MF Global Special Administrators Release Their Proposals

more+
less-

On 16 December 2011 the special administrators of MF Global UK Limited ("MFG UK") published their proposals for achieving the purpose of the special administration.

Purpose of the proposals

The special administration of MFG has three statutory objectives:

1. to ensure the return of client assets as soon as is reasonably practicable;

2. to ensure timely engagement with market infrastructure bodies and the authorities; and

3. to rescue the business as a going concern, or to wind it up in the best interests of the creditors .

The special administrators are required to put forward proposals for how they intend to achieve the purpose of the special administration, which will be discussed and voted on at the meeting of clients and creditors which is scheduled for 9 January 2012 (the "Initial Meeting"). At the Initial Meeting the appointment and composition of a creditors committee will also be considered. We are accepting proxies for clients who wish for us to attend the Initial Meeting on their behalf.

Please see full Alert below for further information.

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

Published In: Bankruptcy Updates, Civil Remedies Updates, Finance & Banking Updates, International Trade Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Reed Smith | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »