Creditors back plan for MF Global UK

CLIENTS and creditors of MF Global UK, part of the defunct US brokerage, may get some of their cash back next month after a crunch meeting with the administrator yesterday.

They backed the proposals put forward by special administrator KPMG in a session which critics had billed as a vote of confidence.

Richard Heis, joint administrator, said: “Both clients and creditors voted overwhelmingly in favour of our proposals, which include the expectation that we will be able to make an interim distribution of client monies within the next few weeks.”

KPMG is due to update the High Court on the administration early next month, which could lead to an interim distribution of money shortly afterwards.

About 800 representatives of MF Global’s clients and creditors attended the meeting with KPMG yesterday. The broker failed on 31 October.