Marco Polo, once a front-runner in the race to move trade finance onto distributed ledger technology, has asked for liquidators to be appointed after running out of cash.
The company, based in Ireland and with subsidiaries in the UK, the US and Singapore, had liabilities of more than €5.2m, exceeding the total value of assets by €2.5m. Ireland's tax authority is the biggest creditor, owed €2.6m.
The company said it had been in talks with Bank of America about a technology partnership, but late last month, Bank of America advised the company that they could not proceed with the commitment, which would have generated $12m in annual revenue.
Liquidators Interpath Advisory now aim to sell all or parts of the business as a going concern.
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