Gallant Capital Markets Ltd has filed for bankruptcy

Broker Discussion Forex Brokers
1

Gallant Capital Markets Ltd, the parent company of the forex broker GCMFX,announced it has filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code, with the United States Bankruptcy Court for the Eastern District of New York.

According to the broker, the filing was voluntary, but there is not other information what lead to this drastic move. On the other hand, filing under Chapter 11 of the code does not mean liquidation, but permits reorganization under the bankruptcy laws of the United States.

Still, if you have an account with them it’s probably good to know this is happening.

2

Anyone with GCM? Anyone knows what will happen to the funds. They are regulated by FSC in BVI.

3

According to another statement by the company, they’ve filed for bankruptcy in order to restructure. The company clarifies that the decision was prompted by its inability to withdraw funds from one of its regulated counterparties in order to meet liquidity demands and the bankruptcy was the only viable option for it.

That doesn’t seem to bode well for the people who have accounts with them.

4

Oh, to be honest, it was expected …