{"id":174047,"date":"2025-10-05T23:31:47","date_gmt":"2025-10-05T22:31:47","guid":{"rendered":"https:\/\/opusllp.com\/restructuring-insolvency\/?page_id=174047"},"modified":"2025-10-07T09:13:28","modified_gmt":"2025-10-07T08:13:28","slug":"case-currency-matters-limited-in-special-administration","status":"publish","type":"page","link":"https:\/\/opusllp.com\/restructuring-insolvency\/case-currency-matters-limited-in-special-administration\/","title":{"rendered":"Case: Currency Matters Limited (in Special Administration)"},"content":{"rendered":"\t\t
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CASE INFORMATION<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Currency Matters Limited
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Frank Ofonagoro and Allister Manson of Opus Restructuring LLP were appointed as Joint Special Administrators of Currency Matters Limited \u2013 in Special Administration on 6 October 2025.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Notice from the Special Administrators<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Frank Ofonagoro and Allister Manson of Opus Restructuring LLP were appointed as Joint Special Administrators (the \u201cJoint Special Administrators\u201d or \u201cJSAs\u201d) of Currency Matters Limited \u2013 in Special Administration (the \u201cCompany\u201d or \u201cCML\u201d) under the provisions of the Payment and Electronic Money Institution Insolvency Regulations 2021 (\u201cPEMIIR\u201d), by the High Court on 6 October 2025.<\/p>

CML acting by its directors had already ceased to trade prior to the JSAs’ appointment following a supervisory notice issued by the FCA on 1 September 2025 which imposed certain restrictions on the Company, following discovery of alleged misappropriation of funds. The FCA took this action to safeguard any remaining customer funds.\u00a0<\/p>

The Company is currently pursuing legal action in relation to the misappropriated funds, however, due to the sensitive nature of the proceedings we are unable to provide further comment at this stage.<\/p>

In keeping with the provisions of PEMIIR, one of the JSAs’ primary objectives on appointment is to return customer funds as soon as reasonably practicable.<\/p>

As at the date of our appointment we have identified that customers are likely to suffer a shortfall in funds due to them, but we are yet to quantify the extent of the deficit.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Whilst we are at an early stage of undertaking our reconciliation exercise, we have ascertained that the Company\u2019s books and records are, in many instances, incomplete or inadequate which may add significant delay and cost to our reconciliation exercise.<\/p>

The costs associated with managing customer funds will be deducted from the total sum of customer funds that we are able secure, in order to determine the net amount that may be available for return to customers.<\/p>

Below are some answers to some immediate questions that you are likely to have about this process and regarding the Special Administration.<\/p>

It is important to note that CML or the Joint Special Administrators <\/strong>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.<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Frequently Asked Questions<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Below are some answers to common questions that you are likely to want answered.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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If you do not currently have any funds or assets held by CML but wish to employ the Company\u2019s 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.<\/p>

If you currently have funds that you believe are safeguarded by CML, please immediately contact with the JSAs at currencymatters@opusllp.com<\/a> to advise of the total sum of funds or assets you believe is held by CML together with any supporting documentation.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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In the short term, you will not be able to transfer your funds held with CML as accounts have been frozen. The JSAs recognise that this may be a difficult position for customers to be put in. One of the JSAs\u2019 key objectives is to resolve this position as quickly as possible. The JSAs\u2019 immediate priority is to take control of relevant funds and undertake a reconciliation of funds held in safeguarded accounts and the customers relevant funds.<\/p>

As at the date of our appointment we have identified that customers are likely to suffer a shortfall in funds due to them, but we are yet to quantify the extent of the deficit.<\/p>

At this stage, the timing and quantum of any return to customers is uncertain or whether there will be any return at all. Distributions will depend on several factors, including the remaining balance in the customer funds account and the costs associated with returning funds to customers.<\/p>

We will update you as soon as we have more information.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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If you currently or have previously provided services or supply to CML and believe that you are a creditor, please email the JSAs\u2019 team at\u00a0 currencymatters@opusllp.com<\/a> to submit your claim together with any evidence to support your claim..<\/p>

This will ensure that you receive all notices and important updates on the progress of the Special Administration and prospects of a return to creditors.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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If you have made a complaint against the Company, you may have a claim as a creditor. However, as the Company is insolvent, we anticipate that there will be insufficient funds to enable any compensation claims to be paid in full.<\/p>

This includes customers:<\/p>