Deloitte Partners appointed Voluntary Administrators of MF Global Australian entitiesDOWNLOAD
1 November 2011: Deloitte Corporate Reorganisation Group Partners Chris Campbell, David Lombe and Vaughan Strawbridge were today appointed Voluntary Administrators of the following companies:
The administrators have taken control of the companies and all of their operations with immediate effect.
The move follows the bankruptcy filing by the MF Global parent company in the United States overnight.
ASX has advised the administrators and the companies that all of the companies' participations in ASX markets and clearing and settlement facilities have been suspended with effect from the appointment of the administrators. Accordingly, now that they are in administration, none of the companies have any capacity to trade on ASX markets, including to open or close any positions.
ASX has advised that the clearing houses are in the process of managing their net positions. ASX has taken this step as a direct consequence of the appointments over the companies
Chris Campbell said the administrators were now working through the financial positions of the three companies.
“As Voluntary Administrators, we have taken control of the assets of the three companies and begun the task of assessing the positions of each, including their OTC derivative positions such as CFDs,” he said.
“We are commencing a process to reconcile all client positions as at the date of appointment to determine monies owed to each client. This will also include the necessary close out of most, if not all client positions, in the books of the companies. Notices to clients are expected to be issued today in regard to close out of positions. The total process will take some time, but we will advise customers of their position as soon as possible.
“We are also working closely with the ASX, the Australian Securities and Investments Commission (ASIC) and other key stakeholders to resolve what are complex operations in the interests of the companies' clients and creditors and consistent with our duties as administrators under Corporations Act.”
Creditors and customers will be provided with updates and information as the administration progresses.
MF Global customers should contact their broker or adviser at MF Global.
A dedicated email address – MFG Australia– is also being established for customer queries and should be active in 24 hours.