Home Business News Travelex owner prepares for insolvency

Travelex owner prepares for insolvency

by LLB Editor
17th Mar 20 10:42 am

The owner of currency firm Travelex has called in accountants to prepare for possible insolvency.

Finablr is speaking to lenders, but has hired experts in case the talks fail.

It said: “Following the announcement on 16 March 2020 with respect to Finablr’s present liquidity situation and ongoing discussions with its lending banks, the board of Finablr has engaged an accounting firm to undertake rapid contingency planning for a potential insolvency appointment with a view to maximising value in the group.”

It came a day after Finablr boss Promoth Manghat left after the firm found undisclosed cheques worth $100m and warned it was “unable to accurately assess” its financial position.

Shares in the firm were suspended yesterday.

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