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How should client money claims be dealt with and when can administrators distribute funds? Kathy Stones looks at the case of Re MF Global UK  All ER (D)139 (Jun),  EWHC 1655 (Ch), which approved a process to establish a bar date and deal with rejected claims.
The Chancery Division, Companies Court, made an order governing the distribution of funds as client money by the administrators. In order to proceed with a distribution of the balance of the available funds, and to ensure the timely return of client money, a process was needed to deal with rejected claims and unknown claims which could provide a degree of certainty and protection.
MF Global UK's client money (estimated at between $945m and $951m) was held in trust under the Clients Assets Sourcebook (FSA CASS) rules. However, the FSA CASS rules don't contain any provisions setting out a claims, adjudication or distribution procedure for client money. Successful client money claims are effectively proprietary claims, meaning the assets don't fall within the estate of the debtor. It's surprising that there is nothing equivalent to the bar date provisions for assets of the debtor arising under:
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