Farrell appointed receiver to IFS

Mr Pierce Farrell of Farrell Grant Sparks was appointed Receiver at the instigation of Ulster Bank to whom IFS owe a substantial sum, believed to be in the region of £1m.

IFS also owe monies to the Revenue and to trade creditors.

An interim management team has been appointed by the Receiver, consisting of several key members of the previous IFS management team, with the exception of Mr Ken Coldrick, who has departed the company.

Once in Receivership, any company's assets are sold to pay obligations, often at a deep discount to true market value.

However, the Receiver aims to sell the business as a going concern, and hence is retaining key staff and managing the business as a trading entity.

IFS was founded by the Coldrick brothers in 1992 and has had a very successful trading history.

Its customers include 60 of the top banks in the world and MarginMan is regarded as a core niche market application, covering collaterised and automated trading systems [Product set - MarginMan].

At one time, IFS was a candidate for a Nasdaq listing.