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Alpari.co.uk Discussion

  • #4,461
  • Feb 24, 2015 10:26pm Feb 24, 2015 10:26pm
Quoting capricorn34
2) Are they obligated to pay back the losses we incurred due to our trades being closed prematurely? Would I get my full $3000 balance or just the $1000 left after trades were closed?
Your equity was $1000 and that is your balance now. $2000 is loss from your trading.
You'll get $1000.

You not have a valid claim for FSA( for $2000)
  • #4,462
  • Feb 24, 2015 10:31pm Feb 24, 2015 10:31pm
Quoting TheBody
{quote} You fall in under category 2. And as to getting your $2000 loss back, i can only advice you to wait untill after the voting of the proposals have been done. As Alpari UK was forced to close all positions without your approval, which incurred losses to you and many other traders, i would assume they will relase a statement on how to file a claim with the Financial Services Authority (FSA). They should cover up to 50.000 pr. retail client in such situations, if i remeber correctly. My advice is to wait untill the Claims Portal is open, and...
Is not a valid claim for FSA.
  • #4,463
  • Feb 24, 2015 11:28pm Feb 24, 2015 11:28pm
IF KMPG stays there few more months there will be no money to give to anybody, judging by the fees they are charging.
  • #4,464
  • Feb 24, 2015 11:56pm Feb 24, 2015 11:56pm
Quoting mojo123
IF KMPG stays there few more months there will be no money to give to anybody, judging by the fees they are charging.
We must to vote, if we want to not pay the fee for KPMG, from clients money.
  • #4,465
  • Feb 25, 2015 12:11am Feb 25, 2015 12:11am
Quoting mojo123
IF KMPG stays there few more months there will be no money to give to anybody, judging by the fees they are charging.
  • #4,466
  • Feb 25, 2015 1:14am Feb 25, 2015 1:14am
Is someone of You going to the Creditors Meeting of March 12? If you vote according to my opinion (100 % payout, no conversion Euro-Dollar, no fees payes from client money) I would issue a proxy
  • #4,467
  • Feb 25, 2015 1:28am Feb 25, 2015 1:28am
Hi there ,

Anybody can help me. I want to know i have to submit a clime or not. Because i had open position on 15 & 16 jan , and it was closed automatically 500862039 2015.01.16 09:09:10sell2.01gbpusd1.518820.000000.00000 2015.01.16 11:33:461.522970.000.00-834.15 . I dont have any open position now. I want to know i have to submit a clime or not..?
  • #4,468
  • Feb 25, 2015 2:14am Feb 25, 2015 2:14am
for a non english speaker,

can someone explain me what they mean with "proxy" ? is this person who will take "action" me after I ve voted him & and who is this person ( from company or Kpmg ) ?

Thx
  • #4,469
  • Feb 25, 2015 2:30am Feb 25, 2015 2:30am
I have read through your comments and naturally have taken the time to read the documents. Frankly, I am puzzled by this whole thing. Here are some questions:

  1. Retail clients are first in line when it comes to getting their money, why are we the group paying the fees alone?
  2. How can I approve the fees?

    1. They state that customer communication cost around 200,000, but all I received from them was automated answers. Well, I am in the wrong type of business I guess.
    2. They had huge fees involved in trying to sell the company, well, where is the buyer?
    3. We are supposed to pay the money for things they did not execute on, even when we should be protected first, ahead of creditors?

  3. To me KPMG becomes a "creditor" the second they take on this business and would be behind retail customers when claiming their fees. Of course, they will try to get the money from us, but what should really happen is that they open a creditor pool and liquidate the assets, every creditor would get their pro rata share according to what they are owed (AGAIN - ALL FROM COMPANY ASSETS).

I think we should contact the FCA regarding these issues and someone there needs to protect the rights of the retail clients. I have more than 100K stuck in Alpari, so believe it or not, I am actually thinking about flying out there from Germany!

Thoughts welcome

  • #4,470
  • Feb 25, 2015 2:41am Feb 25, 2015 2:41am
It will be a cold day in hell that I will agree to paying kpmg out of my money. There interaction and updates to us has been a joke and they are going to charge so much for that? This is ridiculous.

This is what I propose how all of us should vote;

That the Joint Special Administrators’ proposals/revised proposals* be approved - AGAINST

That the Joint Special Administrators’ remuneration be drawn on the basis of time properly given by them and the various grades of their staff in attending to matters arising in the special administration at their normal hourly rates of charging, as set out in the statement of proposals. This will include work undertaken in respect of, but not limited to, tax, VAT, employee, pensions and Health & Safety advice from KPMG LLP in-house specialists. - AGAINST

That the Joint Special Administrators’ remuneration incurred in pursuit of Objective 1 is to be paid out of client monies held by the Company, in accordance with Rule 196 of the Special Administration Rules. - AGAINST

That disbursements for services provided by the Joint Special Administrators (defined as Category 2 disbursements in Statement of Insolvency Practice 9) be charged in accordance with KPMG’s policy as set out in the statement of proposals. - AGAINST

That all unpaid pre-administration costs, as set out in the statement of proposals, be paid as an expense of the special administration. - AGAINST

