Special administrators appointed to Alpari (UK) Ltd

Alpari (UK) Ltd (Alpari), a leading City foreign exchange broker, has entered special administration, with Richard Heis, Samantha Bewick and Mark Firmin of KPMG LLP being appointed as special administrators.

The announcement comes after the decision by the Swiss National Bank to remove the informal peg to the euro at around 1.20 Swiss francs, a decision which saw Alpari and many of its clients make significant losses.

Special administrations were introduced in 2011 pursuant to The Investment Bank Special Administration Regulations 2011 and aim to improve the process where an investment bank fails.

The announcement by KPMG can be found here

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First published on LexisPSL Restructuring and Insolvency

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