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A Newcastle-based robotics firm says it is facing shutdown after a court order froze its bank accounts, leaving it unable to fund a legal appeal.
Dr Atif Syed, founder of Wootzano, has taken to LinkedIn to warn that the business is at risk of liquidation, not because demand has dried up, but because of what he calls a “procedural trap”.
He said Innovate UK Loans Limited, part of UK Research and Innovation (UKRI), petitioned the court to wind up the company, which led to an order that immediately froze the firm’s accounts.
Syed says that move has put the company in an impossible position under Scottish legal rules.
In his words, “in Scotland, a company cannot speak in court without a solicitor”, but with…