Defunct Payments Co. Directors Sued For £6M Over Wind-Up

By Lucia Osborne-Crowley (September 15, 2021, 5:55 PM BST) -- An insolvency litigation financing company is suing the former directors of a wound-up payments firm for £6 million ($8.3 million) after they sold shares in their company for 1 penny to another firm they owned.

Manolete Partners PLC, acting as assignee of the rights of collapsed payments company Zipp International Ltd., told the High Court in a newly public Aug. 23 claim that three of its former directors and another firm with which they are associated, called St George's BK Ltd., owe it £6 million in damages. Zipp International claims that the directors breached their duties to the company in the lead-up...

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