Reuters: Bankruptcy News: UPDATE 1-Spread-better WorldSpreads enters administration

Reuters: Bankruptcy News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Spread-better WorldSpreads enters administration Mar 19th 2012, 07:30 Mon Mar 19, 2012 3:30am EDT * KPMG named as administrators * WorldSpreads estimates 13 mln stg shortfall of client money LONDON, March 19 (Reuters) - Financial spread-betting company WorldSpreads, which suspended its shares last week over possible financial irregularities in its accounts, said it had fallen into administration and owed clients millions of pounds. The Dublin-based company, which runs online and telephone trading services, said on Monday Jane Moriarty and Samantha Bewick from accountancy firm KPMG had been appointed as its joint special administrators. It added they would manage WorldSpreads' business and property for the time being. WorldSpreads said its directors believed that, as of the close of business on March 16, there was a shortfall of around 13 million pounds ($20.6 million) of client money. It added that gross amounts owed to clients were estimated at around 29.7 million pounds, while the company had total cash balances of around 16.6 million. Conor Foley, who is also WorldSpreads' largest shareholder, stepped down as the company's chief executive last Wednesday, two weeks after chief financial officer Niall O'Kelly submitted his resignation on the day the group issued a profit warning. WorldSpreads said it had identified financial irregularities following a company review, and warned last month it would report a loss for the year ending March 31. Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions