Invuo Technologies, which runs the MeaWallet mobile payments system, has decided to file an application for bankruptcy as it is evident that the company has become insolvent. The filing covers the Swedish subsidiary Invuo Services but not other group companies.
The immediate reason for the insolvency is the protracted delays in clients’ implementation of the company’s services. These delays have had a severe, negative impact on its cashflows. The situation has been worsened by the absence of the expected acceleration in MeaWallet orders and the lack of sufficient new investment in the company and in its business areas to support it as a going concern.
As well as MeaWallet, Invuo distributes e-products. The company went by the name Seamless Distribution until last October and in December, it sold off its SEQR Payments division to Swedish company Glase FinTech.
In July, Invuo announced a delay in the transfer of funds from the AJ Group, saying this left it in a critical liquidity position. AJ Group had agreed to invest SEK 52 million through a directed share issue and the acquisition of Seamless Distribution Systems (SDS) loans. This gave AJ Group just under a 20 percent stake in Invuo.
Invuo said the Stockholm District Court said has decided the company and Invuo Services AB bankrupt. The bankruptcy trustee is Mikael Kubu at Ackordscentralen.
