MF GLOBAL SINGAPORE PTE. LIMITEDCompany Registration No. 198403253G
(Provisional Liquidators Appointed)
c/o 16 Raffles Quay #22-00
Hong Leong Building
Singapore 048581
Latest Updates
18 May 2012
UPDATE ON THE MEETING OF CREDITORS OF THE COMPANY
As announced in the Company's Press Release at 8 May 2012 and as advertised in the Business Times on the same day, a meeting of creditors of the Company (“Creditors’ Meeting”), pursuant to sections 296 and 297 of the Companies Act (Cap. 50), will be convened at 2.30 pm. on Monday, 28 May 2012 at Orchid Country Club, Grand Ballroom, 1 Orchid Club Road, Singapore 769162.
Notification of the Creditors’ Meeting and the details thereof have been despatched to the creditors of the Company by post, a copy of which can also be found on the Company’s website.
The Creditors’ Meeting will be convened for the purposes of:-
- receiving a statement of the Company’s affairs together with a list of creditors and estimated amounts of their claims;
- confirming the appointment of Messrs Chay Fook Yuen, Bob Yap Cheng Ghee and Tay Puay Cheng all care of KPMG Services Pte. Ltd., 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581, as the joint and several Liquidators of the Company pursuant to Section 297(1) of the Companies Act (Cap.50) for the purposes of winding up the affairs and distributing the assets of the Company at such remuneration based on time costs (the “Liquidators”);
- appointing a Committee of Inspection of not more than 5 members, if necessary;
- resolving that the bank accounts necessary for the orderly winding up of the Company be opened with bank(s) by the Liquidators and/or the bank accounts as may have already been opened by the Provisional Liquidators of the Company be maintained by the Liquidators for purposes of the orderly winding up of the Company;
- appointing a solicitor and/or any agent or person to assist the Liquidators in carrying out their duties in the winding up of the Company; and
- any other business.
The Provisional Liquidators and the Directors of the Company will be present at the Creditors’ Meeting. At this Creditors’ Meeting, relevant information relating to the financial position of the Company and its inability to continue business as at 1 November 2011, the affairs of the Company, the progress of the winding up of the Company, the work carried out by the Provisional Liquidators, and the costs and expenses incurred thus far in the winding up of the Company, will be presented by the Provisional Liquidators and/or the Directors of the Company at the Creditors’ Meeting. This is in line with the directions of the Singapore High Court on 11 May 2012.
The creditors will also be given an opportunity to raise any legitimate query they may have regarding the above at the Creditors’ Meeting.
Messrs Chay Fook Yuen, Bob Yap Cheng Ghee and Tay Puay Cheng
For and on behalf of
MF Global Singapore Pte. Limited
(Provisional Liquidators Appointed)
11 May 2012
HIGH COURT ADJOURNS INDEFINITELY APPLICATION BY FORMER EMPLOYEES TO OBTAIN DOCUMENTS FROM PROVISIONAL LIQUIDATORS
The High Court of Singapore today adjourned indefinitely an application by seven former senior employees of MF Global Singapore Pte. Limited (Provisional Liquidators Appointed) to inspect certain documents and books related to the Company.
The Court did not make the Orders sought by the former senior employees with the issue of costs reserved.
The former senior employees had asserted claims for salaries, bonuses and expenses against MF Global Singapore amounting to about S$3.65 million. They had sought orders from the High Court to personally inspect various documents such as resolutions, declarations, filings, financials and books of the Company.
In their application to the High Court, the former senior employees had asserted that MF Global Singapore was solvent at the time they were still in the Company. The Provisional Liquidators noted that the directors of MF Global Singapore had declared under oath that the Company was unable to continue its business by reason of its liabilities.
The Provisional Liquidators – Messrs Chay Fook Yuen, Bob Yap Cheng Ghee, and Tay Puay Cheng from KPMG Services Pte. Ltd. – had already earlier provided some of the documents sought where they were public records and where such documents did not require a prior order from the Court.
Other documents were not released to the former senior employees as the Provisional Liquidators considered that they needed prior court approval to do so.
Moreover, the Provisional Liquidators will be presenting a statement of affairs that will disclose the financial position of MF Global Singapore at a creditors’ meeting scheduled on 28 May 2012. The meeting will also seek creditors’ approval to confirm the appointment of the liquidators and to form a committee of inspection as required in law for the proper and orderly liquidation of the Company.
Upon hearing parties, the High Court did not make the Orders sought at this stage in the light of the upcoming creditors’ meeting on 28 May 2012, and considered that any concern which these former senior employees may properly be dealt with at such meeting. To facilitate MF Global Singapore addressing the former senior employees’ concerns at the above meeting, the Court directed them to submit any query which they may have relating to the financial position of the Company 3 days before the creditors’ meeting on 28 May 2012. To facilitate such queries being raised, the Court also directed that the statement of affairs which is to be presented at the creditors’ meeting and related financial statements be provided to these former senior employees 5 days before such meeting.
