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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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.
jh
-
The top stocks in the FTSE 100After a year of strong returns for the UK’s flagship index, which FTSE 100 stocks have posted the best performance in 2024?
-
A junior ISA could turn your child’s pocket money into thousands of poundsPersuading your child to put their pocket money in a junior ISA might be difficult, but the pennies could quickly grow into pounds – and teach them a valuable lesson about money
