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The Local Court of Frankfurt ordered provisional insolvency proceedings to be opened for the assets of ayondo GmbH on 13 August 2019. The court has appointed Mr Frank Mößle from PLUTA Rechtsanwalts GmbH as provisional insolvency administrator. Several thousand customers use the social trading platform developed by the company to trade various investment products. The application had to be filed due to high expenditure relating to the company’s restructuring, which has already commenced. These costs led to liquidity problems.
ayondo GmbH’s business operations will be continued without any restrictions. Therefore, the company’s trading platform is still available to investors and products can be traded as usual. Auditor and tax advisor Mr Mößle is focused on an investor solution for the platform: “This fintech company has developed a highly innovative platform. A great deal of expertise and years of development work are needed to produce such a solution. We are therefore confident of finding an investor, and we have already spoken with the first interested parties.” The provisional administrator’s PLUTA team also includes Mr Haris Hot.
The company currently has ten employees whose salaries are guaranteed thanks to specific substitute benefits provided under German insolvency law.
Investor money not part of the proceedings
ayondo GmbH, a technology and service provider, and ayondo portfolio management GmbH, a financial portfolio manager licensed by the Federal Financial Supervisory Authority (BaFin), both based in Frankfurt, form the core of the operating ayondo Group. Market access is provided via the London-based independent company BUX Financial Services Ltd, which is regulated by the UK’s FCA. These two companies are not affected by ayondo GmbH’s application for insolvency. Money invested by clients is not part of the insolvency proceedings either – as it is administered by BUX Financial Services – and can still be accessed without any restriction.
ayondo has won several awards in recent years, including the International Financial Award for the Best Social Trading Platform and a listing as one of Europe’s top 50 fintech companies (FinTech 50). ayondo GmbH was founded in 2008.