One of the shareholders in the company that operates the Bolt food and mobility apps, has asked the courts to declare the company unable to meet its financial obligations, and to order its dissolution.
The Debono Group, a 20% shareholder in TXF Tech which runs Bolt’s operations in Malta, is suing the same company and the affiliated TXF Tunisia, over what it says is a failure of both companies to repay €1.6 million in debt owed to the Debono Group.
In two separate applications filed before the commercial court, the Debono Group accused TXF Tech of being “legally insolvent” despite the fact that it appears to be operating without any difficulty.
The latest action was taken in light of the fact that the debt had not been paid, despite a court order.
Debono Group said it had been engaged in discussions over the past months and had been promised on several occasions that the debt would be paid. With the benefit of hindsight, Debono Group said, it could see that the promises were “empty and fraudulent”.
It said that it was difficult to understand how a company that was legally insolvent was still operating with an “evidently strong presence” in the local market.
Debono Group also questioned where the profits from the company were going, how employees were being paid and how payments were still being affected by the company given that a garnishee order had been issued by the court.
Bolt has faced criticism in recent months over employees’ working conditions, with many reported to be losing between 30 and 50% of their salary as a result of the manner in which they are engaged to work.
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