KPMG's Moriarty said: "The administration follows the discovery of accounting irregularities, which the company became aware of during the course of Friday 16th March 2012.
"It soon became apparent that there was a shortfall in client monies and, in order to mitigate losses for clients, the directors applied to court for the appointment of special administrators."
It is estimated the company has 15,000 clients accounts, however, due to the accounting irregularities it is likely there will be a shortfall in repayments to clients.
Worldspreads currently employs about 66 staff with some likely to be retained by the special administrators to help wind down the business.
Source AA
No comments:
Post a Comment