Liquidators Appointed for London Capital Group Holdings

The High Court of Justice in the United Kingdom has appointed Paul Atkinson (IP No. 9314) and Glyn Mummery (IP No. 8996), both from FRP Advisory Trading Limited, as Joint Liquidators of London Capital Group Holdings Plc, Finance Magnates has learned.

Atkinson and Mummery were appointed as Joint Liquidators for London Capital Group Holdings on 14th July 2020 by the Secretary of State, according to a statement in The Gazette, the official public record for the United Kingdom, made earlier this month. The information has also been made available via UK’s Companies House earlier today.

London Capital Group Holdings has been in troubled waters since 2018. The appointment of the liquidators follows on from a petition to wind up London Capital Group Holdings, which was presented on Thursday 12th March 2020 by QATARI DIAR UK LIMITED.

On 6th May 2020, the High Court issued a winding-up order to the company. A winding-up order is a court order which forces an insolvent company into compulsory liquidation.

London Capital Group Troubles Have Been Going On for Years

As Finance Magnates reported, back in 2018, London Capital Group Holdings decided to dispose of London Capital Group Ltd. The move followed a delisting from the London Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term and a listing on the NEX Exchange.

Not long after this announcement, Charles Henri Sabet stepped down from the Board of Directors of LCG. This came at a time when the company continued to haemorrhage cash after it posted an annual statutory loss of £3 million.

Since 2018, London Capital Group Holdings has not been associated with London Capital Group Ltd, which has since been bought back by Charles Henri Sabet.