special Administrators are working closely with the Company staff to confirm all client positions. The Company is unable to action requests for withdrawals at present (including requests made prior to the appointment of the Joint Special Administrators but remaining outstanding) from any client accounts, as these accounts are now subject to the special administration process.

In relation to client monies held by the Company, the Joint Special Administrators are working to reconcile holdings and accounts in order to enable client monies to be released as soon as practicable, which is one of the Joint Special Administrators' formal objectives under the Investment Bank Special Administration Regulations 2011. Clients will receive formal correspondence shortly setting out the process for making a claim in order to receive a distribution for amounts owed. As part of the process of agreeing client money entitlements we shall shortly notify a “last date for proving”, although would seek to make interim payments to holders of agreed claims before this date insofar as this is possible.

To the extent that it is not possible to reclaim money, it may be possible to make a claim under the Financial Services Compensation Scheme (‘FSCS’). FSCS is a compensation fund of last resort for customers of authorised financial services firms who become insolvent (such as the Company). For eligible investment claims where the consumer suffers a loss, FSCS can pay up to £50,000 in compensation per person, per authorised firm. If claims are paid by FSCS, it will then assume those client positions against the Company. The Joint Special Administrators are working with the FSCS to agree a process that will enable clients to establish a claim for loss. FSCS will publish an update on its website detailing the process for settling potential claims in due course.

The Joint Special Administrators' proposals, providing an update on the progress of the Special Administration and the strategy going forward, will be sent to creditors and clients of the Company within the next 8 weeks.



Please monitor the Joint Special Administrators’ website for further updates which will be provided as information becomes available.
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