Court orders liquidation of failed investment firm

The court ordered the liquidation of Maltese Cross Finance Services Limited, a failed investment firm, after two of its directors filed an application.

In August of 2014, the firm had its license suspended after the financial watchdog had established that it was not in a position to meet its obligations. The firm owed more than €6 million to various companies.

Jean Claude Bugeja, one of the company directors, was charged with fraud. The accused pleaded not guilty to the charges.

Last March, company directors and shareholders Stephen Spiteri and Robert Cutajar, had filed an application in court to declare the company bankrupt.

Judge Joseph Zammit Mckeon noted that the two company directors that filed the application, were not informed of the firm’s financial situation.

The court upheld the request to have the firm liquidated.