Mr Yap, the joint and several Provisional Liquidator of MF Global Singapore, said:
“We are pleased with the outcome. We consider the Court’s direction to be consistent with our intention to act in the best interest of all stakeholders including creditors. At no stage were we attempting to frustrate any group of creditors. We are committed to ensure that the liquidation of MF Global Singapore continues to be carried out in an orderly manner for the benefit of all stakeholders.”
Messrs Chay Fook Yuen, Bob Yap Cheng Ghee and Tay Puay Cheng
For and on behalf of
MF Global Singapore Pte. Limited
(Provisional Liquidators Appointed)
08 May 2012
UPDATE ON THE MEETING OF THE CREDITORS OF THE COMPANY
Further to the press release on 24 April 2012, and as advertised in the Business Times on 8 May 2012, the meeting of the creditors of the Company, pursuant to sections 296 and 297 of the Companies Act (Cap. 50), will be convened at 2.30 p.m. on Monday, 28 May 2012 at Orchid Country Club, Grand Ballroom, 1 Orchid Club Road, Singapore 769162 (the "Creditors' Meeting").
The Company's creditors and customers who have submitted Proofs of Debt and who are entitled to attend and vote at the Creditors' Meeting will be notified, with further details of the above Creditors' Meeting.
Messrs Chay Fook Yuen, Bob Yap Cheng Ghee and Tay Puay Cheng
For and on behalf of
MF Global Singapore Pte. Limited
(Provisional Liquidators Appointed)
24 April 2012
UPDATE ON THE INTERIM DISTRIBUTION OF CUSTOMERS' SEGREGATED AND PROPRIETARY FUNDS AND THE MEETING OF THE CREDITORS OF THE COMPANY
Bob Yap, Head of Transactions and Restructuring at KPMG Singapore, and one of the Joint and Several Provisional Liquidators of MF Global Singapore Pte. Limited (Provisional Liquidators Appointed) (the "Company") said:
“We are pleased to announce that, pursuant to the Court’s sanction of the interim distribution of up to US$350 million of the collected segregated and proprietary funds of customers of the Company, we have effected payment to more than 90% of entitled customers of the Company (who have provided payment details). Payment to the remaining entitled customers of the Company will continue in the course of the next few weeks. Efforts will continue to be made towards the completion of the verification and reconciliation of customers’ accounts and collection of remaining customers’ funds which have yet to be collected.”
Interim Distribution to Customers
Further to the press release of 27 February 2012, the Provisional Liquidators are pleased to announce that, pursuant to the Court’s sanction of the interim distribution of up to US$350 million of collected segregated and proprietary funds of customers of the Company, they have effected payment to more than 90% of entitled customers of the Company (being customers identified by the Provisional Liquidators as having proprietary interests in the total segregated and proprietary funds of customers collected by the Provisional Liquidators and whose payment details have been provided to the Company). Payment to such remaining entitled customers of the Company will continue in the course of the next few weeks.
The Provisional Liquidators have ascertained the identities of customers entitled to interim distribution, and their respective provisional entitlements, based on such customers’ legitimate proprietary interests in the collected segregated and proprietary funds, and the guiding principles for such distribution as sanctioned by the High Court of Singapore on 8 February 2012. Customers who have not yet been identified at this juncture as customers entitled to any interim distribution are not prejudiced in respect of any right or entitlement which they may legitimately have to such funds.
The Provisional Liquidators invite customers of the Company who have yet to submit the requisite ‘Payment Details Form’ to do so by registered mail or courier to:-
MF Global Singapore Pte. Limited (Provisional Liquidators Appointed)
Payment Details Form
c/o KPMG Services Pte. Ltd.
16 Raffles Quay #22-00 Hong Leong Building
Singapore 048581
Customers who do not have a copy of the above form may make a request for the same by email to sg-mfglobal@kpmg.com.sg, with the subject header ‘Payment Details Form’.
The Provisional Liquidators will continue to work towards completing the verification and reconciliation of customers’ accounts and the books and records of the Company, as well as collecting the remaining customers’ segregated and proprietary funds held by the Company’s affiliates and overseas financial institutions. The Provisional Liquidators will update customers as to the progress in this regard at the appropriate stage.
Meeting of Creditors
On 1 November 2011, the Provisional Liquidators were appointed to oversee the winding down of the business and affairs of the Company and to safeguard the interests of the Company’s creditors and customers. The appointment of the Provisional Liquidators has since been extended to 1 June 2012, with the consent of the Official Receiver.
