Reuters: Bankruptcy News: WorldSpreads assets attract bid interest - KPMG

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

WorldSpreads assets attract bid interest - KPMG Mar 20th 2012, 10:35 Tue Mar 20, 2012 6:35am EDT * ETX Capital interested in WorldSpreads - UK newspapers * KPMG says WorldSpreads' assets attracting bid interest * ETX Capital declines to comment on situation LONDON, March 20 (Reuters) - Several parties have expressed an interest in buying some of the assets of WorldSpreads Group - the financial spread-betting company which entered administration after finding holes in its accounts Accountancy firm KPMG said on Tuesday while there would be no actual sale of the business, which is in the process of being closed down, some of WorldSpreads' software and data centre assets could be sold. "We are receiving interest in and are talking to people about the residual assets, such as the software and data centre," said KPMG partner Jane Moriarty. KPMG is acting as WorldSpreads' administrators. Moriarty declined to identify the companies interested in WorldSpreads' assets, although British newspapers said rival spread-betting firm ETX Capital was interested in WorldSpreads. ETX Capital declined to comment on the situation. Moriarty added there would be no sale of WorldSpreads' client list. WorldSpreads suspended its shares last week after discovering possible "financial irregularities" in its accounts. It also said it owed clients millions of pounds. WorldSpreads said its directors believed that, as of the close of business on March 16, there was a shortfall of around 13 million pounds ($20.7 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. 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