3rd Nov 2021 18:26
Intosol Holdings PLC - London-based luxury travel consultants - Receives legal notice of liquidation of the firm by broker Hybridian LLP. The company had terminated the broker engagement due to non-performance, leading to Hybridian demanding six months termination fees or GBP30,000.
Company is continuing to negotiate a settlement due to there being no legal defence to the terms of the appointment contract with Hybridian.
"In addition, the company is classified 'professional client' in the appointment contract, not a 'retail client'. Most brokers classify clients as 'retail client', which allows the client to avoid litigation and seek an independent review by Ombudsman Service. The company's board was not made aware of the importance of this classification in their agreement," Intosol says.
Current stock price: 7.00 pence
Year-to-date change: down 6.7%
By Dayo Laniyan; [email protected]
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