MF Global UK asset return begins

MF Global UK will return roughly £54m of client assets after its distribution plan was accepted by the High Court yesterday. The return of client assets will begin on 1 August, but it’s worth noting that there are still over £1bn of alleged outstanding claims, which this approval goes only a tiny way towards. Still, Richard Heis, joint special administrator of MF Global UK and restructuring partner at KPMG described the court hearing as an “important milestone” in the administration process.