Richard Fleming, Richard Heis and Mike Pink of KPMG LLP, the Joint Special Administrators of MF Global UK Limited, have announced a timeline for the return of client money and client assets.
MF Global UK Limited customers with claims against funds in the client money pool and/or with claims against client assets can complete and submit a claim form from Thursday 8December. All claims against client assets and the client money pool are requested to be submitted by Friday 30th March 2012. There is no bar date (as provided for in the special administration regime) set at this stage for claims against client assets.
Heis (pictured), Joint Special Administrator of MF Global UK, says: “Putting a timeline into place creates an important framework for the return of client assets and client money. This helps to create certainty around the number and size of claims with the intention of allowing a return of a proportion of client funds before 30th March 2012. The proportion of the client money pool to be distributed initially is dependent upon: the return of sufficient funds from third party institutions; and the ability of the Joint Special Administrators to make adequate provision for all possible claims in respect of client money.
Subsequent distributions will be made in due course, once claims in relation to client money have been further resolved.”

As part of their reporting procedures, the Joint Special Administrators intend to inform the Court of the timetable and procedure set out in this notice, including their intention to make an interim distribution.
It is proposed that, provided these steps have been completed, an interim distribution from the client money pool will be made to a claimant with a client money entitlement within 14 days after its claim has been agreed by the Joint Special Administrators.
