CASE INFORMATION
ePayments Limited
(in Special Administration)
Mark Boast and Allister Manson of Opus Restructuring LLP were appointed as Joint Special Administrators of ePayment Systems Limited – in Special Administration on 15 October 2026.
Notice from the Special Administrators
Mark Boast and Allister Manson of Opus Restructuring LLP were appointed as Joint Special Administrators (JSAs) of ePayment Systems (‘the Company’) or (‘EPS’) on 15 October 2026 pursuant to the Payment and Electronic Money Institution Insolvency Regulations 2021 (“PESIIR”).
EPS ceased all customer trading activity in September 2022 and since then has been in the process of returning safeguarded customer funds. The firm remains authorised by the Financial Conduct Authority and subject to regulatory requirements under the Electronic Money Regulations 2011.
In keeping with the provisions of PEMIIR, one of the JSAs’ objectives on appointment is to return customer funds as soon as reasonably practicable.
Below are some answers to some immediate questions that you are likely to have about this process and regarding the Special Administration.
It is important to note that ePayment Systems or the Joint Special Administrators will never ask you for your bank details over the phone and that you should treat any unexpected cold calls or conversations of this nature with suspicion.
Frequently Asked Questions
Below are some answers to common questions that you are likely to want answered.
If you do not currently have any funds or assets held by EPS but wish to employ the Company’s services, please note that the Company has ceased to trade and cannot accept any new instructions or funds from prospective customers. You will need to find an alternative provider should you require the services that the Company used to provide.
If you currently have funds that you believe are safeguarded by EPS, please immediately make contact with the JSAs at to advise of the total sum of funds or assets you believe is held by EPS together with any supporting documentation. Please note that providing such information does not constitute proof of claim and will not accelerate return.
All funds will be dealt with inline with the provisions of PEMIIR in due course.
One of the JSAs’ objectives on appointment is to return customer funds as soon as reasonably practicable.
In the short term, you will not be able to transfer your funds held with EPS as accounts have been frozen. The JSAs recognise that this may be a difficult position for customers to be put in and the JSAs’ immediate priority, on appointment is to take control of relevant funds and undertake a reconciliation of funds held in safeguarded accounts and the customers relevant funds.
At this stage, the timing and quantum of any return to customers is uncertain Distributions will depend on several factors, including the remaining balance in the customer funds account and the costs associated with returning funds to customers.
We will update you as soon as we have more information.
If you currently or have previously provided services or supply to EPS and believe that you are a creditor, please email the JSAs’ team at to submit your claim together with any evidence to support your claim.
This will ensure that you receive all notices and important updates on the progress of the Proposed Special Administration and prospects of a return to creditors.
If you have made a complaint against the Company, you may have a claim as a creditor.
This includes customers:
- Waiting for a response to their complaint
- Who have received a final response letter from the Company with an offer of compensation but haven’t returned it
- Who have taken their complaint to the Financial Ombudsman Service (FOS)
- You should first contact the Proposed Joint Special Administrators for more details about how complaints or claims will be dealt with
If you have already referred a complaint to the FOS, you do not need to take any further action at the moment. The FOS will contact you in due course regarding the next steps.
Following previous regulatory action, the director’s concluded that the Company was no longer viable and whilst it has been attempting to return customer money in line with the Financial Conduct Authority guidance, the company concluded that it would be beneficial for customers to apply for EPS to enter into protective Special Administration.
The main objectives for the JSAs is primarily to:
- Ensure the return of client assets as soon as is reasonably practicable
- Ensure timely engagement with market infrastructure bodies and the financial authorities
To either:
- Rescue the company as a going concern
or
- Wind it up in the best interests of creditors
The JSAs are unable to determine the extent of any likely dividend distribution to creditors or suppliers until they are formally appointed.
Frequently Asked Questions: Special Administration
Below are some answers to common Administration related questions.
The Payment and Electronic Money Institution Insolvency Regulations 2021 (“PEMIIR”) were introduced to improve the process of returning funds to customers where a payment services or electronic money institution fails and the Payment and Electronic Money Special Administration Regime (“PESAR”) was introduced and is governed by the PEMIIR.
A payment services or electronic money institution for these purposes is a firm which holds safeguarded funds and certain permissions from the Financial Conduct Authority.
EPS is classed as an Authorised electronic money institution and therefore falls under the scope of PESAR.
- To ensure the return of customer funds as soon as is reasonably practicable.
- To ensure timely engagement with market infrastructure bodies and the financial authorities.
- To either, rescue the institution as a going concern or to wind it up in the best interests of its creditors.
While the company has been working to return customer money in line with the Financial Conduct Authority guidance it has now concluded that it would be beneficial for customers to apply for EPS to enter into protective Special Administration.
Funds received in connection with making a payment or in exchange for e-money issued. The way in which this money needs to be held is set out in the EMRs and the PSRs and is referred to as safeguarded funds. Safeguarding is a key consumer protection measure within the EMRs and the PSRs.
No. EPS ceased all customer trading activity in September 2022.
However, all existing obligations in respect of contracts between EPS and its contract counterparties remain legally binding and in full force and effect unless and until otherwise discharged or addressed by the JSAs, once appointed.
Customers should not send any new funds to EPS. Access to EPS’s trading platform has been disabled and customers will be unable to request withdrawals, cancel existing transactions or enter into any new transactions.
If you believe that you are owed money by EPS then, you will need to lodge a claim with the JSAs, once appointed. You will receive communications from the JSAs setting out the claims notification process once they are appointed.
Customers are those who used EPS’s payment services. Creditors are suppliers of the business and other contract counterparties of EPS.
When EPS provided regulated payment services it was required to hold its customers’ money separately from its own. The way in which this money needs to be held is set out in the EMRs and the PSRs and is referred to as safeguarding.
The JSAs’ duties and objectives will be strictly bound by the provisions of the PESAR.
Practically, the JSAs will be in regular communication with the Financial Conduct Authority (who will continue to act as EPS’s Regulator) to update them on the strategy and progress of the Special Administration. The JSAs are regulated by their own professional bodies and are acting in the capacity of officers of the Court.
It should be noted that EPS will remain authorised by the Financial Conduct Authority and subject to the Financial Conduct Authority’s rules.
Being Alert to Scams
All customers should remain alert to the possibility of fraud. If you are cold called by someone claiming to be from ePayment systems, Opus Restructuring LLP, the FCA, FSCS, or Financial Ombudsman, and have concerns about what they are asking you to do, please end the call and contact them directly.
It is important to note that ePayment Systems or the Joint Special Administrators will never ask you for your bank details over the phone and that you should treat any unexpected cold calls or conversations of this nature with suspicion.
Press Enquiries
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