What is an administration?
An administration is an insolvency procedure regulated by the Insolvency Act 1986.
The Administrator’s role is to realise the assets and distribute them for the benefit of creditors. The Administration will last for an initial period of 12 months but may be extended.
The Administrator will provide regular updates to creditors. Any persons or companies who believe they are a creditor of a company in Administration should send their claims to the Administrator.
Why has the Company entered into administration?
The Company filed its application for an administration order on 25 October 2019. We are working to understand the factors which contributed to the Company’s insolvency and will provide an update in due course.
Who are the administrators/ Grant Thornton UK LLP?
Chris Laverty, Trevor O'Sullivan and Andrew Charters of Grant Thornton UK LLP, were appointed as administrators by the Court following an application to Court by the Company.
Whilst the directors of the Company made the application for the appointment of administrators, the FCA consented to the appointment of the named administrators.
The administrators are qualified insolvency practitioners, regulated by the Insolvency Practitioners Association. The administrators act independently of the Company and the directors for the benefit of all creditors and stakeholders. Their primary concern and mandate is to ensure that they maximise the returns to investors and trade creditors alike.
Grant Thornton UK LLP is one of the world’s leading organisations of independent assurance, tax and advisory firms. The firm has over 190 partners and employs 4,500 people in the UK across 26 offices. We are part of a global network of 50,000 people in over 135 countries.
Are the administrators in contact with the FCA?
Yes. The administrators are in regular contact with the FCA and the FCA consented to Chris Laverty, Trevor O'Sullivan and Andrew Charters being appointed as administrators of the Company.
How will my data be protected in this administration process?
As part of our role as administrators, we may need to access and use data relating to borrowers. In doing so, we must abide by data protection requirements.
Information about the way we will use, and store personal data can be found at: https://www.onstride.co.uk/privacy-policy and https://www.quickquid.co.uk/privacy-policy.html supplemented by Clause 10 of Grant Thornton’s terms and conditions at https://www.grantthornton.co.uk/globalassets/1.-member-firms/united-kingdom/pdf/search/terms-conditions.pdf
It is important that you read the terms and conditions so that you are aware of how and why we are using your data.
What should I do if I have information about the Company?
We would be pleased to receive from any stakeholder any useful information concerning the Company, its dealing or conduct which may assist us.
What can I do if my question has not been answered in this FAQ section?
If your question has not been answered in this FAQ section or in the FAQs section of the websites, please email your query to email@example.com. The administrators’ team will look at all individual queries. Please be aware that we are expecting a large volume of queries. You may therefore not receive an immediate response.
When will I receive what I am owed?
After your claim has been assessed, if your claim is agreed by the Administrators you will be an unsecured creditor of the Company and will be owed a distribution once all assets have been sold or realised.
Distributions to creditors are made in the following order:
The costs of realising assets will be paid first. Any amounts owing to secured creditors are then settled, followed by employee claims and unsecured claims (such as providers of goods and services and redress claims). If, after paying the costs and amounts due to the secured creditors, there are insufficient funds to pay all remaining claims in full then creditors will receive a proportion of their claim.
Please be aware, if successful, the payment you receive will be considerably smaller than your accepted claim amount. This is because it is expected that the total value of all accepted claims received will significantly exceed the money available to be shared out. The money available to be shared out will not be known until all of CashEuroNet UK LLC’s assets have been sold or realised and certain costs and deductions have been taken into account.