Update: Creditors to Sue Former Worldspreads Directors?

Beleaguered spread betting company may face new problems

Troubles don't seem to stop for the failed UK internet spreadbetting firm Worldspreads, judging by this week's news that special administrators acting on behalf of creditors are planning to initiate litigation against the company's former directors.

Namely, a committee of creditors gave a green light to special KPMG administrators Jane Moriarty and Samantha Bewick to whom Worldspreads was handed over earlier this year, to compile evidence.

Referring to this, Moriarty said: "With the agreement of the creditors' committee, we have a forensic team collating evidence from a vast swath of data extracted from Worldspreads." She also added that once the job is done, the collected evidence reviewed, the company's administrators will consider the option of litigation.

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