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  • #3,401
  • Jan 30, 2015 10:48am Jan 30, 2015 10:48am
And with Alpari RU sniffing about here!! Do they really think we would put out money with Alpari again!! sorry, once bitten, twice shy!!

I bet KPMG are here also, plenty of new members the last few days.... ummmm i wonder lol
  • #3,402
  • Jan 30, 2015 10:52am Jan 30, 2015 10:52am
Quoting eurasian
{quote} And if you have hard evidence that KPMG are doing this, then you have recourse under law. Not sure how this shows 'true colours', its just a statement of fact. KPMG have a legal obligation to represent your interests as clients. The problem is that your interests are not the only ones they are obligated to represent.
Your always quick to defend KPMG.
If you actually read through my posts when did I say that KPMG were at fault?
I just stated that your wrong in saying that the interests were balanced.
How is a sale a better outcome for me?
I have to wait for an infinite amount of time before I get access to my funds. They are useless unless I have access to them so how is it better than me having them in my bank?

I agree with most of what you say but your not right now.
The interests are not being balanced. Creditors interests are being put before ours.
It cannot be seen any other way.
All the clients want is what is theirs, the funds in the segregated accounts.
The creditors would still have the rest of the assets within Alpari.
How is it balanced when they are keeping our funds?

That was the post which instigated such an abrupt response.
Now tell me. Have I missed something?
Tell me how the creditors interests are not being prioritised before mine as a client.
  • #3,403
  • Jan 30, 2015 10:52am Jan 30, 2015 10:52am
UPDATE: looks like this will take some time...

Alpari (UK) Limited (in special administration) (“the Company”)

Update to clients and creditors – 30 January 2015

This update is in addition to information previously provided.

Claim agreement and return of client monies: retail clients

As previously communicated, one of the Joint Special Administrators’ objectives is to ensure the return of client assets (including client money) as soon as is reasonably practicable. Before client money can be returned, the Regulations require that each client agrees their client money entitlement with the Joint Special Administrators. In order to facilitate this process, the Joint Special Administrators are developing a web portal (“the Claims Portal”) which will (i) give retail clients direct access to agree their claims; and (ii) provide information that will assist in a process for the payment of distributions. Given the Company had a very large number of retail clients (in excess of 100,000), the Claims Portal is considered to be a significantly more efficient and cost effective approach for agreeing claims than using a manual claim process.

It is estimated that it will take several weeks for the Joint Special Administrators to design, develop, test and implement the Claims Portal. Further updates regarding the development of the Claims Portal and actions required to be performed by clients will be provided in due course.

At this stage, there is no requirement for people who believe they have a client money entitlement to submit a claim to the Joint Special Administrators for the purposes of receiving a distribution.

Claim agreement: professional clients, suppliers and other creditors

Professional clients, suppliers and other creditors who have a claim into the general estate will be notified in due course on how to submit a claim.
Lodging a proof of debt for the purposes of voting at the first creditors' meeting (“the Meeting”)

The Joint Special Administrators are required to hold the Meeting within ten weeks of the date of their appointment (19 January 2015). All clients and creditors who vote at the Meeting will be required to lodge a proof of debt. Prior to the Meeting, a notice will be issued to all clients and creditors of the Company detailing the timing and purpose of the Meeting and the process for lodging a proof of debt for the purposes of voting at the Meeting. For the avoidance of doubt, a proof of debt is solely used for voting purposes and is distinct from the claims process explained above.

For further information regarding the Meeting, please refer to “Insolvency – FAQ” provided on the Joint Special Administrators’ website.
  • #3,404
  • Jan 30, 2015 10:53am Jan 30, 2015 10:53am
There's also an update for those with negative balances

https://www.insolvency-kpmg.co.uk/ca...F119D1101.html
  • #3,405
  • Jan 30, 2015 10:58am Jan 30, 2015 10:58am
Quoting jizzyjay
Your always quick to defend KPMG.
If someone takes a large sh!t on the floor, I blame the person who did it, or maybe the person who supplied the laxatives.

I don't blame the person with the mop trying to clean it up afterwards.

Quoting jizzyjay
How is a sale a better outcome for me?
It isn't just about you. A sale is a much better outcome for creditors, and no worse for clients (might even be better for clients if the client fund account has been damaged). So, on balance, it is a better outcome taking into account all their obligations, and that is why they are pursuing this first.
  • #3,406
  • Jan 30, 2015 11:01am Jan 30, 2015 11:01am
Can anybody help to define what is the professional clients means? How about a client who his funds is managed using LPOA by other trader? Is it retail or professional?
Thank you
  • #3,407
  • Jan 30, 2015 11:02am Jan 30, 2015 11:02am
Quoting eurasian
{quote} If someone takes a large sh!t on the floor, I blame the person who did it, or maybe the person who supplied the laxatives. I don't blame the person with the mop trying to clean it up afterwards. {quote} To repeat. It isn't just about you. A sale is a much better outcome for creditors, and no worse for clients (might even be better for clients if the client fund account has been damaged). So, on balance, it is a better outcome, and that is why they are pursuing this first.
Your still not reading the posts.
When did I say KPMG were at fault?
A sale that takes place in 6 months is a better outcome for me?
NO.
The only people who benefit from the current situation are the creditors.
In my opinion that is not balanced.
Clients cant benefit from Alpari's assets but creditors can.
Creditors can benefit from Alpari's assets and will benefit from clients too because we cant get access to our funds.
Black and white. Its not balanced.
  • #3,408
  • Jan 30, 2015 11:03am Jan 30, 2015 11:03am
Quoting jizzyjay
{quote} Your still not reading the posts. When did I say KPMG were at fault? A sale that takes place in 6 months is a better outcome for me? NO. The only people who benefit from the current situation are the creditors. In my opinion that is not balanced.
If you genuinely believe that, then you have recourse under law. Good luck.
  • #3,409
  • Jan 30, 2015 11:09am Jan 30, 2015 11:09am
Quoting eurasian
{quote} If you genuinely believe that, then you have recourse under law. Good luck.
Im just looking at it in simple terms.
Clients cant benefit from Alpari's assets but creditors can.
Creditors can benefit from Alpari's assets and will benefit from clients too because we cant get access to our funds.
Can you honestly disagree with those statements?
  • #3,410
  • Jan 30, 2015 11:22am Jan 30, 2015 11:22am
Quoting jizzyjay
{quote} Im just looking at it in simple terms. Clients cant benefit from Alpari's assets but creditors can. Creditors can benefit from Alpari's assets and will benefit from clients too because we cant get access to our funds. Can you honestly disagree with those statements?
​You are in much better position than the rest of the creditors. Even if it turns out that Alpari has nothing you will still get up to 50k from insurance. If the unlikely event that Alapri has more money on the segregated account than there are claims then you will be refunded in full as soon as claiming process is finished. However, the most likely scenario is that Alpari has not enough funds due to losses on chf trades. In that case you will be refunded on the pro-rata basis from the account and you will have to wait for the rest with the other creditors. But even in that case you will have the same right as other creditors and will be able to benefit from assets sales.
Wookey
  • #3,411
  • Jan 30, 2015 11:25am Jan 30, 2015 11:25am
Quoting jizzyjay
{quote} Im just looking at it in simple terms. Clients cant benefit from Alpari's assets but creditors can. Creditors can benefit from Alpari's assets and will benefit from clients too because we cant get access to our funds. Can you honestly disagree with those statements?
Yes, I disagree. For example, if client funds have been damaged, then clients get a claim against Alparis assets for the shortfall (and technically, the FSCS then swaps this claim for upfront compensation, and the FSCS takes over the clients claim against the companies assets).

A sale is clearly the best outcome on balance, as it protects all parties. It may not be possible, but KPMG have to try, or they could be accused of not representing creditors interests.
  • #3,412
  • Jan 30, 2015 11:26am Jan 30, 2015 11:26am
Quoting wookey
But even in that case you will have the same right as other creditors and will be able to benefit from assets sales.
Exactly.
  • #3,413
  • Jan 30, 2015 11:30am Jan 30, 2015 11:30am
It has taken 2 weeks for KPMG to announce something that is sort of considerable as some sort of action taking regarding retail clients.

