Closure at UK Companies House
On 19 November 2023, the final documentation regarding the liquidation of iPayTotal Ltd was submitted to the UK Companies House. According to the liquidator, Arvindar Jit Singh, the winding-up process has been concluded.
The report records approximately £1.9 million in unsecured claims that remain unsettled. Market observers, however, believe the actual total losses experienced by merchants may have been significantly higher. Following the submission, the company has been officially dissolved.
Developments in the High-Risk Payments Sector
The case of iPayTotal is comparable to other high-risk payment processors that ceased operations through insolvency or liquidation, often leaving clients without compensation.
A parallel can be seen with Donald Kasdon’s T1 Payments in the United States, which has also entered insolvency proceedings.
Attempted Strike-Off and Court Ruling
In July 2020, iPayTotal Ltd sought a voluntary strike-off from the register at Companies House. This request, initiated by Ruchi Rathor and director Andrey Kovalchuk—appointed shortly before the company’s collapse in October 2020—was contested by creditors. As a result, the process was suspended.
Later that year, in October 2020, the UK High Court of Justice ordered the company into insolvency. Despite this, many creditors were unable to recover funds. In some cases, the businesses involved reportedly chose not to pursue formal claims.
Information Requests
The Scam-Or Project continues to review developments in the high-risk payments industry.
Individuals with knowledge about:
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Ruchi Rathor
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iPayTotal Ltd
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Other payment processing companies
can submit relevant details at our website.