As filed with the Securities and Exchange Commission on September 23, 2003
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): September 23, 2003
ACTRADE FINANCIAL TECHNOLOGIES LTD.
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(Exact name of registrant as specified in its charter)
DELAWARE 0-18711 13-3437739
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(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
7 PENN PLAZA, SUITE 422, NEW YORK, NY 10001
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 563-1036
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ITEM 5.
OTHER EVENTS AND REGULATION FD DISCLOSURE.
As previously disclosed by Actrade Financial Technologies Ltd.
(the "Company") on a Form 8-K, dated May 13, 2003, and a Form 8-K, dated June
24, 2003, Actrade Capital Inc. ("Capital"), a wholly-owned subsidiary of the
Company, previously entered into Stipulations of Settlement (as modified) with a
Taiwanese corporation that defaulted on $1,322,800 of bills of exchange, certain
of the subsidiaries of the Taiwanese corporation, including two subsidiaries
that defaulted on an aggregate of $19 million in TADs, and two surety companies
from which Capital had purchased surety bonds insuring repayment of $16 million
of the $19 million of TADs referred to above and $8.5 million of TADs issued by
another customer of Capital that subsequently declared bankruptcy, to settle the
obligations of the Taiwanese corporation and its subsidiaries to the Company as
well as the Company's claims under the surety bonds referred to above.
As of today, the conditions to the effectiveness of the
Stipulations of Settlement have been satisfied, the Stipulations of Settlement
have become effective and in connection therewith Capital has received an
aggregate one-time cash payment from the surety companies in the amount of
$12,984,219.20.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
ACTRADE FINANCIAL TECHNOLOGIES LTD.
By: /s/ John Fioretti
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Name: John Fioretti
Title: Chief Restructuring Officer
Dated: September 23, 2003