3RD UPDATE 4:11 P.M. EDT U.S.A. There is a Twitter report in Spanish dated today that Vemma Europe Limited has been put in “provisional liquidation” and that the High Court of Ireland has appointed a provisional liquidator to verify claims.
The PP Blog has observed a message on a Vemma.es domain that identifies the provisional liquidator as “Mr Ken Fennell of Deloitte.” Deloitte’s website identifies a man by that name as a “[p]artner in our restructuring services” who has more than “20 years’ experience in restructuring and insolvency assignments.”
— jose luis garcia (@jgarcijer) October 7, 2015
Separately, a motion docketed Oct. 2 by the former receiver in the FTC’s pyramid-scheme and deceptive-advertising case against Vemma asserted that Vemma had been considering bankruptcy options in the United States and that Vemma had failed “to disclose to the Court that its Australian subsidiary has recently been placed into the Australian equivalent of a Chapter 7 liquidation proceeding.”
The FTC sued Vemma in August.
Robb Evans & Associates, the former receiver, is now the court-appointed monitor in the FTC case — as the agency and Vemma continue to clash after a federal judge allowed it to reopen last month but put it under severe restrictions.
NOTE: Our thanks to the ASD Updates Blog.