Last rites for Worldspreads

Spread betting firm Worldspreads, which called in the administrators on March 19th after finding a big hole in its accounts, said a receiver has now been appointed to wind up the company.

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Spread betting firm Worldspreads, which called in the administrators on March 19th after finding a big hole in its accounts, said a receiver has now been appointed to wind up the company.

It is not anticipated that there will be any return to the company's shareholders following the appointment of the receiver.

Trading in the company's shares was suspended on Friday, March 16th, as the company announced an investigation into its financial position.

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That investigation uncovered a shortfall of client money at WorldSpreads Limited of some £13m. Gross amounts owed to clients are in the region of £29.7m, whereas the total cash balances available to the company are around £16.6m.

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