A judge has declared bankrupt a gaming firm that laid off its 140 remaining employees just days before last Christmas.
Mr Justice Ian Spiteri Bailey upheld a request by Genesis Global Limited to wind down its operations in Malta due to bankruptcy.
He heard how the applicant company presented an extraordinary resolution by its board, taken on December 14, 2022, where it resolved that the company should be wound up by the court. The companys liabilities had exceeded its assets, so the company was insolvent. The company board, therefore, decided to cease its operations due to its situation.
The judge declared the company as bankrupt and appointed a liquidator to oversee the companys winding down.
Despite its December 14 decision, the compan…
Read the full article at: https://timesofmalta.com/articles/view/genesis-declared-bankrupt-sacking-workers.1022999