A court will decide this week if troubled UK fintech Lanistar will be liquidated. The fintech has been hit with a winding-up petition by its landlord over unpaid rent of its London headquarters.
Lanistar’s court hearing will take place on October 23 at 10.30am at the Royal Courts of Justice, according to the gazette.co.uk. After a winding-up petition is filed, a court hearing is arranged to determine whether the company can pay its debts.
If the court rules the firm can’t pay the debts, then a winding-up order is issued and the business will fall into liquidation. The fintech, launched in 2019, was a unicorn hopeful, hoping to disrupt the payments industry.
Its high-profile launch was supported by celebrity Instagram promotions and its founder Gurhan Kiziloz was pictured next to a lifesize Lanistar-branded unicorn to indicate its ambition. However, it found itself in hot water with the UK regulators the FCA and ASA and retreated from the UK market.
Lanistar recruited the UK former education secretary Gavin Williamson as an adviser, but Williamson resigned from the role earlier this year. Figures show that Lanistar lost £4.1 million last year.
Lanistar declined to comment.
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