Genesis Global announces insolvency and lays off workforce

  • 3 min read
Genesis Global announces insolvency and lays off workforce

Genesis Global has recently filed insolvency and let go of all of its 140 employees in Malta.

Confirming the rumors of financial hardship from about a week ago, the iGaming operator Genesis Global has laid off its employees with plans to permanently close its Maltese business. The firm’s staff were informed of this a couple of days ago on Friday via an email, immediately before the Christmas weekend, making it one of the most significant stories over a traditionally quieter holiday season.

The team was given a 30 day notice period in the notification, allowing the employees some time to find new jobs. Furthermore, the staff were also told that the firm may not be able to pay all of its dues, mainly referring to salaries for the month of December among others.

Genesis Global has already started court proceedings for its official bankruptcy declaration, seeking to bring an official end to their financial troubles, which were actually evident to the employees for quite some time. In an anonymous statement given to the Times of Malta, one of the staff members at the firm stated that a large portion of their colleagues were actively looking for new employment opportunities for a couple of months.

Moreover, the anonymous source told the publication that despite the company’s difficulties with paying dues, no one from the team thought the matter could get this bad.

Lastly, there does seem to be light at the end of the tunnel, at least for Genesis Global’s employees. The government of Malta published a statement, saying that immediately after the court proceedings were greenlit the ministry of economy started working on finding employment for the laid off team. In fact, reports suggest that a number of people have already found new workplaces, with the rest to follow suit shortly.