High Court liquidates potential crypto ‘scams’

The High Court liquidated two companies that were possible cryptocurrency scams.

Micasa WW Ltd and Remultex Ltd have both been liquidated by the High Court after an Insolvency Service investigation revealed Micasa saw £1.3million pass through its accounts between February 2019 and December 2020.

Micasa had been identified as a possible cryptocurrency scam, although a lack of accounting records made it impossible to verify it.

The company was granted a £50,000 repayment loan, despite no evidence that it was entitled to it, and almost all of that loan was transferred to Remultex.

The latter company also received a £30,000 repayment loan, and the Insolvency Service said it was “also not possible” for investigators to confirm whether it was entitled to it.

Remultex, which began trading in December 2019, also received payments from three companies totaling nearly £250,000 in its first year of trading.

There were no accounting records to explain Remultex’s transactions, the insolvency service said.

Manchester High Court Judge Woodward said closing the companies was in the public interest because the two companies were trading with a lack of commercial probity and had taken public funds to which they may not have been entitled .

The Insolvency Service’s chief investigator, David Hope, said: ‘These companies did not operate transparently and did not keep proper accounting records.

“There is no evidence that they were entitled to taxpayer money through the bounce-back loan program, and it is likely that Micasa was funneling funds through a cryptocurrency scam. .”

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