Is anyone 'FOR' any of the above proposals?
If yes, please do tell why is that.
  • #4,471
  • Feb 25, 2015 2:42am Feb 25, 2015 2:42am
Quoting Tim_isoara
{quote} Is not a valid claim for FSA.
Why?Because they went bust.They are claiming force majeur but nothing is definite.
  • #4,472
  • Feb 25, 2015 2:53am Feb 25, 2015 2:53am
Quoting madsuh
I have read through your comments and naturally have taken the time to read the documents. Frankly, I am puzzled by this whole thing. Here are some questions: Retail clients are first in line when it comes to getting their money, why are we the group paying the fees alone? How can I approve the fees? They state that customer communication cost around 200,000, but all I received from them was automated answers. Well, I am in the wrong type of business I guess. They had huge fees involved in trying to sell the company, well, where is the buyer? We...
I think u are someone who can fight this, I dont have the know how, to acheive this. But u appear to have some knowleedge on how things need to be conducted. I do agree with your points and honestly i cannot believe the way this whole process is being dealt with by kpmg..it is almost like its done in such away that people simply will say "to hell with u" and move on without getting a cent because they cannot be bothered.

they do not even contact us..yet they have all the information. I understand it takes resources and this costs, however we should be put first b4 they try and sell the company or at least be a priority. We should have had some kind of say at least.
  • #4,473
  • Feb 25, 2015 2:53am Feb 25, 2015 2:53am
Quoting Asifmanu
Hi there , Anybody can help me. I want to know i have to submit a clime or not. Because i had open position on 15 & 16 jan , and it was closed automatically 500862039 2015.01.16 09:09:10sell2.01gbpusd1.518820.000000.00000 2015.01.16 11:33:461.522970.000.00-834.15 . I dont have any open position now. I want to know i have to submit a clime or not..?
You can submit the claim but it will be used only for voting purposes.I suggest you do submit it.
  • #4,474
  • Feb 25, 2015 2:59am Feb 25, 2015 2:59am
on another note? Is there a lawyer among you guys who could actually get some straight answers?

I am afraid that we are being treated unlawfully, but if we seek another way, there will only be growing costs, which if we lose, we will need to cover anyhow.

I am contacting the FCA today, and will update you all.
  • #4,475
  • Feb 25, 2015 3:00am Feb 25, 2015 3:00am
Quoting madsuh
on another note? Is there a lawyer among you guys who could actually get some straight answers? I am afraid that we are being treated unlawfully, but if we seek another way, there will only be growing costs, which if we lose, we will need to cover anyhow. I am contacting the FCA today, and will update you all.
well done!!
  • #4,476
  • Feb 25, 2015 3:06am Feb 25, 2015 3:06am
Recourse to the court
200.—(1) If the administrator considers that the basis of remuneration for either case in rule 196(1) fixed for the administrator by—
(a)the creditors’ committee; or
(b)by resolution of the creditors and clients, or as the case may be, a meeting of clients,
is insufficient or inappropriate, the administrator may apply to the court for an order changing it or increasing its amount or rate.

(source: http://www.legislation.gov.uk/uksi/2...ade?view=plain)


This means if you vote against it, they can appeal it in court! This means it will take many more months to get a hold of what is owed to you. What do you think will happens if they win in the court? They will take even more of the clients money.

If you vote "FOR" you will most likely get 90-95% of your money in March/April.
If you vote "Against" you could be looking at a risky court case, getting anywhere from 50 to 100%, depending on the length and outcome of the court case. This could drag out for up to a year.
  • #4,477
  • Feb 25, 2015 3:12am Feb 25, 2015 3:12am
please for those who did not have any trade open how do we go about our claim, please i am just new to all this .
  • #4,478
  • Feb 25, 2015 3:12am Feb 25, 2015 3:12am
Quoting TheBody
Recourse to the court 200.(1) If the administrator considers that the basis of remuneration for either case in rule 196(1) fixed for the administrator by (a)the creditors committee; or (b)by resolution of the creditors and clients, or as the case may be, a meeting of clients, is insufficient or inappropriate, the administrator may apply to the court for an order changing it or increasing its amount or rate. (source: http://www.legislation.gov.uk/uksi/2...ade?view=plain) This means if you vote against it, they can appeal it in court!...
So either way we get robbed.
  • #4,479
  • Feb 25, 2015 3:14am Feb 25, 2015 3:14am
Quoting godwi
please for those who did not have any trade open how do we go about our claim, please i am just new to all this .
Wait for an email from KPMG, they will give you access to the Claims Portal in the coming weeks.
  • #4,480
  • Feb 25, 2015 3:16am Feb 25, 2015 3:16am
Guys, once again: calm down, read the documents, submit what you have to submit. And don't get yourself worked up because of fees and costs. It's not KPMG who drove this company to the ground, they are trying to settle the mess and they are owed their pay. It sounds like much, but it's probably standard for this kind of thing.
Look at the numbers: there are only about 20-something-thousand active clients, and I understand that the vast majority has a clear account. So it's in the interest of all to get this sorted out as fast as possible. Raising the flag for the little man will only lead to more delay and more communication-costs. If you have a valid complaint, just complain. All this posturing here is ridiculous.
I had one trade open on the morning of 16th, which I closed myself before the shutdown. So I guess I have to go through the claim-form process, and can't wait for the website. So I'll do that, set my proxy and wait.
Fail better.
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