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New from the TrustBuddy receivership

When TrustBuddy declared bankruptcy on October 19, this was the beginning of an extensive and complex process to investigate several difficult financial and legal issues. This investigation is a priority, and the bankruptcy trustee and bankruptcy team at Advokatfirman Lindahl in Stockholm are working hard to answer all of the questions that have arisen due to the bankruptcy – especially concerning outstanding loans and handling of payments, etc.

As it becomes possible to answer various questions – in relation to TrustBuddy’s lenders and borrowers, as well as its shareholders and employees etc. – the answers and information about the bankruptcy etc. will be posted on the bankruptcy website, in both Swedish and English: www.lindahl.se/trustbuddy. We refer everyone to this page first for answers to all of their questions.

Note that there is no guarantee this information will be posted or updated on TrustBuddy’s own website (in various countries) at all times, which means that the individual balances of each borrower or lender may not necessarily be completely updated, either. It may take time to update payments against register entries, in situations including when payment was made to a collection agency. However the bankruptcy estate controls TrustBuddy’s bank accounts, as well as the deposits that have been made and continue to be made after the bankruptcy. It thereby also controls how the individual balances will change where appropriate.

 

Announcement is repeated in English below.

TrustBuddy AB Company Announcement

Vidare utredning har visat att situationen är ännu mer komplex och det kommer inte att vara möjligt att fortsätta att bedriva verksamheten i någon form. Styrelsen konstaterar att bolaget är på obestånd. För att säkerställa en rättvis behandling av alla intressenter, så har styrelsen, med stor besvikelse, beslutat att ansöka om konkurs. Tingsätten i Stockholm har utsett Lars-Henrik Andersson på Advokatfirman Lindahl till konkursförvaltare att ta hand om processen framåt.

Bolagets tjänster kommer fortsatt att vara stängda, och handeln i aktien kommer inte att återupptas.

Simon Nathanson, styrelseordförande i TrustBuddy AB, kommenterar:

Som en konsekvens av de oegentligheter som begåtts, pågående diskussioner med bolagets intressenter, konstaterad likviditetsbrist samt att vi inte längre kan bedriva tillståndspliktig verksamhet, kan TrustBudy inte fortsätta att bedriva sin verksamhet. Dagens beslut gör det möjligt för alla intressenter att få en rättvis behandling i en strukturerad process. Styrelsen och ledningen kommer att fortsätta att vara behjälplig på alla sätt i processen framåt.

Lars-Henrik Andersson, konkursförvaltare på Advokatfirman Lindahl, kommenterar:

Jag ska nu sätta mig in i alla de viktiga och brådskande frågor som bolaget har att hantera omedelbart för att på bästa sätt kunna ta tillvara de intressen som alla fordringsägares och övriga intressenter har. Hit hör att omedelbart få kontroll över bolagets samtliga tillgångar. Jag ser fram emot ett effektivt samarbete med TrustBuddys nuvarande styrelse och ledning.

Webcast för investerare

En webcast för investerare är planerad till idag klockan 13.00 CET. Ordföranden i styrelsen Simon Nathanson, CEO Philip Mikal och Lars-Henrik Andersson kommer att ge en presentation om bakgrunden och processen framöver.

För att delta i webcasten och ha möjlighet att ställa frågor, vänligen ring följande nummer: +44 (0) 1452 567058, lösenord: 1929786.

Webbsändningen kommer också att finnas tillgänglig på http://engage.vevent.com/rt/webcasting~20151019.

För ytterligare information:

Advokatfirman Lindahl kommer att kommunicera om utvecklingen i konkursen på www.lindahl.se/trustbuddy.

Krav och underlag kan skickas till trustbuddy@lindahl.se.

Media är välkomna att ringa 08-527 70 777 samt att söka information på www.lindahl.se/trustbuddy. Konkursförvaltningen kommer att svara på frågor efter bästa förmåga och i enlighet med konkursuppdraget. - See more at: http://globenewswire.com/news-release/2015/10/19/777099/0/sv/TrustBuddy-AB-l%C3%A4mnar-in-konkursans%C3%B6kan.html#sthash.K8n2nfzN.dpuf

TrustBuddy AB Company Announcement

Further investigation has revealed that the situation is increasingly complex and it will not be possible to continue operations in any form. The Board of Directors concludes that the company is insolvent. To ensure fair treatment of all stakeholders, the Board of Directors, with great disappointment, has decided to file for bankruptcy. The District Court in Stockholm has appointed Lars-Henrik Andersson of Lindahl law firm to handle the process going forward.

The services of the company will continue to be closed, and the trading in the share will not be resumed.

Simon Nathanson, Chairman of the Board of TrustBuddy AB, comments:

As a result of the misconduct, our ongoing discussions with stakeholders, lack of liquidity and inability to operate a regulated operation, TrustBuddy cannot move forward with the business. Today’s decisive action will give all stakeholders the opportunity to receive fair treatment in a structured process. The Board of Directors and management will continue to support the process going forward in any way we can.

Lars-Henrik Andersson, Lindahl law firm, comments:

My immediate focus will be to fully understand the critical questions of the business in order to find the best way to safeguard the interests of the creditors and other stakeholders. One action is to immediately take control over all assets of the company. I am looking forward to an efficient cooperation with the current board and management of TrustBuddy.

Webcast for additional information

An audio webcast for investors is planned for today at 13.00 CET. The Chairman of the Board, Simon Nathanson, CEO Philip Mikal and Lars-Henrik Andersson will give a presentation on the background and the processes going forward.

To participate in the audio webcast and have the opportunity to ask questions, please dial the following number: +44 (0) 1452 567058, pass code 1929786.

The webcast will also be available on http://engage.vevent.com/rt/webcasting~20151019.

For more information:

Lindahl law firm will communicate on the development of the bankruptcy on www.lindahl.se/trustbuddy.

Claims and documentation can be sent to trustbuddy@lindahl.se.

Media is welcome to call on +46 (0)8-527 70 777 and to search for information on www.lindahl.se/trustbuddy. The receivers will answer the questions to our best endeavours and in accordance with the bankruptcy assignment.