Liquidators appointed to Cork firm following FTX crypto collapse 

At the High Court on Wednesday, Mr Justice Brian O'Moore appointed provisional liquidators to Marco Polo Network Operations (Ireland) Limited on the grounds that it is insolvent and unable to pay its debts.

Joint provisional liquidators have been appointed by the High Court to a software company that provides its corporate customers with specialised online payment platforms after a proposed multi-million euro investment from Bank of America fell through.

Marco Polo Network Operations (Ireland) Limited, which has a registered address at Penrose Dock, Cork had been in discussions with Bank of America over an intended strategic partnership in a proposed US$12m deal, which would see the company's product replace the bank's own internal account automation service.

At the High Court on Wednesday, Mr Justice Brian O'Moore appointed insolvency practitioners Ken Fennell and Andrew O'Leary of Interpath Advisory Services as provisional liquidators to the firm on the grounds that it is insolvent and unable to pay its debts.

The court heard that the Irish company is the parent of subsidiaries in the UK, USA, and Singapore, and employs 91 people.

It has been trading since 2016, but now has debts of over €5.2m.

Transactions software

The company provides software platforms allowing banks and corporate customers connected via a blockchain-distributed ledger network to make transactions.

A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.

The company claims that it invested significant resources, particularly in recent months, on the development of a product it had been in talks with Bank Of America over a potential investment.

The product in question is designed to reduce customers' costs and risk, and provides full transparency for all parties conducting a transaction, the court heard.

The company claims that a proposed partnership with Bank of America got into difficulties last November following the high-profile collapse of one of the largest cryptocurrency exchanges FTX Trading Ltd, and a decision by the bank not to invest in Blockchain-related businesses.

While further discussions took place with the Bank in late 2022 and early 2023 the company claims that in late January the Bank said it was not proceeding with the partnership.

The company claims it made efforts to raise further investment to cover the bank's withdrawal, but this did not prove possible.

Provisional liquidators

Represented by Stephen Byrne BL the company petitioned the court for the appointment of provisional liquidators.

Counsel said that the provisional liquidators were required in order to sell and preserve the company's core assets as well as retain and pay core staff.

Counsel said that as well as helping to sell the company's business, which counsel said retains value, the appointment of the proposed liquidators would also help the company to retain its existing customers using its network and associated platforms.

The company has liabilities of over €5.2m, and its current liabilities exceed the total value of assets by €2.5m. The biggest creditor is Revenue which is owed €2.6m.

The company had formerly been known as TradeIX Limited, but changed its name in 2021.

As a result of its insolvency, a majority of the company's shareholders had passed a resolution to seek to have the company wound up.

Mr Justice O'Moore said he was satisfied to appoint provisional liquidators, and grant them the extensive powers sought.

The judge adjourned the matter to a date in early March.