Thanks yes I have already opened a case for Futex with the credit card company, they said they could get half back for me (since I was able to complete 1 month of drills not 2). I submitted some documentation in support of claim, will take 3-4 weeks.
The administrators of defunct prop trading firm Futex reported on Friday a £4.7 million shortfall between the money held in the firm's clearing account and the cash owed to creditors including former Futex traders.
The report, from Futex administrators Cork Gully, named nearly 60 claimants in the case, which arose following an injunction by one of the firm's trader which led to the collapse of the company.
The administrators report said: "We note that as at the date of the injunction, the total owed to traders (approximately £5.5m) exceeded the total held in the company’s Marex Accounts (approximately £800k) by circa £4.7m."
Former Futex traders have started to re-emerge at firms across London
Establishing legal ownership of the £800,000 held in the Futex account at clearer Marex Spectron and redistributing it to the trading firm's creditors is the top priority for the administrators of Futex's parent comapny, according to sources close to the process.
A source close to the administrator said a decision over the ownership of the funds held in the Marex account will be "the priority for the administrators". The source added: "The cash is available so dealing with this first means that these funds can be distributed sooner."
As reported by FOW on Friday, Cork Gully, administrators to Futex's holding company Independent Derivative Traders (IDT) said: "We note that as at the date of the injunction, the total owed to traders (approximately £5.5m) exceeded the total held in the company’s Marex Accounts (approximately £800k) by circa £4.7m."
Former traders of proprietary trading firm Futex have called for an independent investigation into the collapse of the firm, after the deadline for creditors to vote on the current administrator’s formal proposals passed on Tuesday.
According to former traders and creditors in the case against Independent Derivative Traders (IDT) – the holding company of prop firm Futex – insolvency firm Griffins has been working with traders to submit votes on administrator Cork Gully’s formal proposals.
As is almost always the case in such administrations, Cork Gully was appointed by the directors of the insolvent firm.
The calls come after the current administrators were, "carefully selected by the Futex directors," according to one former trader.
I got an email from Futexlive recently and they are still offering courses. I guess they have no choice, they need to generate income and pay off creditors. No more Price Ladder course though but I believe Miltos is giving the impression on Twitter that he will do another one somewhere else.
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Administrator has called a meeting of correspondence for September 20
The latest development in the case against prop firm Futex’s holding company has seen current administrator on Friday call for creditors to vote on revised formal proposals and appoint liquidators.
Former traders and creditors in the case against Futex holding company, Independent Derivative Traders (IDT), have Friday been called to a meeting held by correspondence on September 20 to consider the new proposals, a spokesperson for the firm’s administrator, Cork Gully, told FOW.
Creditors will vote on the new proposals which state that, "Administrators shall take all necessary steps to place the Company into liquidation as soon as possible and facilitate the appointment of Stephen Hunt and Adam Harris of Griffins as Joint Liquidators," said the spokesperson.