UK based Dragon Payments Ltd. has announced that it will be compulsorily liquidated. Dragon, formerly known as the London Block Exchange Limited (LBX), published an official statement on its website to the effect.
According to the website, the compulsory liquidation order was made on the 31st day of January 2020. On the 4th of February, the Secretary of the State appointed two members of an accounting company based in London, David Rubin & Partners as Joint Liquidators. They are Paul Appleton and Paul Cooper.
The statement further states that the Joint Liquidators will be working to ensure that all customers’ concerns are completely attended to, before the final closure. It also states that any sums Dragon owes to its customers will be recovered “as a matter of priority.”
The statement, however, has no further details about Dragon or how far the liquidation process has already gone. It also does not provide a timeline for the entire process. It, however, promises to publish updates as soon as possible.
A compulsory liquidation order is usually only given in the UK if a company can no longer handle its debt. Even though there are no specifics about what the company’s books currently read, problems with cash can be assumed as the origin of the liquidation.
In December 2018, the Financial Conduct Authority of the UK began investigating several crypto companies in the UK to properly sanitize the sector.
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