102 creditors of Hudspiths have succeeded in having the company’s voluntary liquidation converted to a compulsory one, in a bid to gain more insight into what the collapsed unregulated scheme did with their money.
Hudspiths was an unregulated forex scheme that launched in 2015 and promised returns of 5% per month, along with 2% per month to be paid to its introducers. The scheme collapsed in 2018 and filed for voluntary liquidation in June.
Hudspiths investors were unhappy with the voluntary liquidation and believe that a compulsory liquidation will give them more power to find out where the £50 million they invested went.
They took the company to the High Court which ruled in their favour on 7 August.
The Official Receiver will now take over the liquidation.
A barrister for Hudspiths investors accused Hudspiths of running a Ponzi scheme. Hudspiths director, Fifty Shades of Grey fan Karl Lubienicki, has denied the allegation.
More to follow as and when the new liquidators report.