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  • #5,101
  • Mar 10, 2015 6:59am Mar 10, 2015 6:59am
Quoting MissV
{quote} IronFX has a bad reputation http://www.forexpeacearmy.com/public...www.ironfx.com
Oh Wow, Thanks MissV.

Do you have anything on CWM FX?
  • #5,102
  • Mar 10, 2015 7:03am Mar 10, 2015 7:03am
I am wondering if I can make a claim against the company for unrealised profits. Basically, if I can show that my trading was 100% structured. In my case, all of 2014 I was opening EU50 on the first possible date and closed it on expiration. I had the same routine going, so I could theoretically prove easily that if they had not unrightfully closed my EU50 position, I would have made roughly 500 points on it.

Yes, I know that they would claim that it was a force majeur, but frankly I doubt that this claim holds. Anyhow, I was thinking to get my balance back and then make a claim against the company as a "creditor" instead, for the unrealised gains.

What do you guys think?
  • #5,103
  • Mar 10, 2015 7:49am Mar 10, 2015 7:49am
Hi guys

Ive been following this thread since the day the nightmare started but this is my first post.

I waited to send my claims and proxy forms until yesterday as I wasnt expecting to receive access to the claims portal before the end of the month as I did have a couple of trades during the day on the 15th. Small trades on EURUSD, small profits, nothing to do with CHF. I had nothing to dispute and the amount I claimed on my form was the same amount that showed on my last daily confirmation from Alpari.

Well what was my surprise when about half hour later I received the email from KPMG giving me access to the claims portal.

Now I dont know if it was just a coincidence but what I think happened was that they received my claim form, confirmed that I wasnt disputing anything, that the amounts where spot on with what it showed on their system I was owed and they released me to access the portal.

So my advice to everyone on the same situation, that have no disputes and didnt thade CHF to send your claims as soon as possible. You might be pleasantly surprised as I was.

I also would like to thank the good advice from all the people with common sense in this thread, specially papamax.

Good luck.
  • #5,104
  • Mar 10, 2015 8:05am Mar 10, 2015 8:05am
Quoting madsuh
I am wondering if I can make a claim against the company for unrealised profits. Basically, if I can show that my trading was 100% structured. In my case, all of 2014 I was opening EU50 on the first possible date and closed it on expiration. I had the same routine going, so I could theoretically prove easily that if they had not unrightfully closed my EU50 position, I would have made roughly 500 points on it. Yes, I know that they would claim that it was a force majeur, but frankly I doubt that this claim holds. Anyhow, I was thinking to get my...
I think it would be a big waste of money to be honest. Company went insolvent, it is as simple as that, if it is in their terms and conditions it only means that you accepted the risk by taking a long term position. So in this case there is no unrightfully closure of position, unless you managed to open an account without agreeing to the terms.

On top of that if your position was positive, the gains are not unrealised! They became realised the second Alpari closed it due to force majeur, maybe not for the price you wished but hey, that is life! To add to that they had to stop not only because they wished, but also because they didn't meet the FCA minimum capital requirement, so yeah, that is a heck of a force majeur.

My suggestion is, get over it and focus on trading. Just my 2 cents
  • #5,105
  • Mar 10, 2015 8:23am Mar 10, 2015 8:23am
To add to the above....

Lets assume your idea is valid...

Becoming a new creditor to a company that doesn't have the means even to pay the current creditors won't help you in any way, lets face it! Even if they sell their client list which is the only real asset they got left, how much do you think people would pay for it after such a long time? Most clients have already made up their mind and have opened accounts with other brokers already, specially the heavy weight ones, so the retention rate on that list would be very low. It doesn't take a 3000 yrs old marketing guru to realize that....

So in the end you would be just an unpaid creditor... like it often happens when a company goes bankrupt
  • #5,106
  • Mar 10, 2015 8:44am Mar 10, 2015 8:44am
I wonder what's the difference between "assign claim to the FSCS" and "pursue claim via the joint special administrator" ?

