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Liquidation of Worldspreads looks imminent

HOPES that a trade buyer could be found for Worldspreads were dashed yesterday after the administrator resigned from his position and final account details were sent out to clients.

The spread-betting company, which counts former finance minister Charlie McCreevy among its directors, collapsed into administration earlier this month after it revealed a €12m shortfall in its customer accounts. Selling the business as a going concern had appeared likely but yesterday BDO's Jim Hamilton stepped down as administrator and a liquidation of the remaining assets now appears imminent.

Customers were informed of the final positions on their trading accounts. KPMG said the statements would give the 15,000 clients "the opportunity to review the details of their account and confirm whether they are correct or whether they disagree with the statements".

Clients are unlikely to be reimbursed in full given the apparent size of the shortfall in the customer accounts. A creditors' meeting will be scheduled for the coming weeks.

Worldspreads' special administrator, KPMG's Jane Moriarty, said the issuing of statements was "an important milestone in returning funds to clients. We will now be able to start agreeing the statements with clients."

Irish Independent