{quote} This wont change anything. It is in the auditors best interest to string this out as long as possible as they get paid more. Its actually that simple.
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And that's exactly why we have to stand up and fight for what's in our own best interest.
It's obvious that until now refunding our money hasn't been their prio.
They may be bound to follow strict rules to process the Special Administration or the insolvency of Alpari UK.
But imho that doesn't give them the right to come up with silly ideas like taking extra time to develop a web portal to allow to us self-service our claims etc.
The whole infrastructure for checking and dealing with claims, refunding / withdrawing money etc. should be still there on Apari's servers.
At least unless no criminal activities have taken place, like erasingevidence / harddisks etc.
KPMG has iT specialists too, so they should know what to do and how to do it quick.
And i wouldn't be surprised if they already have such a "client's-claim-portal" from previous insolvency cases and just try to cash in for it once more.
Anyway, so far all we have are words, rumours, lot's of assumptions and question marks about what the Special Administrators will come up with, and when.
But if we have reason to suspect they play foul or play out time, it's up to us to sheepishly let it happen, or see what we can do about it.
Imho we, as the group of affected traders, need legal council about the questions and concerns mentioned in this thread.
As the whole enchilada is subject to UK law, please some of you guys living in the UK help with info on the following:
a) is it possible to form a sort of registered association for fighting our cause in the UK?
b) what is the procedure and what costs are associated?
c) how fast could such a vehicle be established?
d) is anyone of you entitled for a free legal consultation about our questions and concerns?
e) what are the estimated costs for hiring a lawyer that is specialized in Insolveny & Finance Industry (for consultation, as well as for going to court)?
f) list of such lawyers who are known to have helped clients in similar situations
If we would form such a registered association or a similar vehicle, we could share the costs for getting a consultation and going to court, should the need arise ...
{quote} And that's exactly why we have to stand up and fight for what's in our own best interest. It's obvious that until now refunding our money hasn't been their prio. They may be bound to follow strict rules to process the Special Administration or the insolvency of Alpari UK. But imho that doesn't give them the right to come up with silly ideas like taking extra time to develop a web portal to allow to us self-service our claims etc. The whole infrastructure for checking and dealing with claims, refunding / withdrawing money etc. should be still...
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I have money tied up in Alpari and I also have access to good legal advice/help if necessary.
I agree with what you say but the point is KPMG have been appointed by the high court.
Any action we take would have to go through them and it would take years to conclude. We would have our funds back long before any resolution to our case was reached.
Thats why I keep saying what is happening now cannot be changed. You can only change the future now, not the present.
So if the crusade is all about changing the now, I see no point. If its about changing the future because this whole situation is bang out of order from a clients perspective then yes im all for that.
If the crusade is about the latter you need proof of wrongdoing.
To achieve that you need to dissect the FCA's rules and regulations, special administrators regulations and any laws or rules that govern what is currently going on. If you find something questionable then post it. If someone reading the post can put forward a constructive argument against it then you can be sure that it wont stand up in court.
Every argument needs the backing from a quote in the rules and regulations governing this process.
Unfortunately words and opinions are not enough and this is where I feel a union will always break down as most people are so consumed with frustration and anger they just cant stand hearing arguments that dont fit their own ideals.
Mystique, you have a good point. It is missing. I think it could be simple and objective: Formally present to Special Administrator KPMG requesting A SPECIFIC DATE for client monies to be returned. This is the starting point for what ever else that could came. {quote}
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Perhaps you should consider to start the procedure anew?
Because putting some new text there AFTER people have signed would be a bit awkward, wouldn't it?
{quote} Perhaps you should consider to start the procedure anew? Because putting some new text there AFTER people have signed would be a bit awkward, wouldn't it?
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I think is valid to ask for a specific date. If any one is opposesed he could just manifest and withdraw. No need to start anew
jizzyjay is very lucid on the matter of the purpose of this iniciative. It is good to clearly point out the objective.
The point is we want a date and a commitment to that date.
If kpmg respond it is a good sign.
if they dont respond or respond with a generic letter that says nothing, then we react to that.
{quote} I have money tied up in Alpari and I also have access to good legal advice/help if necessary. I agree with what you say but the point is KPMG have been appointed by the high court. Any action we take would have to go through them and it would take years to conclude. We would have our funds back long before any resolution to our case was reached. Thats why I keep saying what is happening now cannot be changed. You can only change the future now, not the present. So if the crusade is all about changing the now, I see no point. If its about...
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funny jizzyjay, I was planing to do exacly that, to get familiar with FCA regulations... was not planning to discuss as I fear no one would be willing to...
