This is the first plan to make it easier to return client assets and provide claimants with rights to those assets. It had previously been attempted in 2010 to deal with the assets of Lehman Brothers but did not succeed.
The plan is also supported by the Financial Services Authority.
Letters to clients will be sent in the next few days and the plan will commence from 1 August. Clients must return the letters with settlement instructions in order to receive a payment.
American firm MF Global went into special administration in November 2011 after revealing a £4bn exposure to Eurozone sovereign debt.

Richard Heis, joint special administrator of MF Global UK and restructuring partner at KPMG said: "Today's court hearing represents an important milestone in returning some £54m of agreed client assets.
"The MF Global UK asset distribution plan sets a precedent as it is the first use of such a plan under the special administration rules."
He said the £54m largely comprised of shareholdings plus securites and commodities. However, he said there was still over £1bn in alleged asset claims.
Adam Plainer, head of restructuring at law firm Weil, Gotshal and Manges, said: "This is a remarkable milestone to have reached less than nine months since the company went into special administration and fulfills Objective One of the regime- to ensure the return of client assets as soon as is reasonably practicable."