The High Court of Justice in England and Wales has placed Nvayo Limited into special administration under the Payment and Electronic Money Institution Insolvency Regulations 2021.
The high court order on 10 February was followed by the appointment of Dane O'Hara, Alex Cadwallader and Andrew Poxon of restructuring and insolvency specialists Leonard Curtis as Joint special administrators.
Headquartered in London, Nvayo stated on its website that it is an FCA regulated electronic money issuer providing financial services in multiple currencies to members of concierge and lifestyle services including the Aurae Lifestyle and ClubSwan programs. Powered by MasterCard™, payment cards issued by Nvayo are accepted around the globe.
Nvayo is no longer able to offer payment services to its customers, Leonard Curtis said in a statement today (14 February), adding that the special administrators are in the process of securing all the company’s assets and customer monies and safeguarding the Company’s systems.
It further said the objectives of the special administration was to ensure the return of relevant funds as soon as is reasonably practicable; timely engagement with payment system operators, the Payment Systems Regulator and the Authorities; and to rescue the institution as a going concern or wind it up in the best interests of the creditors.
Joint Administrator Dane O’Hara said: “First and foremost we wish to assure customers that our priority is to return monies, where possible, to customers as quickly as possible and we are working closely with the regulators and the operators in this regard.”
Alex Cadwallader added: “We will also be dealing with the claims against the firm. Customers will receive further details, including information on how to make a claim, within eight weeks of our appointment.”
Support is available to all clients and further information can be found here www.leonardcurtis.co.uk/case/nvayo.
