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
-
Norfolk or Norway? Holidays you can afford with different-sized pension potsMany people look forward to taking more holidays when they retire. But what sort of trips could your pension buy you? We look at the holidays to match different retirement incomes
-
Q&A: Issac Thong – new lead manager of Aberdeen Asian Income Fund
