Ann: Appointment of Receivers and Managers, page-11

Maybe it was a good product in the market but they blew through too much money for the size of the business and were propped up by cheap money.

That time has passed.

They have stopped trading and taking on new business.

Just winding down existing loan book to pay out debt holders.

Feel sorry for employees as they are likely without a job and the labour market has changed materially.

Meydan is also a sad outcome as he tried to keep it alive with both debt and equity for a long time at significant personal cost.