No, Twig, the 'circular economy' fintech company, has ceased operations and entered liquidation, meaning it no longer exists as an active business entity.
Understanding Twig's Closure
Twig, which was initially founded in 2020 as the Diem Group, aimed to operate within the circular economy sector. However, the company has formally closed its doors.
Key details surrounding Twig's cessation of operations include:
| Aspect | Detail |
|---|---|
| Current Status | Entered Liquidation |
| Original Name | Diem Group (founded 2020) |
| Liquidator Appointed | Insolve Plus |
| Amount Owed | £15.4 million |
Implications of Liquidation
When a company enters liquidation, it signifies the formal process of winding down its business. This typically involves the following stages:
- Asset Realization: The appointed liquidator takes control of the company's assets (e.g., intellectual property, equipment, any remaining funds) with the purpose of selling them off.
- Debt Settlement: Proceeds from the sale of assets are then used to repay the company's creditors. The distribution of funds follows a strict legal hierarchy to ensure fairness.
- Company Dissolution: Once all assets have been distributed and outstanding debts addressed to the extent possible, the company is legally dissolved and removed from the official register of companies.
This process confirms that Twig has permanently ceased its business activities and is no longer an operational entity.
