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,…
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