After a long uphill climb, the parent company of MF Global has been approved by the court to implement its liquidation plan. Judge Martin Glenn placed his stamp of approval Friday in bankruptcy court in Manhattan. 

Last 2011. MF Global Holdings Ltd collapsed amidst a failed US$6.3 billion purchase of bonds issued by debt riddled European countries. A bankruptcy plan was mapped out after it sought Chapter 11 protection. 

The trustee in charge of liquidation is former FBI director Louis Freeh. One of his primary tasks is to recover money from customers and other institutions the firm had been indebted to. This comes a day after Freeh filed a report castigating former CEO Jon Corzine and other top managers for their failure to recognize the warnings signs that were provided by their chief risk officer. 

The plan approved by the court determines the payment plan of MF Global for their creditors.