Alpari.co.uk Discussion

My point exactly:

So I guess everybody is voting against the approval that I am absolutely shocked that they would try to seek in the first place.

hiya


we went and got some professional advice here in London and the answer is: no, they cant just take their fees out of our client accounts without court approval and informing us.
but the people i was talking to are insolvency practioneers aswell and they said KPMG has a very good reputation and there is nothing fishy about this process.

Now we get these proposals from KPMG in after we got advice and i'm abit worried about the USD rates that will be very bad for people having GBP accounts. So i will vote against the USD currency payouts and of course against the fees out of client monies. The most important point probably is if we want to form a creditors commitee and if we are for or against the proposals. I might be able to go to the meeting in person but a proxy vote seems to do just fine with the chairman of the meeting as proxy.

If I were you, I would go to this meeting, this meeting that will decide the amount of money that you are getting back PERSONALLY. No proxy, no friends no nobody acting on your behalf. This is MONEY!! This is the Creditor's Committee, a committee that is formed by people who are possibly facing the prospects of holding the bag once the client fund is gone. They will want to dump as much cost as possible onto the little traders like us since their interest is in the opposite of us. I would NOT trust this Chairman with his vote and if you read the proxy form carefully, whoever you designate as your proxy is entitled to vote as how he/she pleases and that may NOT be your wishes.

And it's good to those meetings so you will know firsthand what is going on and they don't try to pull a fast one on you. And it's good for moral support too, to show them how much is at stake here, how many people are being affected, to put more pressure on them to settle this quickly (basically giving all the money back to all the clients). There is strength in numbers.

Just my humble opinion.

According to law, they can charge client pool for objective 1.

CHAPTER 2Fixing of remuneration
Fixing of remuneration
196.—(1) The administrator is entitled to receive remuneration for services given in respect of—
(a)the pursuit of—
(i)Objective A in a special administration (bank insolvency),
(ii)Objective A in a special administration (bank administration), and
(iii)Objectives 2 and 3,
to be paid out of the estate of the investment bank; and
(b)the pursuit of Objective 1 to be paid out of the client assets held by the investment bank.

First of all thanks for the reply.
I said that my balance was zero on 15 Jan since the deposits had not reached the account yet.
My balance was 9900 on 16 Jan 14:32 when the first deposit I had sent on 14 Jan went through.
My balance was 19800 on 20 Jan 19:28 when the second deposit went through.
No trades have ever been opened at all - only the 2 deposits that went into the account after 15 Jan.

There would be no problems if they had frozen the "Alpari UK - Client" bank account on 15 Jan, not allowing any more deposits to go through.
Then the transactions would fail and my funds would not go through to "Alpari UK client" bank account.

I really hope I belong to group one.

