Curaçao Court Declares AK Global NV Bankrupt

Picture a top European football club winning a major lawsuit and triggering its ex-sponsor’s dissolution.

That’s what happened when Paris Saint-Germain (PSG) forced Cbet’s parent company into bankruptcy in Curaçao court.

Now, the once-prominent online operator faces disintegration, linking to unpaid debts and a swift corporate shuffle.

Dive into how this collapse happened, and learn the ramifications for Cbet, its new licencing pivot, and the iGaming industry.

PSG’s Legal Victory Dissolves Cbet Parent: Curaçao Court Declares AK Global NV Bankrupt

3 Key Points

1. PSG declared AK Global NV (Cbet’s parent) bankrupt over unpaid invoices, leading to the company’s dissolution.
2. AK Global NV didn’t appear in court, ignoring the judge’s order to respond.
3. Cbet now claims a licence from Anjouan, with a new holding structure in Belize.

Cbet’s holding company, AK Global NV, has been declared bankrupt by a Curaçao court after Paris-Saint Germain (PSG) succeeded in a legal action to recover unpaid debts. The Court of the First Instance in Curaçao handed down the decision on 23 January, stating AK Global NV failed to meet its liabilities. That pronouncement effectively dissolves Cbet’s original parent and forces a major overhaul of the operator’s corporate base.

Litigation Origins: PSG’s Bankruptcy Claim

The dispute originated when PSG, a top Ligue 1 football club, alleged Cbet (operated by AK Global NV) defaulted on outstanding invoices. PSG had signed a Latin American regional sponsorship contract with Cbet back in December 2022. The arrangement, intended for one season, ended in legal strife rather than mutual benefit.

Local media reported that PSG filed the bankruptcy claim in November 2024. PSG’s initiative demonstrates how football clubs can aggressively safeguard unpaid contractual fees, leveraging legal mechanisms in the iGaming sector.

According to the court documents: “The defendant has left several debts unpaid… demonstrating a state of ceasing to pay.” Though the claim might not directly reflect a company’s overall financial standing, Curaçao’s bankruptcy law allows courts to label a business insolvent if it fails to settle legitimate obligations.

Missing Representation from AK Global NV

In a surprising twist, no attorney attended the hearing on behalf of AK Global NV. The court had specifically ordered the company to appear, but its absence sealed the matter. NEXT.io sources also indicated PSG staff had confronted Cbet’s stand at a Brazilian trade show, searching for the brand owner over unpaid bills. The aggregator or authorized representative presumably didn’t remedy the debts.

Consequently, the Commercial Register of Curaçao’s Chamber of Commerce & Industry terminated AK Global NV registration on the judgment date. As a result, the original corporate entity behind Cbet ceased to exist.

Cbet’s New Corporate Path

Cbet has swiftly reorganized its corporate identity. Its website now references AK Global Ltd, a Belize-based entity with registration #000034783, whereas older references pointed to AK Global NV in Curaçao. Moreover, the site claims a gambling licence from Anjouan, an autonomous island within the Union of Comoros. Yet some details remain inconsistent: the brand says it’s under “Bermuda Triangle Ltd” for that licence, not the newly mentioned Belize-based entity.

The abrupt pivot suggests Cbet sought an alternative licensing arrangement to maintain operations. Comoros (Anjouan) licensing is often less scrutinized. This path mirrors other crypto casinos, including BC.Game, which lost its Curaçao licence after a separate bankruptcy ruling, then relocated to Anjouan.

Fallout for Cbet

The outcome underscores how crucial robust legal compliance is for gambling sponsorships. PSG’s success in court revealed potential vulnerabilities in AK Global NV’s finances or oversight. Now, Cbet must handle the reputational impact of its parent’s dissolution while forging ahead under a new corporate banner. The operator’s future could hinge on whether customers trust its new licensing and whether ongoing or new partners adopt a cautious stance.

Moreover, the dissolution might hamper Cbet from claiming further credit or forging big sports partnerships. Considering that top European clubs rely on reliable sponsorship funds, a track record of default could be a red flag for future deals.

Broader iGaming Implications

Operators heavily reliant on Curaçao or lesser-known jurisdictions face growing regulatory and reputational pressures. As major clubs like PSG enforce debt obligations rigorously, iGaming brands must maintain robust financial solvency and timely payments. Meanwhile, leagues and clubs might refine their vetting processes, ensuring only stable gaming sponsors join their brand rosters. The scenario also highlights a trend: crypto casinos and “softly regulated” markets produce reputational risks that can hamper mainstream partnerships.

PSG’s action underscores how sports teams, especially top-tier clubs, won’t hesitate to pursue legal avenues to settle sponsorship disputes. This sets a precedent, implying stronger diligence for prospective sponsors across the gambling sector. The precarious lesson: missing payments or ignoring litigation can swiftly lead to a corporate meltdown.

Cbet’s parent AK Global NV was forcibly dissolved under a Curaçao court order, following PSG’s successful bankruptcy claim. The confrontation began over unpaid sponsorship commitments. AK Global NV’s absence in court sealed its fate, leading Cbet to rebrand under a new holding entity and switch to Anjouan licensing. This cautionary tale highlights the hazards of failing to honor contractual obligations and the mounting complexity of iGaming licensing. As the operator endures the fallout, only time will tell if its pivot to Belize and Comoros licensing can salvage its standing in a competitive market.