I don't have access to claim portal yet, so don't know the mechanism inside.

which one will process faster? and if it's explained above could anyone post the post number here? thanks
  • #5,107
  • Mar 10, 2015 8:44am Mar 10, 2015 8:44am
Quoting Cooltrooper
Hi guys Ive been following this thread since the day the nightmare started but this is my first post. I waited to send my claims and proxy forms until yesterday as I wasnt expecting to receive access to the claims portal before the end of the month as I did have a couple of trades during the day on the 15th. Small trades on EURUSD, small profits, nothing to do with CHF. I had nothing to dispute and the amount I claimed on my form was the same amount that showed on my last daily confirmation from Alpari. Well what was my surprise when about half...
I also traded on the 15th , but not the chf. Closed my last position at about 13h00 on the 15th by myself. ( No intervention from Alpari)
Got my invite yesterday from KPMG to the claims portal.
I assigned my claim to the FSCS as it makes sense to do so. In fact KPMG advises to do so because FSCS will process claims faster than KPMG.
Waiting now to be contacted by the FSCS to finalize my claim......

G
Never Ever Give Up!
  • #5,108
  • Mar 10, 2015 9:01am Mar 10, 2015 9:01am
Quoting Cobra
{quote} I also traded on the 15th , but not the chf. Closed my last position at about 13h00 on the 15th by myself. ( No intervention from Alpari) Got my invite yesterday from KPMG to the claims portal. I assigned my claim to the FSCS as it makes sense to do so. In fact KPMG advises to do so because FSCS will process claims faster than KPMG. Waiting now to be contacted by the FSCS to finalize my claim...... G
FSCS will take considerably longer to pay appropriate fees. I think the agency is struggling at the moment with a flood of requests for payment. I guess the payment may take several months!
  • #5,109
  • Mar 10, 2015 9:32am Mar 10, 2015 9:32am
Quoting papamax
To add to the above.... Lets assume your idea is valid... Becoming a new creditor to a company that doesn't have the means even to pay the current creditors won't help you in any way, lets face it! Even if they sell their client list which is the only real asset they got left, how much do you think people would pay for it after such a long time? Most clients have already made up their mind and have opened accounts with other brokers already, specially the heavy weight ones, so the retention rate on that list would be very low. It doesn't take a...
thanks papamax. I don't think that your assumption is correct. There is plenty of money left in the company. Probably still close to 20Mio. Yes, they owe 45Mio to creditors, but I am thinking if it's 45.5Mio in the end then they would simply do a pro rata distribution of what's left. Anyhow, I would be up close to 300K Euro, so even if I receive only 20/45.5 * 300K Euro it would be a nice little spare change for my account. I am considering letting a lawyer do the writings and do a 30% revenue share for him. So in the end, I would expect to catch close to 100K out of this, if indeed there was a real claim to be made based on my trading habits.

None of this would in anyway affect the client pool of course
  • #5,110
  • Mar 10, 2015 9:48am Mar 10, 2015 9:48am
Quoting madsuh
{quote} thanks papamax. I don't think that your assumption is correct. There is plenty of money left in the company. Probably still close to 20Mio. Yes, they owe 45Mio to creditors, but I am thinking if it's 45.5Mio in the end then they would simply do a pro rata distribution of what's left. Anyhow, I would be up close to 300K Euro, so even if I receive only 20/45.5 * 300K Euro it would be a nice little spare change for my account. I am considering letting a lawyer do the writings and do a 30% revenue share for him. So in the end, I would expect...

If those are the amounts in question then by all means, go ahead and give it a go. With a rev share lawyer then there is nothing to lose..

And yes, I know it wouldn't affect the pool
  • #5,111
  • Mar 10, 2015 9:52am Mar 10, 2015 9:52am
Well... I am not sure whether anyone will try it, but heck... what do I have to lose?
  • #5,112
  • Mar 10, 2015 9:53am Mar 10, 2015 9:53am
Quoting muckele1
{quote} FSCS will take considerably longer to pay appropriate fees. I think the agency is struggling at the moment with a flood of requests for payment. I guess the payment may take several months!
KPMG will not recommend claiming from FSCS and even put it in writing that FSCS will pay quicker than them.

