FCA-regulated retail forex broker 888 Markets has applied to strike itself off from the register of UK companies, according to a recent regulatory filing.
In a typical practice prior to a limited company being dissolved, a voluntary strike-off notice should be placed by the registrar of companies in the London Gazette.
The move comes as a surprise to those monitoring the developments around 888 Markets’ UK business, as it rebranded just a couple of weeks ago.
The strike off also referred to as dissolution, is the process by which a company is removed from the register by Companies House. Once approved, it effectively marks the brand as non-existent for all intents and purposes.
The official notice, however, didn’t state that the firm halts its regulated activities and its website operates as usual. It only reads:
Important notice for all interested parties
This company has applied to be struck off and dissolved. The registrar will proceed unless there is reasonable cause not to. and on dissolution any assets remaining in the company will be passed to the Crown. Guidance is available on grounds for objection. If in doubt seek professional advice.
Declaration of director(s)
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I/We as the majority of directors apply for this company to be struck off the Register and declare that none of the circumstances described in section 1004 and 1005 of the Companies Act 2006 (being circumstances in which the directors would otherwise be prohibited under those sections from making an application) exists in relation to the company.
Authorising company Director(s):
Companies House also has the authority to remove the company from its register if it has reasonable grounds to believe that it has halted its operations. Typically, this could be due to a failure to submit its annual reports or due to a change of registered office address without notification.
Triple Eight Markets Group Ltd, or 888 Markets, is registered in England & Wales and regulated by the FCA (Registration Number FRN 814301) as an Appointed Representative of FXI PLC.
Jason Gibson, mentioned in the aforementioned filing, was the CEO of the FCA regulated institutional forex broker FIXI plc, then stepped down from his role in October to launch 888 Markets.