WorldSpreads has €15.6m shortfall

Irish-controlled financial spread-betting company WorldSpreads has a £13m (€15.65m) black hole in its accounts which will result in serious losses for clients of the London-based firm.

Yesterday the High Court in London special administrators Jane Moriarty and Samantha Bewick of KPMG were appointed under the Special Administration Regime. Worldspreads Limited is a wholly owned subsidiary of Worldspreads plc, incorporated in Dublin.

KPMG said the group’s 15,000 customers were owed £29.7m but the group has only £16.6m in cash, leaving them facing a large shortfall.