Silverbird enters special administration

The company enter special administration on the 13th of March under the Payment and Electronic Money Institution Insolvency Regulations 2021. This is similar to ordinary administration but there is an objective to return customer funds as soon as reasonably practicable.

Silverbird noted that customers will not have access to their funds while work is underway.

Daniel Conway and Geoff Rowley of FRP Advisory Trading have been appointed the Joint Special Administrators (JSAs).

On their website Silverbird states: “Only limited information is available at this early stage of the Special Administration. Our initial actions will be to secure the assets of the Company, including securing all customer safeguarded funds. Whilst every effort will be made to return funds to customers as soon as possible, it will firstly be necessary for the JSAs to secure control of all relevant information, reconcile balances and ensure that the necessary due diligence and know your customer information is present, current and correct.”

The appointed JSAs will provide a report to creditors within eight weeks.

The FCA states that direct customers of Silverbird should contact the JSAs if they believe they are owed money or have any questions.

The filing says that some customers of Currencycloud will be affected as Silverbird due to their past partnership.

When reached for comment Currenycloud told Finextra they are aware of the filing and they are working directly with their customers that are affected by this to ensure they have continued access to their funds.