But in reality there are less than 10k people who need their money to be distributed back to them, not 100k like KPMG want us to believe. According to : http://leaprate.com/2015/01/alpari-u...ate-exclusive/
It is stated that Alpari UK only had 12000 active clients in last month (and right after this trouble, Alpari announced that majority of it's clients suffered losses from CHF move, if it is true) there could be only 5000 who are expecting any money from KPMG.

No one needs to create a website for couple of weeks so that it processes claim forms. And I bet it will crash right after it will be open.

I would ask, is it just to drag time to earn an interest from our 90M???
  • #3,414
  • Jan 30, 2015 11:31am Jan 30, 2015 11:31am
Quoting eurasian
{quote} Yes, I disagree. For example, if client funds have been damaged, then clients get a claim against Alparis assets for the shortfall (and technically, the FSCS then swaps this claim for upfront compensation, and the FSCS takes over the clients claim against the companies assets). A sale is clearly the best outcome on balance, as it protects all parties. It may not be possible, but KPMG have to try, or they could be accused of not representing creditors interests.
Fair point.
See im a reasonable man.
All I need is reasonable responses.
  • #3,415
  • Jan 30, 2015 11:44am Jan 30, 2015 11:44am
Guys do you even read their info:


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.


All money is there!!!!
There is no reason to speculate about that.
  • #3,416
  • Jan 30, 2015 11:45am Jan 30, 2015 11:45am
Quoting jizzyjay
{quote} Fair point. See im a reasonable man. All I need is reasonable responses.
tbh, I'm impressed with how calm you are being.

When I thought the same could be happening to my FXCM funds, I was finding it hard to stay calm.
  • #3,417
  • Jan 30, 2015 11:59am Jan 30, 2015 11:59am
Quoting eurasian
{quote} tbh, I'm impressed with how calm you are being. When I thought the same could be happening to my FXCM funds, I was far from calm.
Life has taught me that when you lose your cool, you loose focus and problems can never be solved when red mist is clouding your judgement.
I resigned myself to the fact that I wasn't going to see my funds anytime soon once KPMG got involved. And thats through no fault of their own .
My primary focus has already shifted to how to move on from this.
But because of my interests in the outcome of this I am of course making sure that things are happening as they should.
There is no point entering into a battle that you know you cant win. If you feel that it can be won then fight it till the bitter end. Constructively of course .
  • #3,418
  • Jan 30, 2015 12:04pm Jan 30, 2015 12:04pm
Quoting Brainache
... as they are Insolvency Administrators not brokers and they are now in charge, they have to build and test a computer system before they can even consider returning any funds. KPMG costs for sorting out and returning client funds to clients are taken out of the client funds. ...
1. I simply cannot believe that KPMG, if they're "so" professional as they should be, doesn't already have a pre-made software for purposes like this. Now they just have to rent a dedicated server, upload the sw and the database and go...

2. Btw. in case they really don't have this pre-made web software, I can suggest one, which is existing, contains all the data they need (members' details, balances etc.). This is called Alpari UK's MyAlpari members' page. They just have to re-enable it and allow everyone (who didn't trade that day or had trades unrelated to CHF) to make their claims through that one (i.e. withdrawal requests). The remainder of accounts can be handled much easier and also in shorter time because the others were already out of the picture. That's all, folx. I give this idea for you for free, I don't even ask Ł400 per hour for it...
  • #3,419
  • Jan 30, 2015 12:31pm Jan 30, 2015 12:31pm
Quoting jizzyjay
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. Dont get too upset just yet. If this is right then the distribution rate should be 100 pence in the pound. Thats how im understanding it but I may be wrong. They have just given the 50 pence in the pound as an example.
You summed it up 100%!

So far no client deficit has been detected.
This means for the moment until further notice ,that retail clients will be able to claim 100% of their positive balances.
Never Ever Give Up!
  • #3,420
  • Jan 30, 2015 12:39pm Jan 30, 2015 12:39pm
Quoting Ratonhnhake
Can anybody help to define what is the professional clients means? How about a client who his funds is managed using LPOA by other trader? Is it retail or professional? Thank you
I think that is professional..

retail is when u yourself are trading for yourself..
if someone trades for u..for example a managed account..this is regarded as a professional
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