Spain's Virgin Play has gone into a form of liquidation in the firm's home country.
The firm's financial advisers told MCV the company asked a Spanish Court in June for a three month period to seek a solution with its creditors due to a lack of liquidity.
However, if more than 50 per cent of creditors refuse the plan, the court will choose administrators to handle the firm's debts.
Industry veteran Tim Chaney is no longer involved with the organisation. MCV announced in June that Chaney had set up online gaming platform Zattikka in June.