The corporate previously often known as London Block Trade (LBX), which confronted a lawsuit from one among its collectors, is to be wound up.
Often called Dragon Funds Ltd. since final July, the agency introduced Thursday that it had been positioned into obligatory liquidation on Jan. 31. Paul Cooper and Paul Appleton of David Rubin & Companions have been appointed as joint liquidators earlier this week by the U.Ok.’s Secretary of State for Enterprise.
In an announcement that has now completely changed its web site, the corporate mentioned: “the Joint Liquidators and their workforce are working towards resolving prospects’ considerations, together with the restoration of any sums owed, as a matter of precedence.”
LBX launched in 2017 after elevating greater than £2 million (roughly $2.6 million) from buyers, in keeping with Enterprise Insider. The corporate had initially deliberate to problem pay as you go playing cards permitting customers to buy with cryptocurrencies, however it pivoted in 2018 to grow to be a cell change for U.Ok. buyers.
In April 2019, LBX was taken to courtroom by one among its collectors in a bid to get well a debt. Then-CEO Benjamin Dives, who ran the corporate till the liquidation order, informed Fintech Zoom on the time that £9,900 (roughly $12,900) had not been paid on time. He additionally denied rumors that the corporate was dealing with liquidation.
Podcast host Peter McCormack had claimed the identical month that LBX was “bancrupt” (in a tweet now deleted) and that staff had not been paid since 2018. The corporate declined to touch upon these claims.
LBX’s submitting historical past at Firms Home, the nationwide registrar for companies within the U.Ok., has not been up to date to incorporate the obligatory liquidation order.
Fintech Zoom has approached Dives for remark and can replace this text if a response is acquired.
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