MF Global UK [2014] EWHC 2222 (Ch)

WTLR Issue: October 2015 # 153

In the matter of: MF GLOBAL UK LIMITED (in special administration)

Analysis

MFGUK was part of the MF Global group which carried on business as broker-dealers in financial markets throughout the world. The group’s principal operations in London were carried on by MFGUK. It and other companies in the group entered insolvency proceedings in the United States and England on 31 October 2011. Administrators were appointed under the Investment Bank Special Administration Regulations 2011. MFGUM held funds in two different capacities – money for clients as trustee of the client money trust, and money beneficially on its own account. On their appointment, the administrators took responsibility for the due administration of the general estate of MFGUK as well as the duties and rights of MFGUK as the CMP trustee.

Counsel details

Antony Zacaroli QC (South Square Chambers, 3-4 South Square, London WC1R 5HP, tel 020 7696 9900, email antonyzacaroli@southsquare.com) and Adam Al-Attar (South Square Chambers, 3-4 South Square, London WC1R 5HP, tel 020 7696 9900, email adamalattar@southsquare.com) instructed by Weil, Gotshal & Manges (110 Fetter Lane, London EC4A 1AY, tel 020 7903 1000) for MF Global UK Limited as trustee of the client money trust.

Martin Pascoe QC (South Square Chambers, 3-4 South Square, London WC1R 5HP, tel 020 7696 9900, email martinpascoe@southsquare.com) and Daniel Bayfield (South Square Chambers, 3-4 South Square, London WC1R 5HP, tel 020 7696 9900, email danielbayfield@southsquare.com) instructed by Weil, Gotshal & Manges (110 Fetter Lane, London EC4A 1AY, tel 020 7903 1000) for the administrators.

Cases referenced

Cases in bold have further reading - click to view.

Legislation referenced

Legislation in bold has further reading - click to view.

  • Financial Services and Markets Act 2000, s138A
  • Insolvency Act: 1986
  • Investment Bank Special Administration Regulations 2011
  • Trustee Act 1925 s15, s69(2)