IFX (UK) Ltd (“Payments IFX”) today issued a statement on the proposed acquisition of Argetex.
IFX payments noted the announcement of Argentex Group PLC on July 18 2025 in relation to the foreseen appointment of managers In Argenndex.
The program of the program published on May 21, 2025 stipulates that IFX payments do not intend to implement the acquisition if a member of the Argetex team has taken measures or measures have been taken against them, for their conditions or the start of any other insolvency -related procedure and thus, of the group, if these circumstances or the start of any other insolvency procedure and consequently, the condition of the insolvency could rely on IFX payments by gathering that indicative.
IFX’s payments today stated that it considers that the Argetex, which is entering the administration, is of essential to it in the context of acquisition and therefore seeks to rely on terms 3 (L) (xii) and 3 (L) (xiii), as stated in the draft document, to its offer.
Consequently, IFX’s payments and its advisers consult with the team in terms of insolvency.
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.