All members on the Exchange are vetted to industry standards during their onboarding process as well as having their status periodically reviewed after they have purchased a subscription. In some circumstances, we may have to implement restrictions on new members to ensure they are meeting their obligations in the initial stages of their membership. This includes credit checks and reviewing previous trading on the platform.
Starting a business or company comes with its own risks, including failure, and we must protect our trading community when this happens by implementing account restrictions.
Insolvency Event
Where a member enters into insolvency, which may include a winding up petition, voluntary arrangement, administration or liquidation, TEG shall consider taking action as follows:
What are the next steps?
If we are notified of the insolvency event, restrictions will be put on the account promptly to prevent any further loads from being posted.
We will contact the member in question to learn the status of their business from a Company Director. If an insolvency event is confirmed, restrictions will remain. Access to the diary and accounting sections of the website will still be available but the account will eventually be revoked. Where possible, we will provide the contact information of the insolvency practitioner handling the case to those who have completed loads on the member’s behalf, from then on you will need to liaise with the insolvency practitioner directly.
Please note: Going into administration for a company means a company is being taken under the management of an administrator who must be a licensed insolvency practitioner. We can be made aware of businesses going into administration by other members, insolvency practitioners, County Court Judgements (CCJ’S) or by gazette notices.