ICM CAPITAL LIMITED

Risk Rating: HIGH Justification: The company currently holds a status of "Active - Proposal to Strike off." A proposal to strike off indicates that an application has been made to Companies House to remove the company from the official register, typically signaling an intention to dissolve the business. For a financial intermediary handling client funds, this presents an immediate and severe risk to operational stability, solvency, and regulatory compliance.

Key Concerns: * Imminent Dissolution (Operational & Solvency Risk): The "Proposal to Strike off" status is the primary concern. While this can be a voluntary action by directors to close a dormant entity, it can also be triggered by third parties or registrar's powers. If this UK entity is the primary operating company for the brokerage, dissolution will catastrophically impact its ability to meet obligations or continue operations. * Regulatory and Client Money Implications: The company operates under SIC code 64999 (Financial intermediation not elsewhere classified) and its website indicates it operates as a retail CFD and Forex broker. Firms conducting these activities in the UK require strict authorization from the Financial Conduct Authority (FCA). A move towards dissolution raises urgent questions about the status of their regulatory permissions and the safeguarding of client funds. * Opaque and Concentrated Ownership: The PSC register shows that both Mr. Shoaib Abedi and Icm Holding Sarl own more than 75% of the company's shares. While this is legally possible if they hold different classes of shares, it points to an extremely concentrated and opaque ownership structure. The inclusion of a foreign corporate entity (SARL typically denotes a Swiss or French limited liability company) as a majority shareholder introduces jurisdictional risk and makes corporate governance difficult to penetrate for minority investors.

Positive Indicators: * Filing Compliance: Despite the proposal to strike off, the company's statutory filings are currently up to date. The confirmation statement was made up to October 2025, and accounts are made up to December 2025, with neither flagged as overdue. This suggests the directors are maintaining basic administrative compliance during the wind-down or restructuring process. * Long Corporate History: The company has been incorporated since December 2009, giving it a 15-year corporate footprint. Survival in the highly volatile retail forex sector for over a decade suggests the business has historically been able to navigate market cycles, though this may be ending given the current strike-off action. * Prestigious Registered Address: The company is registered at The Leadenhall Building in London, a premium commercial address, which may historically have lent credibility to the firm's institutional and retail client relationships.

Due Diligence Notes: * Determine Strike-Off Origin: It is critical to establish whether the strike-off application was voluntary (filed by the directors via form DS01) or compulsory (initiated by a creditor or Registrar for non-compliance). A voluntary strike-off requires director consent and published notices in the Gazette. * Verify FCA Authorization: Immediate verification of the FCA Financial Services Register is required to confirm if ICM Capital Limited’s permissions are still active, have been varied, or are in the process of being cancelled. If the firm is no longer authorized, it must cease all regulated activities. * Investigate Corporate Structure: Investigate "Icm Holding Sarl" to determine its jurisdiction of incorporation, ultimate beneficial owners, and financial health. Determine if the UK entity's operations are being transferred to a different entity within the group before dissolution. * Review Latest Financial Position: The provided data lacks detailed balance sheet metrics (Current Assets, Net Current Assets, Net Assets). The latest filed accounts must be reviewed to determine if the company is solvent and able to pay its debts upon dissolution, which is a legal requirement for a voluntary strike-off.