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MF Global Australia update


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21 November 2011: Deloitte Corporate Reorganisation Group Partners Chris Campbell, David Lombe and Vaughan Strawbridge were appointed Voluntary Administrators of the following companies on 1 November 2011:

  • MF Global Australia Limited (ACN 001 662 077)
  • MF Global Securities Australia Limited (ACN 125 669 801)
  • Brokerone Pty Limited (ACN 070 037 482)
    (All Administrators Appointed)

Under the administration, a buyer was sought for all parts of MF Global Australia (MFGA), in its own right, and as part of a larger MF Global Asia-Pacific operation.

In spite of a number of enquiries, no viable offers for the business as a going concern have been received and, as a result, the business will be wound down over coming months.

As a consequence, 83 MF Global employees were advised on 18 November today of the termination of their employment for reason of redundancy. A small number of key employees have been retained to assist processing and reconciling client positions and company records.

Chris Campbell said the move was unfortunate but necessary.

“Situations such as this are clearly difficult for employees, but the reality is that no viable offer for the business has been received, either here in Australia, or for the Asia-Pacific option was being managed.

“I have thanked those affected today for the way in which they have support the Administration of the business. The situation they have found themselves in appears to have been due to the overseas position” he said.

Chris Campbell said: “The Administrators continue to work closely with all stakeholders, including the Australian Securities and Investments Commission (ASIC) on what remains a complex Administration.

“We are also working with the ASX which has now provided information regarding the close out of futures positions.

“As advised to clients and creditors at the 11 November meeting of creditors, it will take some time to interrogate the data and determine the close out calculation method for client accounts.”

The Administrators will continue to update clients and creditors on developments.

All client communication channels with the Administrators remain open:

Last Updated: 

Contacts

Name:
Simon Rushton
Company:
Deloitte
Job Title:
Corporate Affairs and Communications
Phone:
Tel: +61 2 9322 5562; M: +61 450 530 748
Email
srushton@deloitte.com.au
Name:
Vessa Playfair
Company:
Deloitte Australia
Job Title:
Head of Corporate Affairs
Phone:
Tel: +61 2 9322 7576, Mobile: +61 419 267 676
Email
vplayfair@deloitte.com.au

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