Railsbank Technology Ltd., a onetime darling of the UK payments scene that says it’s raised more than $100 million from investors, may be sold off through an insolvency process as it faces mounting financial and regulatory problems.
Directors are close to selling Railsbank through a pre-pack administration, a form of bankruptcy that involves lining up a buyer beforehand, according to people familiar with the matter. The London-based company has appointed restructuring firm Alvarez & Marsal to advise on the process, the people said.
