The Council of Argetex announced today that Argetex LLP, after approval by the Court, received on July 21, 2025, was put into a special administration under the Special Payment and Electronic Command (“Pesar”).
Daniel Conway, Anthony Wright and David Hudson of FRP Advisory Trading Limited were currently appointed by the Court as a joint expert managers.
Last week, Argetex announced that its main subsidiary, Argetex LLP, agreed to a voluntary claim (“Vreq”) imposed by the United Kingdom’s financial behavior Authority (FCA).
Vreq introduces a business restriction that requires Argetex LLP to stop any regulated activity, not register and board new customers and not open new currency transactions. These restrictions also require the business to take all reasonable measures to stop inbound payments from existing customers.
Responding to the problems at the Argetex LLP, the IFX payments set to acquire Argetex, said they may not proceed to the transaction, as it considering the possibility of invaliding the insolvency situation.