Six weeks after Alpari UK declared its insolvency following Swiss National Bank's Euro peg removal, special administrators on the case finally started client funds recovery processing through a designated Claims Portal.
Six weeks after Alpari UK declared its insolvency following Swiss National Bank's Euro peg removal, special administrators on the case finally started client funds recovery processing through a designated Claims Portal.
As previously known, UK Financial Conduct Authority (FCA) appointed Richard Heis, Samantha Bewick, and Mark Firmin, from audit company KPMG LLP to handle Alpari UK insolvency. The administrators first tried to find a minimum of 20 million Pounds (30 million USD) capital injection to keep Alpari UK afloat, but they failed to find interested investors, neither they find any buyers for the company. Consequently, the company then has to be sold separately with Alpari UK trademarks and domain names were bought by Andrey Dashin, Alpari Group Chairman and Founder of FXTM. The remaining intellectual property assets like client list, as well as other kinds of assets, will be sold to other interested parties.
Late last week, as reported by leaprate, KPMG special administrators announced that a designated Claims Portal will start receiving claims. In the first stage, 500 random clients are granted access to the portal to test the capacity constraints. There are approximately 100,000 clients of Alpari UK that are expected to access the portal later, so it needs to be guaranteed a smooth run. If the test run succeed, then KPMG will sent invitations to Alpari UK clients with cash-only balances by March 6, while clients with open positions as of January 15 will have to wait for their invitation to access the portal.
However, apparently a number of invited clients are already having complaints, which makes the possibility of Alpari UK clients receiving their funds becomes increasingly unclear.