High Court liquidates potential crypto 'scams'

High Court liquidates potential crypto 'scams'

The High Court has liquidated two firms that were possible cryptocurrency scams.

Micasa WW Ltd and Remultex Ltd have both been wound up by the High Court after an Insolvency Service investigation found that Micasa had seen £1.3mn pass through its accounts between February 2019 and December 2020.

Micasa had been identified as a possible cryptocurrency scam, although a lack of accounting records has meant it has not been possible to verify this.

Article continues after advert

The company secured a £50,000 bounce-back loan, despite no evidence it was entitled to one, and nearly all of this was transferred to Remultex.

The latter company also received a bounce-back loan of £30,000, and the Insolvency Service said it was “similarly not possible” for investigators to confirm whether it was entitled to this.

Remultex, which started operating in December 2019, also received payments from three companies totalling nearly £250,000 in its first year of trading.

There were no accounting records to explain Remultex’s transactions, the Insolvency Service said.

Judge Woodward at the High Court in Manchester said closing down the companies was in the public interest, as both companies traded with a lack of commercial probity and had taken public money to which they may not have been entitled.

Chief investigator at the Insolvency Service, David Hope, said: “These companies failed to operate in a transparent fashion and failed to maintain proper accounting records.

“There is no evidence they were entitled to taxpayers’ money through the bounce-back loan scheme, and it is probable that Micasa was funnelling funds as part of a cryptocurrency scam."