Cambridge Analytica, the firm at the centre of a massive data breach scandal, is to begin insolvency proceedings in the UK.
The firm says it has filed applications to commence the proceedings and is "immediately ceasing all operations".
While parallel bankruptcy proceedings will also begin soon on behalf of Cambridge Analytica in United States Bankruptcy Court.
Cambridge Analytica is accused of acquiring the data of 87 million Facebook users through an academic researcher at the University of Cambridge, Alexander Kogan.
More than 44,000 people in Ireland may also have had their data improperly shared.
Cambridge Analytica commence insolvency proceedings and release results of independent investigation: https://t.co/BeDLpU1gIh
— Cambridge Analytica (@CamAnalytica) May 2, 2018
In a statement, the firm says: "Over the past several months, Cambridge Analytica has been the subject of numerous unfounded accusations and, despite the company’s efforts to correct the record, has been vilified for activities that are not only legal, but also widely accepted as a standard component of online advertising in both the political and commercial arenas."
It adds: "Despite Cambridge Analytica's unwavering confidence that its employees have acted ethically and lawfully... the siege of media coverage has driven away virtually all of the company’s customers and suppliers.
"As a result, it has been determined that it is no longer viable to continue operating the business, which left Cambridge Analytica with no realistic alternative to placing the company into administration."
The company notes that this decision "was extremely painful" for the company and its employees, "who learned today that they likely would be losing their jobs".
