Receivables finance provider Artis Finance has been placed into administration, adding to a string of insolvencies or exits within the non-bank trade finance sector. 

Artis, founded in London in 2020, provided receivables finance facilities to mid-market borrowers, particularly in the commodity trading sector. A UK subsidiary of US Bank acted as note trustee and security trustee. 

PwC partner and head of restructuring Ed Macnamara, as well as directors James Cameron and Tom Crookham, were appointed as joint administrators on March 3 by the High Court, a public notice shows. 

Corporate filings show Artis Loanco 1, a subsidiary used to provide loans secured against trade receivables, raised a provision for a US$7.1mn impairment at the end of 2023. Artis Loanco 1 and other subsidiaries of Artis Finance are not in administration. 

In December 2023, Artis filed a lawsuit against TMT Metals, the metals trader accused by Trafigura of carrying out a “systematic” fraud scheme in the nickel market, as well as several other companies allegedly linked to TMT director Prateek Gupta. 

Little progress was made in Artis’ case, which was complicated by a freezing order against Gupta obtained by Trafigura. 

Companies House records show Artis also has outstanding charges registered in relation to UK-based commodity trader DL Hudson. 

PwC did not comment when contacted by GTR. 

Artis’ closure follows difficulties at several non-bank trade finance lenders. 

In December, UK-based Kimura Capital shuttered its London-based lending business and returned money to its institutional investor backers. It had already sold its commodity trade finance fund’s exposures to a third party due to concerns over whether it had sufficient working capital to continue. 

The same month, London-headquartered invoice financing firm Stenn was placed into administration following accusations of involvement in suspicious activity. 

Meanwhile, investors in Dubai are currently involved in proceedings to force the Rasmala Trade Finance Fund into liquidation.