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Gibraltar
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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On the southern Mediterranean coast, nestled in the shadow of the Rock’s sheer limestone cliffs and its tangle of wild olive trees, the Gibraltar Stock Exchange (GSX) is quietly preparing for a corporate takeover that could have global consequences for the former naval garrison, The Guardian reported.
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Following last week’s revocation of its operator licence, Addison Global’s MoPlay brand has announced that the company is now insolvent and has stopped withdrawals from customers, Inkedin reported. The operator was suspended after the UK Gambling Commission explained in a statement that it suspected ‘that Addison Global Limited has breached a condition of the licence (section 120(1)(b) and is unsuitable to carry on the licenced activities (section 120(1)(d) of the Act).’ Since the suspension, Moplay has ceased processing withdrawals, with the site now offline in the United Kingdom.
A liquidator appointed to Gibraltar-based Enterprise Insurance, which was active in the Irish motor market in recent years, has found the company had committed a number of regulatory breaches before it collapsed, the Irish Times reported. In a report submitted to Gibraltar’s supreme court last week and published on Friday, the liquidator, Freddie White of Grant Thornton (Gibraltar), found that Enterprise failed to set aside enough technical reserves to cover the risks it was insuring.
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