Fiinu Plc (LON:BANK) said its Polish subsidiary Everfex P.S.A. has filed an application with the competent Polish court to open ordinary arrangement proceedings under Polish Restructuring Law, a step the company describes as protective restructuring proceedings in Poland.
The filing follows bankruptcy petitions brought against the FX brokerage. As announced on 10 September 2026, Tomasz Kwasniewski and Mikolaj Grzybek, parties associated with Everfex's former ownership, informed Fiinu that they had filed bankruptcy petitions against Everfex in respect of historic loans that Everfex disputes.
Fiinu notes that no bankruptcy order has been made and that Everfex continues to operate.
The Fiinu board considers that the circumstances surrounding certain historic arrangements, including the approval, use, rollover and repayment of loans, require independent examination. The purpose of the ordinary arrangement proceedings is to place those and other creditor claims within a court-supervised process in which their validity and treatment can be independently determined.
Once the proceedings are opened, an independent court-appointed judicial supervisor will oversee the process, including the verification and treatment of creditor claims, while Everfex's management remains responsible for ordinary-course operations.
Second filing shields the management board
Everfex has also filed secondary proceedings to protect the position of its management board, an application for a declaration of bankruptcy made to comply with the statutory obligations of that board. The company has requested that the application be stayed pending determination of the restructuring application. Under Polish law, the restructuring application is considered first.
Indemnity claims under the 2025 share purchase agreement
Fiinu says the Everfex Share Purchase Agreement, entered into in August 2025, includes indemnity protections in respect of certain pre-acquisition obligations and is supported by contractual guarantees. Fiinu and Everfex have taken steps to preserve and pursue their rights under the agreement against the relevant seller and guarantors, and the indemnity notice issued in respect of certain Staly Kurs loan obligations expressly seeks recovery from the seller and relevant guarantors.
The application follows a review by the Fiinu board, together with Polish legal and restructuring advisers, of Everfex's current creditor position and the recent emergence of a potential historic disputed claim and creditor demand relating to matters dating back to 2021, years before Fiinu acquired the business in August 2025.
On 29 June 2026, Fiinu reported a GBP 7.3 million non-cash goodwill impairment relating to the Everfex acquisition, with the Everfex goodwill fully impaired as at 31 December 2025. The company says these filings do not result in any further impairment of that goodwill.
