(Alliance News) - Itsarm PLC said on Friday that a winding-up petition will be heard on July 26, following the announcement on Monday of its proposed compulsory liquidation.
Shares in Itsarm jumped 89% to 0.42 pence in London on Friday.
Itarm - formerly In The Style Group PLC - has been a cash shell since March after selling its only operating subsidiary In The Style Fashion Ltd for GBP1.2 million.
In The Style was a Manchester-based digital fashion brand sold to Baaj Capital, a private family office.
Itsarm said its winding-up petition hearing will be held at the Business & Property Courts of England and Wales.
The decision for compulsory liquidation followed 62% of shareholders voting in favour of voluntary liquidation on May 26, lower than the undefined required majority for the resolution to pass.
On Monday, Itsarm said that creditors of the company would "suffer detriment if the company was not placed into a formal insolvency procedure immediately."
By Will Neill, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
