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Jersey company goes into administration after receiving £400,000 of taxpayers' money

From the Jersey Innovation Fund website

A digital technology company that received a loan of £400,000 of Jersey taxpayers' money has gone into administration.

An ITV News investigation revealed Logfiller Limited was given the money by the Jersey Innovation Fund last year, before vanishing from the island.

Now, the director of the company has given notice that liquidators have been appointed to wind up the business.

The Auditor General is holding a review into the Jersey Innovation Fund, questioning whether taxpayers money is being spent wisely.

Senator Philip Ozouf says "a number of actions" have been taken to protect the interest of the States.

As was made clear to the States in a statement in June this year, a number of actions have been taken in respect of the Jersey Innovation Fund.

One of those was that the States instructed a local specialist insolvency practice to take whatever action was necessary to protect the States’ interests.

The announcement by Logfiller was a direct consequence of this.

Liquidators have now been appointed. The States has made provision for default, as detailed in the States Accounts, and the States continues to reserve its position in respect of the loan.

– Senator Philip Ozouf