Exclusive: OvalX / ETX operator Monecor to be voluntarily liquidated by Cork Gully LLP
FNG Exclusive… FNG has learned via regulatory filings made in the UK that Monecor (London) Limited, the FCA regulated company which operated the ETX Capital and later the OvalX Retail FX and CFD brokerage brands, will be wound up voluntarily under section 84(1)(b) of the UK Insolvency Act 1986.
Stephen Cork and Mark Smith of Cork Gully LLP, licensed insolvency practitioners, are to be appointed as Joint Liquidators of the company.
Following the sale of the OvalX’s client base to rival Capital.com earlier this year, it appears from the initial liquidation filings that the company will be able to pay its debts in full, within a period of 12 months from the commencement of the windup of the company.
While Monecor technically remains authorised by the FCA, the regulator now has it listed as “In Liquidation” as of September 6, 2023.
The initial liquidation filings show Monecor as having remaining liquid assets of about £1.36 million, and liabilities of just £653,000 which include a £150,000 estimate for costs of windup.
OvalX was effectively shut down in early 2023, as was exclusively reported here at the time by FNG, when the company’s controlling shareholder, US-based venture capital firm Jump Capital, decided to stop funding the money-losing operation. Jump had been brought in by Swiss fintech investor Guru Capital SA, led by former Swissquote executives Ryan Nettles and Luca Merolla, who arranged the 2020 acquisition of OvalX (then operating as ETX Capital) and helped oversee its operation.
September 20, 2023 @ 11:53 am
You write that the liabilities are $653,000 but in actual fact that amount is a surplus after liabilities according to the company filing at UK Companies House.
September 20, 2023 @ 1:24 pm
Hey Tom, great to hear from you. And thanks for reminding our readers that even the Editors at Magnates get their news here at FNG! Keep up the good work copying our headlines!
Re your comment, first of all to correct your correction the amounts are in £, not in $. (Word of advice – in the future, when you try to do something like this to make yourself look smart make sure to proof-read your own work).
And second, like much of the nonsense parading as content nowadays on Magnates, what you wrote is technically correct I guess (small currency error of yours aside), but irrelevant. The liabilities (£711K) and surplus (£653K) are almost identical and each about half of the liquid assets left at Monecor.
Anyway, keep up the good work copying from FNG!
September 21, 2023 @ 3:13 pm
Hi Gerald, nice of you to assume that we copy from you, but sadly we don’t. I was just highlighting a minor error as I like to check out the competition and see what they write about and even learn from their styles. I thought you would appreciate being informed about it. Although I didn’t expect my comment to immediately be published. These days a lot of garbage is sent in comments and I thought the comment would be reviewed and taken on board as nice feedback, not derogatory, like you seem to believe it was. Anyway, good luck.