Lottery administration and payment processing products company Boxhill Technologies PLC (LON:BOX) has been surprised to receive a winding-up petition.
The petition, plus another for its Prize Provision Services subsidiary, have been presented by Eupay Group Limited, a company that formerly supplied payment services to the group.
The Boxhill board and its legal advisers believe the petitions, purportedly issued under the Insolvency Act of 1986, are wholly without legal merit, and are a ploy to avoid repaying balances due to the group of £225,235.
The shares lost a quarter of their value on the news, but the board's view is that the petitions are “procedurally and technically deficient” and are liable to be rejected as an abuse of legal process.