Sukate & Bezeboh Limited
(in Administration)

Administration is a formal insolvency process governed by Schedule B1 of the Insolvency Act 1986. When a company enters administration, one or more licensed insolvency practitioners are appointed as administrators to manage the company’s affairs.

The Joint Administrators’ primary objective in this case is to explore whether a rescue of the Company as a going concern is achievable so that it may resume trading. Should this not be possible the administrators will focus on achieving a better result for the Company’s creditors as a whole than would be likely if the Company were wound-up first. In practice, the Joint Administrators will take control of the Company’s assets, investigate its affairs, and work to return customer funds and make distributions to creditors where possible.

The appointment follows a period of financial difficulty for the Company, which led to the Company being unable to continue to pay its debts as and when due, which resulted in its director resolving to commence insolvency proceedings to protect the interests of customers and creditors.

No. The Company has ceased all trading activity. Customers should not send any new funds to SB Remit. The Company cannot accept any new payment instructions, and customers will be unable to request withdrawals or carry out any transactions via the platform.

If you believe you have funds held by SB Remit, you should contact the Joint Administrators as soon as possible by emailing sbremit@opusllp.com. Please provide your full name, contact details, the amount you believe is held and any supporting documentation (such as transaction records or account statements). This will help the Joint Administrators to reconcile customer funds and contact you with further information.

The Joint Administrators are working as quickly as possible to identify and protect the customer funds held across SB Remit’s various accounts. At this early stage, it is not possible to confirm what funds will be available for return to customers, or when this will happen. The position will depend on the outcome of the reconciliation exercise and the costs of the administration. The Joint Administrators will update customers as soon as they are in a position to do so.

Customers are those who have used SB Remit’s payment and remittance services and who have funds held by the Company. Creditors are those who are owed money for another reason, for example, suppliers of goods or services, employees, or other counterparties. If you are a customer with funds held by SB Remit, your claim will be assessed as part of the reconciliation of customer funds. If you are owed money for a different reason, you are a creditor, and your claim will be dealt with through the administration process.

FSCS protection does not apply to payment services or remittance activities of the type carried out by SB Remit. Customers are therefore not entitled to FSCS compensation in connection with funds held by SB Remit.

SB Remit is regulated by the FCA as a small payment institution. Under current FCA regulations, small payment institutions are able to decide whether to opt-in to comply with the FCA’s safeguarding requirements or not. The Company did not opt-in to comply with the FCA’s safeguarding requirements in respect of customer funds. The Joint Administrators will immediately commence the process seeking to reconcile any identified customer funds with a view to establishing whether funds can be returned to the relevant customers or whether there will be shortfall. Further information will be provided as the position becomes clearer.

Yes. If you believe you are owed money by SB Remit, whether as a customer with funds held by the Company or as a trade creditor, you will need to formally register your claim with the Joint Administrators. Please email sbremit@opusllp.com with your details and any supporting documentation. The Joint Administrators will contact you with further information about the claims process in due course.

The Joint Administrators will communicate via this page on the Opus website (www.opusllp.com) and by direct email to customers and creditors who have registered with them. All official updates will be posted on this page on the Opus website. Please ensure you have contacted sbremit@opusllp.com so that we have your details and can keep you informed by direct email.

The Joint Administrators are licensed insolvency practitioners regulated by their respective professional bodies. They are also acting as officers of the Court. The FCA, as the Company’s regulator, will continue to be kept informed of the progress of the administration. The Joint Administrators’ duties and conduct are strictly governed by the Insolvency Act 1986 and associated legislation.

At this early stage, it is not possible to provide a definitive timeline for the administration. The duration will depend on the complexity of the reconciliation exercise, the position of customer funds and the progress of the administration more broadly. The Joint Administrators will provide regular updates.