CHAPTER 2Fixing of remuneration
Fixing of remuneration
196.(1) The administrator is entitled to receive remuneration for services given in respect of
(a)the pursuit of
(i)Objective A in a special administration (bank insolvency),
(ii)Objective A in a special administration (bank administration), and
(iii)Objectives 2 and 3,
to be paid out of the estate of the investment bank; and
(b)the pursuit of Objective 1 to be paid out of the client assets held by the investment bank.
(2) The basis of remuneration in both cases in paragraph (1) shall be fixed
(a)as a percentage of the value of the property with which the administrator has to deal; or
(b)by reference to the time properly given by the insolvency practitioner (as administrator) and his staff in attending to matters arising in the special administration; or
(c)as a set amount.
(3) The basis of remuneration may be fixed as any one or more of the bases set out in paragraph (2), and different bases may be fixed in respect of different things done by the administrator.
(4) Where the basis of remuneration is fixed as set out in paragraph (2)(a), different percentages may be fixed in respect of different things done by the administrator.
(5) It is for the creditors committee (if there is one) to determine for each case
(a)which of the bases set out in paragraph (2) are to be fixed and (where appropriate) in what combination under paragraph (3), and
(b)the percentage or percentages (if any) to be fixed under paragraphs (2)(a) and (4) and the amount (if any) to be set under paragraph (2)(c).
(6) In making the determinations, the committee shall have regard to the following matters
(a)the complexity (or otherwise) of the case;
(b)any respects in which, in connection with the pursuit of either Objective 1, or of Objectives A, 2 and 3, there falls on the administrator any responsibility of an exceptional kind or degree;
(c)the effectiveness with which the administrator appears to be carrying out, or to have carried out, their duties as such; and
(d)the value and nature in each case of the property with which the administrator has to deal.
(7) If there is no creditors committee, or the committee does not make the requisite determinations, the basis of the administrators remuneration in each case may be fixed (in accordance with paragraphs (2) to (5)) by resolutions of a meeting of creditors and clients, or in respect of the administrators remuneration for the purpose outlined in rule 196(1)(b), a meeting of clients and paragraph (6) applies to them as it does to the creditors committee.
(8) If not fixed as above, the basis of the administrators remuneration in either case shall, on the administrators application, be fixed by the court and the provisions above apply as they do to the fixing of the basis of remuneration by the creditors committee; but such an application may not be made by the administrator unless the administrator has first sought fixing of the basis in accordance with paragraph (5) or (7), and in any event may not be made more than 18 months after the date of the administrators appointment.
(9) Where there are joint administrators, it is for them to agree between themselves as to how the remuneration payable should be apportioned. Any dispute arising between them may be referred
(a)to the court, for settlement by order; or
(b)to the creditors committee or a meeting of creditors and clients, for settlement by resolution.
(10) If the administrator is a solicitor and employs their own firm, or any partner in it, to act on behalf of the investment bank, profit costs shall not be paid unless this is authorised by the creditors committee, the meeting of the creditors and clients, or the court.
http://www.legislation.gov.uk/uksi/2...ade?view=plain

Honestly, I think that it is irrelevant if they can legaly do it or not! I will be voting against it because I am a client but the Creditors WILL vote in favour of that. And if creditors with more than 50% of amount owed to creditors vote in favour of it, they win! This is exactly what is going to happen as the large creditors with lawyers behind them WILL vote for us to pay it.

As for USD payouts I don't think it is up for vote.

I decided to write this guide in order to help anyone who wanna take part in the voting for the meeting but is still not sure about what they have to do or someone who might have missed some of the important details. I recommend everyone wishing to vote to read this. Specially what is on reference 2.3 below

Meeting will take place on on 12th of March 2015 in London, any Client or Creditor can vote in person or via proxy. You don't need to be from the UK to vote and you don't need to know someone at the meeting to vote, you can appoint the chairman of the meeting as you proxy (more details below).

In order to vote in person you must submit the claim form or agree to your balance on the Claims portal (which they plan to launch on March 6th). To vote via PROXY you need to submit your claim form + your proxy. These documents must be submitted before by 12 noon March 11th 2015 if your votes are to be counted.

People who only had cash balance on the 15th January 9:30am can wait for the Claims portal to agree to their balance instead of sending the claim form. My recommendation though is to SEND the claim form anyways to guarantee your votes are counted at the meeting, you can send it and if the portal gets ready you can agree to your balance and it will not be a problem. Agreeing on the portal only invalidates the claim form for Voting purposes, so no harm in sending it.

Now, below are the steps you need to take in order to have your votes counted.