[quote=jizzyjay;8053015]{quote} I have money tied up in Alpari and I also have access to good legal advice/help if necessary. I .... We would have our funds back long before any resolution to our case was reached. Thats why I keep saying what is happening now cannot be changed. You can only change the future now, not the present. .... To achieve that you need to dissect the FCA's rules and regulations, special administrators regulations and any laws or rules that govern what is currently going on. /quote]
Well, why don't you ask your legal advisor about the questions and concerns raised here for instance?
I don't want to go on some sort of crusade.
We might still use the petitions to show we're not just single traders which can be parted from their funds swift & silently ...
I want to understand what the Special Administrators are really allowed to do, and what my legal options are if i'm not happy with what they do, how they do it and the result of their Special Administration ...
You do realize that this is about more than just when we might get back our funds?
It's also about that pro-rata aspect and how much will be left of our funds.
And if Alpari UK is liable for losses incurred because they shut dow our trades.
And if traders from other counttries are covered by FCA/FCS too.
And about if this kind of Special Administration and Regulation is fair or a form of institutionalized theft.
Regarding the latter - it's not for me to dissect the FCA's rules etc. It's what a specialized lawyer must do.
That's why we should resort to proper legal advice.
If we would join forces we could split the costs for such advice, and perhaps even the costs for going to court if needed.
I don't know what's your definition of "what's happening now", "the present" and "the future, or what time interval you associate with these terms.
(Hey, if you know how to change the future, i'd be more than happy to send you my lottery numbers, so you can change the future to a lucky one for me ...lol)
But if you don't prepare in the here and now to be forearmed for what might happen, i'm sure you won't change anything, not even the future.
Because said future will just happen to you ...
I'd really would appreciate if you and other posters would refrain from posting their doubts and expressions of "we just have to wait", "we can't do anything anyway".
Because that doesn't help at all. It might just discourage people still sitting on the fence.
Instead, let's all try to only contribute here what's helpful to our situation.
{quote}I'd really would appreciate if you and other posters would refrain from posting their doubts and expressions of "we just have to wait", "we can't do anything anyway". Because that doesn't help at all. It might just discourage people still sitting on the fence. Instead, let's all try to only contribute here what's helpful to our situation. Makes sense?
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Ok.
Ill leave you to it.
But maybe ask yourself why you would want to alienate people who are ultimately trying to help?
This is what i posted earlier:
Unfortunately words and opinions are not enough and this is where I feel a union will always break down as most people are so consumed with frustration and anger they just cant stand hearing arguments that dont fit their own ideals.
{quote} funny jizzyjay, I was planing to do exacly that, to get familiar with FCA regulations... was not planning to discuss as I fear no one would be willing to...
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Thats the problem mazzara.
Most of the people involved are unwilling to do the same.
Its nice to see im not the only one who is working through this logically.
The last post from mystique is the exact reason why I wont extend my help to anyone else.
If you find anything mazzara drop me a pm and ill check it out.
i'm london based and want to get legal advise on the fca regulations and if there are any timeframes in which our monies need to be returned by law. if someone wants to do the same please contact me.we need to be informed about our rights.
{quote} Ok. Ill leave you to it. But maybe ask yourself why you would want to alienate people who are ultimately trying to help? This is what i posted earlier: Unfortunately words and opinions are not enough and this is where I feel a union will always break down as most people are so consumed with frustration and anger they just cant stand hearing arguments that dont fit their own ideals. Ill continue alone.
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jizzyjay, i didn't mean to alienate anybody. So please don't alienate yourself.
If i understand your words right, you are saying that a union of affected traders wouldn't work anyway.
So how would letting us know your feeling about this "ultimately" help our cause?
i'm london based and want to get legal advise on the fca regulations and if there are any timeframes in which our monies need to be returned by law. if someone wants to do the same please contact me.we need to be informed about our rights.
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I agree and encourage you to go forward with this.
Hope there are more traders living nearby to join you.
The faster we can get answers to our concerns the better.
And please, if you manage to get a consultation, do not only ask about the timeframe for returning our funds.
There are a lot of other questions / concerns we need info on.
{quote} I agree and encourage you to go forward with this. Hope there are more traders living nearby to join you. The faster we can get answers to our concerns the better. And please, if you manage to get a consultation, do not only ask about the timeframe for returning our funds. There are a lot of other questions / concerns we need info on. See for instance my post earlier in this thread.
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ok great i've added all your points hopefully we can cover as many concerns as possible. Its a free consultation so its a win/win. I'm collecting more information on the other thread as they are more people reached at the moment.
you will be next if not this time, join Alpari clients' hands