If you read the letters from KPMG you will notice that they are linked up directly to FSCS and all agreed balances on the portal are immediately shared with the FSCS.
KPMG will follow all the legal processes ( The meeting on the 12th is only the beginning) and this will take months rather than weeks.
KPMG's letters clearly states that FSCS will pay first and that KPMG will then at a later stage pay over the clients claims to FSCS after FSCS compensated the clients. ( This will only happen after all legal requirements have taken place) Creditor/clients meetings, reconciliation of costs for KPMG etc. Only then will KPMG pay the clients. ( Only those clients who wish to deal directly with KPMG)
The FSCS has its own funds and do not have to go through all the legal requirements before paying the clients. The FSCS will work on "agreed balances" as per the claims portal. It is all plain and clear in the correspondence. We do not have to speculate as to who will pay first......
Never Ever Give Up!
  • #5,113
  • Mar 10, 2015 11:48am Mar 10, 2015 11:48am
after all the discussion and updates, pls provide us the "best" solution for votes.
  • #5,114
  • Mar 10, 2015 11:59am Mar 10, 2015 11:59am
Quoting forexTN14
after all the discussion and updates, pls provide us the "best" solution for votes.
If you had less than £50k and didn't trade (or have an open trade) on 15 Jan, in my opinion there's nothing to be gained by voting.

In theory, there may be a reason for voting if you had less than £50k but traded (or were in a trade) on 15 Jan, but I believe the reality is that nothing you're voting on will affect KPMG's determination of your balance.

If you have over £50k, there may be an advantage to voting if you believe you (presumably with others similarly affected) can somehow influence KPMG's billing, since as I understand it that's the only thing that will change the ultimate outcome in terms of what will be paid out.

Clearly I am not a lawyer or an insolvency practitioner though, so please do your own research.

op
  • #5,115
  • Mar 10, 2015 11:59am Mar 10, 2015 11:59am
Quoting forexTN14
after all the discussion and updates, pls provide us the "best" solution for votes.
Different people have different requirements and in just like any election different people pick different candidates... So there is a lot of information in this thread, if you are interested do your own research and vote according to your beliefs.
  • #5,116
  • Mar 10, 2015 12:06pm Mar 10, 2015 12:06pm
Quoting papamax
{quote} Different people have different requirements and in just like any election different people pick different candidates... So there is a lot of information in this thread, if you are interested do your own research and vote according to your beliefs.

I have a problem and honestly am sick (flu) i filled in a claim to vote i have been told to re-send my claim form as it corrupt but i dont think i can attend..why are we even voting? and if i dont vote what happens..i just want my money annd will wait if thats what needed

can u please advise me on what my next steps should be
  • #5,117
  • Mar 10, 2015 12:30pm Mar 10, 2015 12:30pm
Many thx guys, but what about the question of cost. Should we vote against or for ?

isnt the last update that FCA could help without cost ?
  • #5,118
  • Mar 10, 2015 5:10pm Mar 10, 2015 5:10pm
Well its done, i chose fscs, i hope everything goes well.
Im a Crocodile, Im a Sniper. Patience is everything.
  • #5,119
  • Mar 10, 2015 5:32pm Mar 10, 2015 5:32pm
Quoting nAVIN2007
{quote} I have a problem and honestly am sick (flu) i filled in a claim to vote i have been told to re-send my claim form as it corrupt but i dont think i can attend..why are we even voting? and if i dont vote what happens..i just want my money annd will wait if thats what needed can u please advise me on what my next steps should be
Navin, you don't need to vote.. The choice is yours! If you are happy to wait and let the other decide you will also be ok. Just keep checking the insolvency site.
  • #5,120
  • Mar 10, 2015 10:46pm Mar 10, 2015 10:46pm
I received an e-mail from the Administrators in response to my earlier queries. My previous e-mail was posted here in this forum.
I think it is an honest response that clearly states that any one who had less than 50, 000 should go through the FSCS.
Perhaps the idea behind this approach is that the insurance scheme pays out leaving Alpari with less creditors and therefore a more viable option as a going concern. Who knows?

Alpari (UK) Limited (in special administration) (the "Company")
As the Joint Special Administrators have not currently declared any distributions; it may take some time for any to be made; and you may not receive distributions for the full amount of your Client Money Entitlement or Contractual Claim Amount.
Seeking compensation from the FSCS is likely to result in you receiving your money more quickly than by retaining your claim against the Company. Also, provided you are eligible, seeking compensation from the FSCS will also entitle you to full compensation of your agreed claim up to £50,000.
For more information please visit http://www.fscs.org.uk and please continue to monitor www.kpmg.com/uk/alpari for further information on the Joint Special Administration.
Kind regards
One against the many.
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