LONDON (ShareCast) - (Sharecast News) - Argentex Group said late on Friday that it has resolved to appoint administrators to the company and certain group subsidiaries, including its main trading arm Argentex LLP.
An application had been made to place Argentex LLP into special administration under the Payment and Electronic Money Institution Insolvency Regulations 2021.

The AIM-traded firm's announcement followed an earlier update on Friday morning in which Argentex said it had agreed to a voluntary requirement (VREQ) imposed by the Financial Conduct Authority, prohibiting the subsidiary from carrying out any regulated activity with immediate effect.

Under the terms of the VREQ, Argentex LLP was required to cease onboarding new customers, halt all new foreign exchange trades, and take reasonable steps to prevent incoming payments from existing clients.

The restrictions were implemented following ongoing supervisory engagement by the FCA in light of recent market volatility and liquidity pressures.

Argentex did not provide further details on the timing of the administration process but said a further announcement would be made in due course.

Reporting by Josh White for Sharecast.com.

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