In anticipation of a meeting of creditors of the Company to be convened, creditors of the Company, as known to the Provisional Liquidators based on the books and records of the Company, have been invited to complete and submit Proofs of Debt in respect of any unsecured debt which may be due and owing to them. The above meeting of creditors of the Company will be convened prior to 1 June 2012, details of which will be notified to the Company’s creditors in due course.
Creditors who have yet to receive a copy of the above form may make a request for the same by email to sg-mfglobal@kpmg.com.sg, with the subject header ‘Proof of Debt Form’.
Further updates and Answers to General Frequently Asked Questions relating to the Creditors’ Meeting of MFGS (including general guidelines as to who may be a “creditor” of MFGS) will be provided on the Company’s website at www.mfglobal.com.sg.
Messrs Chay Fook Yuen, Bob Yap Cheng Ghee and Tay Puay Cheng
For and on behalf of
MF Global Singapore Pte. Limited
(Provisional Liquidators Appointed)
19 March 2012
CHANGE IN INVESTOR TELEPHONE HOTLINE NUMBER
The Provisional Liquidators would like to inform all customers that the Investor Telephone Hotline Number has been changed to (65) 8118 9932,with immediate effect. If you have any query or require any clarification, please call the Investor Telephone Hotline Number or send your query to sg-mfglobal@kpmg.com.sg
Messrs Chay Fook Yuen, Bob Yap Cheng Ghee and Tay Puay Cheng
For and on behalf of
MF Global Singapore Pte. Limited
(Provisional Liquidators Appointed)
27 February 2012
UPDATE ON THE INTERIM DISTRIBUTION OF CUSTOMERS' SEGREGATED AND PROPRIETARY FUNDS
Further to the press release of 8 February 2012 and following upon sanction by the Court on 8 February 2012 of the interim distribution of up to US$350 million of customers' proprietary funds, the Provisional Liquidators are pleased to announce that they have, today, commenced payment to "Cash Only" customers of the Company who have been identified as being entitled to such interim distribution, i.e. customers with no open positions as at 31 October 2011. The payment to other entitled customers of the Company will commence from mid March 2012.
The Provisional Liquidators will continue to work towards completing the verification and reconciliation exercise of customers' accounts and the books and records of the Company, as well as collecting the remaining customers' segregated and proprietary funds held by the Company's overseas coutnerparties, clearing members and financial institutions. The Provisional Liquidators will update customers as to the progress in this regard at the appropriate stage.
Messrs Chay Fook Yuen, Bob Yap Cheng Ghee and Tay Puay Cheng
For and on behalf of
MF Global Singapore Pte. Limited
(Provisional Liquidators Appointed)
8 February 2012
THE PROVISIONAL LIQUIDATORS OBTAINED COURT APPROVAL FOR THE INTERIM DISTRIBUTION OF UP TO US$350 MILLION OF CUSTOMERS’ SEGREGATED AND PROPRIETARY FUNDS
Bob Yap, Head of Transactions and Restructuring at KPMG Singapore, and one of the Joint and Several Provisional Liquidators of MF Global Singapore Pte. Limited (Provisional Liquidators Appointed) (the “Company”) said:
“We are pleased that the Court has sanctioned our proposal to make an interim distribution of up to US$350 million to customers. Since our appointment as provisional liquidators, we have been working hard towards achieving our key objective of returning as much customers’ funds as early as possible, and we are glad that the Court sanction has paved the way for this objective to be met. We expect to be able to start making interim payments in late February 2012, whilst efforts continue to be made to work towards the completion of the reconciliation of customers’ accounts and collection of the remaining customers’ funds.”
The High Court of Singapore has today sanctioned the Provisional Liquidators’ proposal to make an interim distribution of up to US$350 million to customers of the Company identified by the Provisional Liquidators as having proprietary interests in the total segregated and proprietary funds of customers of about US$405 million collected by the Provisional Liquidators to date (the “Interim Distribution”). This represents a return of up to about 86% of the total amount of segregated and proprietary funds of customers collected by the Provisional Liquidators (“Collected Funds”).
Identified customers of the Company stand to receive up to 90% of their proprietary entitlement to the Collected Funds under the Interim Distribution. The extent of each customer’s entitlement will, however, vary from customer to customer.
In the meantime, the Provisional Liquidators will continue to work towards completing the verification and reconciliation exercise of customers’ accounts and the books and records of the Company, as well as collecting the remaining customers’ segregated and proprietary funds held by the Company’s overseas counterparties, clearing members and financial institutions, in Australia, Hong Kong, Taiwan, United Kingdom, and the U.S.A.
Further updates would be provided on the Company’s website at www.mfglobal.com.sg.
Messrs Chay Fook Yuen, Bob Yap Cheng Ghee and Tay Puay Cheng
For and on behalf of
MF Global Singapore Pte. Limited
(Provisional Liquidators Appointed)
Click here to see updated FAQs for customers (11 January 2012)
