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"Finablr PLC (the "Company") has received notice from the Registrar of Companies on 11 January 2022 that, unless cause is shown to the contrary within 2 months of the date of the notice, the Company will be struck off the register and dissolved. The Company is currently in the process of resolving the queries raised by Companies House in relation to the striking off notice and will release further updates in due course."
Well, the story could be much worse that's something in itself.
You are very optimistic so
I would love to think my 2.5 grand is still alive
You would not see me for dust if we go back on lse and my stockbroker would have his 1st deal of the day in me selling these bloody things
Why do you say , nothing left for shareholders ?
The company still exists and is in the market doing deals, presumably making money post pandemic. LSE refuse to delist , is there still not an avenue wherby finablr plc get accounts organized , offer some new diluted share plan and LSE remove the suspension ?
Absolutely hopeless
I have more chance of shagging all of little mix
“In any case” last line - apologies.
As I understand it, an auditor generally resigns when he’s unhappy with some important aspect(s) of the way a company is being run. The previous auditor, E&Y, resigned in early 2020. The auditor is required to write to the company’s Board to resign and is required to include his reasons for doing so. It’s a shame that the Board has not seen fit to include the content of this letter in this RNS - assuming the letter has been received. In any case, I believe the auditor may be required to copy his resignation letter to Companies House, so it may be worth watching the Finablr site there from time to time.
It’s most likely something to do with the reasons for the late filing of the accounts, which are still outstanding. In addition, the company doesn’t appear to have a company secretary currently.
It’s certainly not good news but there’s nothing left here for shareholders in anti case, sadly.
Why did the auditor resign ?
Is that not an unusual situation ?
Finablr PLC ("Finablr" or the "Company")
Notification of Auditor Resignation
The Company announces that PKF Littlejohn LLP have resigned as the Company's auditor
The board is in discussion about appointing a new auditor and a further announcement will be made shortly.
END
Enquiries
Robert Miller
Chief Executive Officer
Hopefully we will know something soon
My point here is Finablr plc has to DO something.
The stock exchange are not going to wait forever, plus companies house are also on Finablr's back. The fine imposed is bound to focus minds on the board.
Finablr cannot have it's cake and eat it, so I feel like it's decision time. We still as shareholders may be asked to vote. Lets see , but if I'm asked to vote. It's a no.
My reading is FCA will fine finablr plc.
Finablr did not appeal.
So big question is what next ?
Shareholders get asked if FIN may delist ? Or finablr request the suspension removed if the comply with whatever they need to comply with.
These are just my thoughts. I'm not an expert
Having considered the facts of Finablr plc’s application and having regard to section 78A of the Financial Services and Markets Act and the relevant Listing Rules, the FCA is of the opinion that the application does not meet the conditions in the Listing Rules for cancelling the listing of its ordinary shares without a shareholder vote.
Finablr plc had the right to refer the matter to the Upper Tribunal.
As Finablr plc has not referred the matter to the Upper Tribunal, the FCA, in accordance with section 390(1) of the Financial Services and Markets Act, has issued a Final Notice to the firm.
I got a reply yesterday from companies house when I asked them if they could force Fin to go back on stock exchange
It seems they have no powers to do this PITY
We would all be having a very different discussion if the strike off went ahead, that's for sure. I can only assume that Finablr plc are cooperating in some meaningful way for the strike off to be suspended.
ELREY: I don’t know what the timescales are, how tolerant Companies House are. Quite tolerant, I think, if the few small companies I’ve seen given a first gazette tag in the recent past are any guide. Yes, they’ll have to comply sooner or later.
OofyProsser
Ok cool, I did not know that. I thought that the company concerned can suspend it only by the actual act of filing the required documents rather than by simply informing Companies House of the steps it's taking to comply. Good to know. This way or the other, if they don't comply on time, they will be removed from the register.
ELREY: the first strike off action notification, if I remember right, can be suspended if the company concerned requests it and informs Companies House of the steps it's taking to comply. You see it quite often with small companies, there’s a small fine involved.
There is no magical document that will stop the strike off action, it is just a matter of time. Compulsory strike-off action can be suspended for variety of reasons. The most common reason for a company strike-off procedure being rejected or suspended is if HMRC believe that the company has unpaid tax liabilities such as VAT or corporation tax. Objections can also be raised by other interested parties such as:
- Creditors who have unpaid bills with the company.
- Anyone who has proof that the company has traded, or changed its name within the last 3 months.
- Any interested party who was not informed by the directors of the application to strike-off the company.
- Anyone who is currently engaged in legal proceedings with the company, or is taking action against the company to recover debts
This way or the other it will be removed from the register, it's just a matter of time. 100%. Companies House always do it.
You are writting like journalist. What You think is in that document that will hold of this strike off action.
The compulsory strike-off action against Finablr has been suspended. This becomes clear from a document filed today with the Companies House.
Last week, Finablr said that it received notice from the Registrar of Companies on 11 January 2022 that, unless cause is shown to the contrary within 2 months of the date of the notice, the company will be struck off the register and dissolved.
Finablr said back then it was in the process of resolving the queries raised by Companies House in relation to the striking off notice.
Earlier today, Finablr confirmed that its subsidiary Xpress Money has entered administration. The UK Financial Conduct Authority (FCA) has also confirmed that special administrators were appointed at Xpress.
Well I am worried about getting my investment back. But it would be exciting to see how turned poo in diamond
On companies House cool
OofyProsser
No problem, thanks for responding.
ELREY: no, sadly I can’t shed any light on this. I’ve concentrated on the bottom line, which is that I can’t see any chance at all of the old Finablr’s shareholders getting anything out of it. Perhaps UAE law is different or perhaps they’re making it up as they go along. Or maybe some step was taken in the process that we haven’t heard about. I’ve no idea. It’s new to me, that a company is sold without apparently being put through a process of administration. I do feel great sympathy for the shareholders, who’ve been robbed in record time, with no recourse.