Troubled UK financial software supplier, Display.IT, called a meeting of its creditors last night to discuss the resignation of its auditors, Deloitte & Touche.
This is the latest in a long line of scandals to rock the company, including the suspension of trading in its shares on the unregulated Ofex Exchange on 17 June and the resignation of its public relations company, College Hill, after Display.IT refused to reveal the identity of Alsina, a mysterious Luxembourg-based company, which contributed greatly to its revenues.
Peter Levin, Display.IT?s founder and former chief executive, and its other directors have since all left the firm and the Department of Trade and Industry (DTI) has launched an investigation into its activities.
On 1 August, the DTI?s chief examiner of investigations and enforcement wrote to Levin demanding to see documents under Section 447 of the Companies Act, 1985.
But two shareholders, H Hanif and David Ward, have stepped in as directors of Display.IT to replace Levin, and Ward told the shareholders' meeting on Friday that half of the 66.3 per cent of shares owned by Levin would be sold to refinance the company.
But Kevin Grumball, a director of Software Design and Construction, Display.IT?s main creditor and designer of the software it sells, has issued a winding up petition against the supplier, which is due to be heard in the High Court on Wednesday.
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