After four years, clients of the failed stockbroking and wealth management firm have been invited to make claims for restitution, but will anything be left?
It is four years since the stockbroking and wealth management firm BBY collapsed and around 6,000 clients are still to retrieve a cent out of the wreckage.There is a $21 million shortfall in the $62 million worth of client claims against failed stockbroker BBYThe 6,000 casualties of the collapse are yet to be told how much they will get back
The liquidators from the big accounting firm KPMG say while BBY's former clients had claims of $62 million against their assets, there is an estimated shortfall of $21 million in funds.The funds available to be repaid will be eroded further once the recovery costs associated the complex liquidation and years of bitterly fought litigation are deducted from the final pool.
KPMG said it had started the court-ordered process to allow former clients to lodge their claims for missing money and assets.Former BBY clients will have until September 20 to lodge a claim. However, the first distributions are unlikely to have made much before the end of the year. However, former BBY broker, Chris Forte, who successfully fought for the remediation of option traders' funds outside KPMG's liquidation, remains unimpressed.
"In a nutshell, it's farcical — it went through this process called the Australian legal system, where the laws are so heavily tilted to liquidators and lawyers to make their money through fees."
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