Update on Sipiem Recovery Action
Quantum Blockchain Technologies Plc has provided an update on its legal and insolvency matters. The company's recovery action for over €6 million in damages from Sipiem has been stayed due to a former director filing for bankruptcy, halting the sale of seized assets. However, in the Mediapolis insolvency, the resolution of the last creditor dispute means QBT expects to receive its final approximately €132,000 instalment by the end of June 2026.
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Quantum Blockchain Technologies plc (AIM: QBT), the AIM-listed investment company, provides an update on the recovery action relating to the Sipiem In Liquidation Srl (“
Sipiem
”) litigation, following its update of 19 March 2026, and its position in the Mediapolis Srl (“
Mediapolis
”) insolvency.
Sipiem
As previously announced, pursuant to a judgment issued by the Venice, Italy Court of Appeal on 10 June 2024, QBT via its wholly owned subsidiary Clear Leisure 2017 Limited, was awarded damages in excess of €6 million plus interest and additional compensation for inflationary loss over time (“
Judgment
”).
Directed enforcement proceedings of the Judgment pending in Italy against one of the former Directors of Sipiem included the sale of a seized real estate asset, scheduled to take place on 6 May 2026. However, the Company has been informed that the Director has filed a petition for bankruptcy (“court supervised liquidation – i.e., “procedura di liquidazione controllata”) and, as a result, an Italian Court has now issued an order staying the enforcement proceedings.
Consequently, the liquidation of the Director’s seized assets has been stayed. The Company's Italian legal counsel is currently reviewing the matter and further updates will be made as appropriate.
Mediapolis
With regards to the insolvency proceedings concerning Mediapolis, the insolvency liquidator has communicated to creditors, including QBT, that the last outstanding creditor dispute has now been resolved. Accordingly, the Company expects that the final instalment of approximately €132,000 due under the settlement agreement concluded with the insolvency liquidator may now be paid to it.
QBT expects to receive these funds upon completion of the remaining formalities of the liquidation proceedings, which it anticipates shall occur prior to the end of June 2026.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.