Ariadne Capital, the venture capital firm run by high-profile technology figure Julie Meyer, has gone into bankruptcy administration.
A letter sent to Ariadne Capital's creditors on 18 December shows that business rescue company Leonard Curtis took Ariadne Company into administration on 15 December.
A representative for Meyer was quoted as saying: "Ariadne Capital Group Limited always intended to acquire Ariadne London as a going concern not an asset sale, but the actions of its former MD required it to put the company into administration."
The company recently faced claims of unpaid bills in Malta, where it has had an office since 2016. Meyer organises the Follow the Entrepreneur Investor Summit, where both Prime Minister Joseph Muscat and Economy Minister Chris Cardona have been speakers. The event had 50,000 people watching live, 15,000 website visitors and 470 registered investors.
Speaking to The Malta Independent on Sunday, one of Meyer's victims explained that that her offer of a challenging project yielding extremely high profits easily lures in individuals and that a combination of minor monthly repayments at the beginning of the working relationship and a confident demeanour allows trust to develop.
It was only once Meyer was being pursued regarding invoices would she suddenly turn aggressive and try to use legal measures to scare the individual from pursuing the matter further.
Since the earlier reports, Meyer has attacked both the media, and the two directors who resigned from her MFSA-regulated company within the Ariadne Capital Group amid serious concerns over the company's mismanagement following a recent spate of legal cases in Malta.
In the last couple of months, a court has issued a garnishee order against Ms Meyer following a claim for over €59,600 by a Naxxar firm that provides website design and development and a former employee's judicial letter to recover outstanding wages amounting to more than €22,000, a copy of which is available to the newsroom.
However, as has been shown across the globe, many of those who decide to take on Meyer and Ariadne Capital in a court of law come out victorious; the only question that remains is exactly how Meyer and her companies have been able to operate both in the UK and, more recently, in Malta despite a proven history of misconduct.