MF Global enters insolvency proceedings on both sides of the pond

more+
less-

MF Global, one of the world's leading broker/dealer firms entered into insolvency proceedings in both the US and the UK on 31 October 2011. US entities MF Global Holdings Ltd. and MF Global Finance USA Inc. filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code in the Bankruptcy Court for the Southern District of New York. Also on 31 October, the US Securities Investor Protection Corporation ("SIPC") initiated the liquidation of MF Global, Inc. a jointly registered futures commission merchant and broker-dealer, under the Securities Investor Protection Act ("SIPA"). The US District Court for the Southern District of New York entered an order granting SIPC's request for SIPA protections for customers of MF Global, Inc.

The UK subsidiary, MF Global UK Limited, was placed into a new special administration regime for investment banks, the first company to enter this regime. Under the special administration regime the special administrators' objectives are to ensure the return of client assets as soon as is practicable, to engage with exchanges, clearing houses and other authorities, and the winding up of the company for the benefit of creditors.

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

more+
less-

Reed Smith on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×