FRP Advisory Trading Limited Appointed as Liquidator of LCG Holdings

Source: Finance Magnates 2020-08-27

The High Court of Justice in the United Kingdom has appointed Paul Atkinson (IP No. 9314) and Glyn Mummery (IP No. 8996) both of 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 LCG Holdings on the 14th of July 2020 by the Secretary of State, according to a statement on The Gazette, the official public record for the United Kingdom, made earlier this month. The information has also been made available via the UK’s Companies House earlier today.

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

On the 6th of 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.

LCG troubles have been going on for years

As Finance Magnates reported, back in 2018, London Capital Group Holdings (LCGH) decided to dispose of London Capital Group Ltd. The firm that is controlling the brokerage LCG Capital was aiming to divest its portfolio with other acquisitions, as it span off the unit to an entity controlled by Charles-Henri Sabet. The move followed a delisting from the London Stock Exchange and a listing on 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.

Finance Magnates has reached out to LCG for comment, but as of the time of publishing, we have not yet received a response.

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FRP Advisory Trading Limited Appointed as Liquidator of LCG Holdings

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