Support the Legal Action Against Lykke
Join the Winding-Up Petition Initiative
The Situation at Hand
Lykke, a UK-incorporated company, is facing significant financial difficulties, rendering it unable to fulfill its obligations to creditors. As creditors ourselves, we believe the most effective course of action is to initiate a winding-up petition in the UK courts, leading to the formal declaration of insolvency and the appointment of an independent liquidator. This step will:
- Ensure an impartial investigation into Lykke’s management, particularly the actions of its CEO, Richard Olsen.
- Provide a structured process to recover funds.
Why This Matters
In a collective insolvency procedure, payments are distributed according to a legally defined hierarchy:
- Employees: Unpaid salaries and pension contributions.
- Legal Costs and Taxes: Priority expenses related to the insolvency process.
- Unsecured Creditors: Commercial creditors like us, who will be paid proportionally from remaining assets.
By pursuing a collective approach, we can:
- Maximize transparency.
- Ensure an equitable distribution of remaining assets.
- Hold Richard Olsen (CEO) accountable for any misconduct.
Proposed Plan
To address the financial difficulties faced by Lykke, we propose the following strategic steps to initiate insolvency proceedings and ensure a fair resolution for all creditors:
Step 1: Engage a UK Law Firm
A law firm in the UK will be hired to review the case thoroughly.
Step 2: Statutory Demand Letter
The law firm will assist in drafting a statutory demand letter addressed to Lykke Corp UK, demanding payment of outstanding debts. This action is crucial for assessing the company’s solvency and will be issued on behalf of a single creditor.
Step 3: Winding-Up Petition
A winding-up petition will be filed in UK courts to commence insolvency proceedings. The appointed law firm will represent the interests at the court hearing to ensure the appointment of an independent liquidator.
Post-Appointment of Liquidator
- The liquidator will investigate Lykke’s financial activities, focusing on any potential mismanagement or malpractice by Richard Olsen (CEO).
- They will communicate with all creditors to facilitate the submission of claims.
- They will manage the equitable and legally compliant distribution of Lykke’s residual assets.
Estimated Costs
The total estimated cost for this initiative ranges from £4,000 to £6,000, covering:
- Legal document review.
- Preparation and issuance of the statutory demand letter.
- Filing the winding-up petition.
- Court fees of £332 and a liquidator deposit of £2,600.
- Legal representation during the court proceedings.
Note: These costs are prioritized as “priority expenses,” meaning they will be reimbursed before other claims if sufficient funds are recovered during the insolvency process. This estimate assumes that the debts will remain uncontested, which, to date, has been the case, allowing for a potential winding-up order from the court at the initial hearing.
Why We Need Your Support
Legal proceedings of this nature require collective effort and financial resources. By contributing to this campaign, you will:
- Help ensure that the process is initiated promptly and efficiently.
- Maximize the likelihood of recovering funds.
- Support the investigation of CEO’s actions for any potential wrongdoing.
How You Can Help
We are inviting all affected parties and individuals who believe in accountability and justice to join this initiative by contributing to the legal fund. Every contribution, regardless of size, will bring us closer to achieving our goal.
- Target Amount: £6,000
- Use of Funds: Exclusively for legal and court-related expenses associated with the winding-up petition.
Transparency and Accountability
We are committed to full transparency in the use of funds and the progress of this legal action. Regular updates will be shared, including:
- Details of funds raised and spent.
- Milestones reached in the legal process.
- Communication from the appointed liquidator.
Join Us Today
Together, we can ensure that justice is served and that the insolvency process is managed with integrity. If you have any questions or would like more information, please don’t hesitate to contact us.
Every contribution counts. Thank you for your support!
