Cayman Islands Supreme Court, in a recent ruling, declared YotaPhone, a dual display manufacturer as bankrupt. According to Cayman Islands Gazette, Yota requested for liquidation per local laws a few days ago.
The court appointed FTI Consulting employees. It appointed David Griffin and Joshua James Taylor as the Joint Official Liquidators of the company.
Yota creditors can establish any title they may have within 21 days under the Companies Law. If at all, the creditors fail to comply with the order within the given time, they will be excluded from any benefit or distribution made.
Hi-P Electronics, a Singaporean display supplier of YotaPhone also filed a complaint against the company for not fulfilling the subscription contract. Hi-P electronics still cites non-settlement of claims even after an initial settlement of $17 million.
YotaPhone company was established in 2011 to develop new generation modems, routers, and smartphones. A Russian telecommunications company, Скартел developed it and is licensed under the Yota trademark.
They had to partner with various companies to supply network equipment before getting into the smartphone market. Initially, Yota Phone, the dual displays smartphone gave wings to Yota’s smartphone division.
However, Yota failed to keep up with the users’ aspirations although it announced some more smartphones.
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