The special administrators of Worldspreads Limited have issued all clients with their final statements.
Clients will have the opportunity to review the details of their account and confirm whether they are correct or whether they disagree with the statement. There are approximately 15,000 clients.
Jane Moriarty, special administrator of Worldspreads and restructuring partner at KPMG, commented: “While the sudden collapse of Worldspreads has understandably caused a great deal of distress for the company’s clients, the issuing of all final client statements today is an important milestone in returning funds to clients.
“We will now be able to start agreeing the statements with clients. The next stage in the process will be the creditors’ meeting which will be held within the next 8 weeks, in line with our statutory responsibilities.”
All statements are being sent to registered client email addresses. The special administrators will send out the paper copies of statements where the registered email address is no longer in use.
If UK clients have not received their final statement within 7 days, or 21 days for overseas clients, the special administrators have requested that they send their account details and current contact details, including email address, to WorldSpreads-enquiries@kpmg.co.uk.
SRC(ITAUDIT)
Rav,
ReplyDeleteVarious updates on:
http://www.kpmg.com/UK/en/IssuesAndInsights/worldspreads-special-administration/Pages/default.aspx
Its certainly encouraging that KPMG appear to be moving forward fairly quickly. I guess the FSCS cannnot look at any claims until after the creditors meeting.
Any thoughts how you think events may proceed.
Keep up the good work with the blog.
Cheers,
Jay111s
Is replying with i agree legally binding?
ReplyDeleteNot a lawyer but I would assume legally binding, why would you not agree. Under the T&C Worldspreads is able to close your positions, do you dispute the amount of the closing balance? If so for what reason?
ReplyDeleteIts the timing. Its been done retroactively. Did KPMG actually close all positions on Friday - not a chance. We even got an e-mail that night stating our open positions.
ReplyDeleteIf you had an account with another firm and they said that they had closed your positions last week (in the meantime sending you e-mails telling you they were open), and had made NO EFFORT WHATSOEVER to get in touch, how would you react.
I have been away and the position i had has gone in my favor last week - had they told me i had been closed, i (probably)would have opened it elsewhere.
How would I react? I had a position closed on the Fri at a loss which would have been in profit mon morning, not upset about it, just want my cash back and move on.
ReplyDeleteRNS's were out on Fri 16/3 stating WSPR shares were suspended, in administration on 19/3. Were you expecting positions to be left open while in administration? Did you not check WSPR website or phone WSPR or the helpline? On Mon 19/3 I was told that all positions had been closed on 16/3. Would it still be unfair if the positions had gone in the other direction??
No, as stated, I was away. I cant have been the only one.
ReplyDeleteSecondly, the positions weren't actually closed on Friday. Nobody had physically gone to the system and closed them, otherwise we wouldn't have gotten the e-mail saying they were open.
I understand why KPMG have to draw a line in the sand at some point, but if they haven't bothered themselves to contact clients in a timely fashion (i.e that weekend), then what do they expect. At the very least that is a poor job, and in my opinion not up to the standards the FSA would expect of any current firm.