The collapse continues – another myWorld subsidiary in the United Kingdom compulsorily liquidated
From Cashback World to myWorld International – how the British company disappears from the insolvency register and what this means for marketers
The next chapter in global decline
It’s official: the British company myWorld International Limited, formerly known as Cashback World Europe Limited and myWorld Europe Limited, has been in court-ordered liquidation since July 2024. Immediately prior to this, the company was renamed BENEFIT4ME INTERNATIONAL LIMITED.
This means that another central foreign company in the Lyconet/myWorld structure has been officially wound up, following proceedings initiated at the request of creditors.
This development is part of a series of insolvencies and deregistration proceedings that have now spread across Europe in Hubert Freidl’s former cashback world.
Hardly any assets, high costs & £1.54 million in debt
The liquidators’ latest progress report shows that there is hardly anything left financially of the former myWorld International Ltd. (now Benefit4me International Ltd.).
The accounts contained only around £29,500, while there are liabilities of £1.54 million and liquidation costs of over £182,000.
According to the report, the accounts at UniCredit Bank Austria are ‘overdrawn and without realisable funds’. The last hope is a German tax refund of up to €250,000 and £100,000 in a trust account, both of which are unsecured.
Without these returns, the company remains effectively worthless, leaving nothing for creditors.
A network of companies with changing names – and identical structures
According to the British commercial register Companies House (company no. 10776184), the company was founded on 17 May 2017 and renamed several times in the following years:
The changing names reflect the well-known rebranding process of the Lyconet/myWorld group – from Cashback World to myWorld to today’s successor projects such as Cashback Universe and Enigmatic Smile.
Behind the brands in the United Kingdom was a company with the business purpose ‘Other professional, scientific and technical activities’ (SIC 74909) – in other words, a legally broad administrative unit without any specific operational activity.
Compulsory liquidation under the Insolvency Act 1986
The proceedings were applied for on 11 January 2024 and opened on 17 July 2024.
The liquidation is being carried out in accordance with the British Insolvency Act 1986, i.e. in accordance with the provisions of a compulsory liquidation, a compulsory dissolution by creditor application, not by voluntary decision of the owners.
According to the register, the following persons have been appointed as liquidators:
- Michael T. Leeds and
- Kristina Kicks, both of Interpath Ltd, 10 Fleet Place, London EC4M 7RB.
This law firm is considered a specialist insolvency administrator for international holding structures. This makes it clear that the British myWorld company will not be restructured, but completely liquidated.
Under British law (Sections 231–244 of the Insolvency Act 1986), this administrator may also review previous payments and initiate clawbacks if creditors have been given preferential treatment in recent years.
For creditors outside the UK, including former Lyconet marketers in the EU, this means that claims can only be made through the liquidator and in pounds sterling.
Overdue balance sheets and undisclosed losses
The last financial statements submitted date from 2018.
The next financial statements would have been due at the end of 2020, but were never submitted, a clear violation of the disclosure requirements under the Companies Act 2006.
Even during the ongoing liquidation preparations, a confirmation statement was still submitted (May 2024), apparently to secure the formal status of the company before the deletion is completed.
The picture is clear: even before the insolvency proceedings began, there was no proper financial reporting, suggesting a prolonged period of financial instability or internal shifts.
A Europe-wide liquidation network
The compulsory liquidation in the United Kingdom is not an isolated case, but part of a Europe-wide liquidation process:
In Spain, a preliminary investigation (‘Operación Peldaño’) has been underway since May 2025, in which, according to investigation documents, more than 800 victims and several million euros in damages are being claimed.
In Poland and Hungary, too, according to commercial registers, the local subsidiaries are in deletion or retirement proceedings, mostly without current business activity.
From ‘International AG’ to ‘Cashback Universe LLC’ – a familiar pattern
According to several legal experts, the sequence of insolvencies and name changes shows a typical pattern of so-called ‘Phoenix companies’:
Old companies with financial obligations are liquidated, while new companies with almost identical business models and personnel continue to operate.
In this specific case: The previous myWorld structure is being replaced by new players such as Enigmatic Smile Limited or Cashback Universe LLC – but with headquarters outside the EU and no discernible continuity of supervision.
For affected marketers and small investors, this means:
Contracts and credit balances that originally ran through the myWorld or Lyconet companies cannot automatically be transferred to successor companies.
The liquidation in London interrupts the chain of claims; from a legal perspective, these are independent companies without any assumption of debt.
Conclusion: An international system is gradually collapsing
With the compulsory liquidation of myWorld International Limited, the myWorld/Lyconet construct is losing one of its most important foreign branches.
The simultaneous proceedings in Austria, Spain, Poland and Hungary show that the economic substance of the holding structure has been largely exhausted.
What remains is the image of a group of companies that focused on expansion and renaming for years and is now, piece by piece, disappearing into European insolvency registers.
Note:
This publication is a journalistic analysis and initial legal assessment. It does not replace individual legal advice. Those affected should secure all evidence (transfers, chat histories, presentations, contract documents) and seek legal advice promptly – especially if payments were financed by credit or if complete documentary evidence is not available.
Sources / Status:
- Companies House (UK), Company No. 10776184, accessed on 6 November 2025
- Insolvency Act 1986 (UK), Sections 231–244
- FinStat / Polish KRS / Hungarian Company Information System, accessed in 2025
- myWorld International AG, Vienna bankruptcy file, decision of 13 August 2025
- Investigation documents ‘Operación Peldaño’, Spain, as of May 2025
- BEKM Europe Files, 2024–2025
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