Celeritas Nears Voluntary Liquidation

Jun 6 2011 | 12:15pm ET

The end of the road appears to have come for currencies hedge fund Celeritas Markets.

The London-based high-frequency trading specialist has approached The MacDonald Partnership about entering voluntary liquidation, Dow Jones Newswires reports.  Celeritas was launched in 2008 with £3.5 million by Royal Bank of Scotland veteran Martin Spurr, and reportedly stopped paying employees late last year or early this year.

"I have two pending invoices, for around £21,800," one former employee, Nicolas Bischoff, told DJ.

MacDonald's Neil Chesterton said a meeting of creditors has been called for June 13.

"Celeritas Markets LLP has engaged me to assist placing the LLP into creditors' voluntary liquidation, but I have not yet been appointed as liquidator," he told DJ.

According to DJ, Celeritas tried—and failed—to win a lifeline from a hedge fund shortly before it stopped paying employees.

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