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I think Denny is correct about the striking-off action. It’s suspended for now. But the accounts are 17 months overdue, there’s no company Secretary and the operating assets have been sold to Prism.
I’m thinking that in simple terms, Finablr was sold to Wizz for $1 then rebranded. So Finablr are now Wizz Financial.
Meaning they should rename Fin to WFS and unsuspend them, they could do a capital raise on reopen and get it back to where it is.
But then I am a little bit of a dreamer
Denny: I don’t think Prism is interested in the listed plc. They’ve bought all the operating entities, as I understand it and renamed them Wizz. I doubt there’s anything left in the old plc. I’ve no idea how the present impasse with the FCA/LSE will be resolved.
Well, now we know.
Its shocking, they said sold for $1 in the interests of the shareholder lol.
Basicly asset stripped without a shareholder vote and why arnt these crooks in jail!
Its ridiculous, PKF passing the business around i ternally too.
PKF lightjohn out and PKF GM in. Audit to insolvency
https://en.m.wikipedia.org/wiki/PKF_International
Of course I have not received a reply from fin bod about why they did not complete accounts on time and relist
The details of the appointment of the Administrator are on the Finablr site at Companies House now. I doubt you would get a reply from the Administrator, other than a statement that they’re unable to comment at this stage.
I know, I thought I would try anyway
“Companies House
24 Mar 2022 Auditor's resignation
This document is being processed and will be available in 10 days.”
This should give the reasons for the auditor’s resignation.
Does anyone know when fin administration ends?
It’s impossible to say. Finablr has never produced its accounts. The odd thing about it is that Sheikha Lubna, one of the Directors, is a senior politician in the UAE, theoretically the most influential woman in that country and in 2017 the 36th most powerful woman in the world, according to Forbes. Her presence on the Board here, where she’s been a Director since well before the scandal erupted, must be an embarrassment to her. Very strange.
Very strange I do not think we will get anything back anyway prosser I just hold on my £2500 investment might yield something back
Bowlers12: I too doubt there’s anything left for shareholders. All you can do is wait and see. Good luck with your remaining investment.
Bowlers12: the Auditor’s letter explaining the reasons for resignation are now available on the Finablr Companies House pages. Basically, they’re saying that, in spite of assurances from the Company that its accounts would soon be ready to be audited, none have been presented to them and they’re now way overdue.
Thanks prosser I will view that now
There’s a statement of affairs on the Companies House site now, which gives some indication of the situation. There appears to be cash of about £5,000 and a deficit of over £8mm. if I’m reading it right. Robert Miller’s statement near the end, among the Directors’ sign-offs, suggests there’s a doubt as to whether the value of the subsidiaries amounts to zero but that’s th only dumb of comfort. It looks almost as bust as it’s possible to be.
I don't 5 grand will go very far prosser
It’s another con, dodgy as it gets sold for $1 LOL
The FCA been sleeping on the job and share holders in Uk got mugged!
Why should US get different deal
It’s the company that was dodgy. The fact that there is nothing left to shareholders is the fault of the Directors. There’s a lot of money owing to lawyers and accountants though. Are US shareholders being treated differently from shareholders? Are there any?
Having looked at the statement of affairs and the huge deficit, including very large sums owed to legal and financial advisers, I am now wondering why 8 Directors, including probably the most high profile female businesswoman in The Emirates, have not resigned. Whether this represents grounds for a glimmer of hope, I don’t know, obviously, but the constitution of the Finablr Board might be worth watching.