Nodal Labs falls into administration

By Oliver Smith on Monday 21 October 2019

Savings and Investment

Blockchain startup Nodal goes bust as insolvency specialists appointed.

Nodal Labs falls into administration
Image source: Image by Aleksandar Cvetanović from Pixabay

Nodal, the blockchain startup which AltFi revealed had repeatedly failed to pay contracted staff and agency workers in September, has fallen into administration.

Insolvency specialists at CVR Global were appointed by Nodal on 17 October, according to Companies House, with a team led by CVR partner Bai Cham.

AltFi previously reported that Nodal’s senior team had attempted to wrest control of the company away from CEO Oliver Hibbs-Brockway, however this was unsuccessful.

At the time Nodal told AltFi it had “never missed a payment run”, while several former employees confirmed AltFi’s reporting on Twitter.

On 30 September, in an email seen by AltFi, Brockway wrote to all Nodal’s remaining full-time staff to inform them that “unfortunately the Company is unable, at this stage, to make payment to you”.

Read more: Staff stage 'coup' at blockchain startup Nodal Labs

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