Planswell defaulted on debt as CEO ‘absconded’ to Colombia, court documents show
Planswell, a Toronto fintech startup, has entered receivership after its CEO, Eric Arnold, allegedly fled to Colombia. The company owes approximately US$1.85 million to lenders and has defaulted on its payments. Arnold claims he was stranded in Colombia due to criminal activity, while court documents describe his communication as erratic before and after his departure.
- ▪Planswell entered receivership in late April after its CEO absconded to Colombia.
- ▪The startup owes roughly US$1.85 million and has defaulted on its payments.
- ▪Court documents allege that the CEO continued to collect his salary while not operating the company.
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ShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountPlanswell, a Toronto fintech startup that provides free financial plans to consumers online, entered receivership in late April after its chief executive officer “absconded” abroad, according to court records.FVP Servicing LLC, an administrative agent for a lending fund managed by New York-based Feenix Venture Partners, obtained an order last month from the Ontario Superior Court of Justice to appoint a receiver for the company. It said the startup owes its lenders roughly US$1.85-million ($2.5-million) and has defaulted on its payments.
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