SCL Elections and certain of its and Cambridge Analytica UK’s affiliates have filed applications to commence insolvency proceedings in the UK.
The company is immediately ceasing all operations and the boards have applied to appoint insolvency practitioners Crowe Clark Whitehill to act as the independent administrator for Cambridge Analytica.
Additionally, parallel bankruptcy proceedings will soon be commenced on behalf of Cambridge Analytica and certain of the Company’s US affiliates in the US Bankruptcy Court for the Southern District of New York.
Over the past several months, Cambridge Analytica has been at the centre of the Facebook privacy issue.
Despite the company’s denial of wrongdoing, it has nonetheless lost most of its customers and suppliers, and has determined that it is no longer viable to continue operating the business.