Genesis Global, a gaming operator that has had difficulty in several jurisdictions, has filed for bankruptcy and is shutting down its headquarters in Malta, casino.org reported. Genesis had to battle a $4-million fine in the U.K., a $5-million fine in Belgium, and a $418K fine in Sweden. All were due to the operator’s inability to properly comply with anti-money laundering (AML) rules and other violations. The company shut off 14 sites from the U.K. market, the largest gaming market in Europe, and parted ways with CEO Ariel Reem earlier this month.
Malta's Pre-Insolvency Bill (‘the Bill’) is at its second reading in Parliament, Lexology reported. The Bill is being proposed as an Act to partially transpose EU Directive 2019/1023 (‘the Directive’) on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt. In short, new legal tools are being provided in a bid to rescue viable businesses in distress from entering into a state of insolvency.