Business owners in Leytonstone have called on fellow traders to stop payments to a company which was set up to look after their interests.
In 2007 business premises in E11 opted to pay a levy to a private company rather than the usual business rates to the council.
The company, the E11 Business Improvement District (BID) Company, would then listen to businesses and spend the cash on improving the look of the area to attract more trade.
However, the company, run by Fawaad Sheikh, fell into financial chaos and latest figures put it at around £87,000 in debt.
Now, former board member Suja Khaled, who owns the Luna Lounge in Church Lane, has launched a petition to close the E11 BID.
E11 Bid has been asked for a statement.
More on this story in Thursday's Waltham Forest Guardian.