Download these 2 forms:

https://www.insolvency-kpmg.co.uk/Vi...c-f77f2c25e92a
https://www.insolvency-kpmg.co.uk/Vi...9-4b9acb4fd276

First form is the "statement of Claim"
1.1 - Fill in your details, NAME, ACCT NUMBER, ADDRESS and EMAIL (to fill these on your computer you can use NITRO PDF, FOXIT PDF READER or just print and fill it manually)
1.2 - Then you have to fill this section http://screencast.com/t/Y3n6h4YwdMDW - write you account number, then on the column "ORIGINAL CURRENCY OF CLAIM" you write the code for your account's currency, for example, if your deposit was in Euros, you write EUR.
1.3 - Then you write the final balance you had on your account as per your last statement, after all positions had been closed. This goes on column "(a) amount in original currency"
1.4 - The final column is for amount in USD, for that you will have to calculate using the exchange rates they provide at the bottom of the form http://screencast.com/t/9WQq1myG so calculate the amount in USD and write it there and in the TOTAL box right below it.
1.5 - That is it for the first form, print it sign and scan it, please note that according to the instructions on the form you have to send supporting documents for the claim to be accepted for voting http://screencast.com/t/djyGGacJT8cS , a good supporting evidence is the last statement sent to your email. Just attach it to the email you will be sending to KPMG with these forms.

Second form is the "Retail Client Proxy"
2.1 - Fill in your Name and Address
2.2 - On the field called "Name of proxy-holder", if you know someone going to the meeting you can appoint that person as your proxy, if not just write on line 1, "Chairman of the meeting", like this http://screencast.com/t/oKxwSckQ5 to appoint the Chairman as your proxy.
2.3 - Now you have to vote FOR or AGAINST each proposal. In order for your votes to be considered as per your wishes you MUST strike out this phrase on the form like this http://screencast.com/t/6N9y31FkiPca as per KPMG's instructions file http://screencast.com/t/5aM52NB9Wdf8 . If you don't strike it OUT the proxy holder, in this case the CHAIRMAN of the MEETING can use their discretion on the votes.
The votes can be done like this example, just strike out what you don't want and highlight what you WANT http://screencast.com/t/xmxe3dn6 (note: this is just an example, vote as you wish)
*Note that your VOTES for RESOLUTIONS 4 to 7 will only be considered if NO committee is created, if a committee is created they will decide what happens with those resolutions. So if you want to have a say on those resolutions you might want to vote AGAINST Resolution 2 (committee creation), if you don't mind and are happy for the committee to decide vote otherwise.
2.4 - Once you have chosen all your votes you can print, sign and date the Proxy and scan it again in order to send.

Sending documents to KPMG
3.1 - Print, Sign, Date and Scan the 2 documents mentioned above.
3.2 - Attach the documents to an email and send it to [email protected] by 11th March 2015 12 noon. (DO NOT forget to attach your last statement of the account as supporting evidence to your claim)


That should be it now, you have now done all you can at this stage and your votes will be considered.

Please post any question you may have about this and I will try to help to the best of my ability. Please note that I am not a lawyer and nothing written here should be considered legal advice, this is just an educational guide that you can choose to follow or not, the ultimate decision is yours.

THANK YOU SO MUCH FOR YOUR HELP.

Thank You 4 all The Help, english 4 non-english people. Straight from the heart ...many times.

What happens if i do not send anything?

papamax, you're the man! Great guide.

Could someone help to say which is the best choice for us, for each vote option.

Thank you dear for your guide, it really helped.
But I have a question
I must agree the last statement? they force close all opened positions, should I send statement before they close my positions, or make any changes according to my view or its obligatory to choose my last statement

see page 228

at the end of page, post by papamax

Guys, can you tell me how can I access to my statement ? I didn't received any on email, probably didn't set it up ? I'm not able to check my account at the time all happened. I don't know when I was doing my trades so I'm confused which group I'm belong to.

Daily Confirmation of statements are sent daily if there was any activity in the account for that day (example: Open trades, closed trades). And they are sent automatically to the email in the account. So if you had an account and opened trades you should have daily confirmations somewhere

If you gonna send anything it is better to send the last statement! Positions were closed because the company was insolvent, if you had losing positions that were closed you lost that money. That can happen as per the terms and conditions in extreme cases like this.

You will be arrested and sentenced to 10 yrs in jail... Just like when you don't vote for president or prime minister in your country!

Seriously... You just won't vote!