BusinessCompany NewsVital Exchange Direct info missing

Vital Exchange Direct info missing

Investigations into the collapse of Exchange Direct have been severely hindered by the 'removal' of a key file server containing vital information on the company accounts.

Liquidator Kroll Buchler Phillips said today the file server, which contained core transactional data and all of the company’s accounting records for the discount foreign exchange company, had been taken by a creditor.

The liquidators, David Whitehouse and Simon Freakley, also admitted it was not yet possible to estimate the full extent of claims against the company as they were still collecting creditors’ details.

In a statement they said: ‘Investigations are ongoing and we have been contacted by a large number of creditors who have paid large amounts for foreign currency that has not been delivered.’

The company collapsed after a £15m black hole was found last week.Creditors stand to lose tens of thousands of pounds, with one company believed to be owed £2.3m.

The liquidators said they were taking legal action to retrieve the file server.

‘Without access to the file server a very substantial reconstruction exercise will need to be taken with regard to the financial records of the company,’ they added.

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