Business and Property Courts of England and Wales, Insolvency & Companies List (ChD) Court Number: CR-2025-000564
in Special Administration ("Nvayo")
06035209
The Payment and Electronic Money Institution Insolvency Regulations 2021 ("the Regulations"); The Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021 (“the Rules”)
NOTICE OF SOFT BAR DATE IN ACCORDANCE WITH REGULATION 20(1) OF THE REGULATIONS AND RULE 110 OF THE RULES
Dane O'Hara, Alex Cadwallader of Leonard Curtis, 5th Floor Grove House, 248a Marylebone Road, London NW1 6BB and Andrew Poxon of Leonard Curtis, Riverside House, Irwell Street, Manchester M3 5EN were appointed Joint Special Administrators (“JSAs”) of Nvayo on 10 February 2025 pursuant to an application made by the directors of Nvayo, under Regulation 8 of the Regulations.
The JSAs have the ability to set a deadline for the submission of claims to customer money after which your rights can be affected, should you not meet this deadline. The purpose of this Notice is to inform you of this deadline and sets out the implications of failing to lodge claims by this deadline.
Notice is hereby given in accordance with Regulation 20(1) of the Regulations and Rule 110 of the Rules as follows:
The JSAs consider it necessary, in order to expedite the return of customer money, to set a bar date of 5pm on 2 June 2026 (“the Soft Bar Date”), for the submission of claims: (a) to relevant funds by customers. (b) of persons in relation to a security interest asserted over, or other entitlement to the asset pool.
The Soft Bar Date represents the deadline by which(i). customers are required to return their claim form (or otherwise submit their claim(s)) to register their claim(s) to relevant funds; and (ii) those parties asserting a security interest claim are required to submit details of their claim, to the JSAs.
Claims to relevant funds should be submitted via the Customer Portal or otherwise provided in writing to the JSA’s, if not provided already.
The purpose of the Soft Bar Date is to allow the JSAs to commence the process for returning customer money to the customers of Nvayo, in accordance with the terms of a Distribution Plan to be approved by the Court in due course.
This notice will be (as set out in Rule 110 of the Rules)(i). notified to all Customers of Nvayo, making relevant funds claims and that the JSA's are aware of and have a means of contacting; (ii) notified to all parties whom the JSAs believe have a potential relevant funds claim and that the JSAs have a means of contacting; (iii) placed into the London Gazette; and (iv) sent to the FCA.
A person submitting a relevant funds claim must do so in writing to the JSAs and must comply with the requirements of Rule 102 of the Rules.
If you believe that you have a relevant funds claim, please submit details of your claim, before the Soft Bar Date, in accordance with the instructions provided to you.
Unless otherwise sanctioned by the Court, every claimant who submits a relevant funds claim must bear the cost of making its own claim, including but not limited to, providing additional documentation, or supporting evidence.
Following the Soft Bar Date, where customers have relevant funds returned to them by way of a distribution, no payment or part of any payment made to any person in the distribution may be recovered (or otherwise disrupted) for the purpose of meeting a relevant funds claim which is not taken into account in that distribution.
After the Soft Bar Date has passed, the JSAs reserve the option to: (i) make an application to the Court under Regulation 21(3) of the Regulations to approve the setting of a final Hard Bar Date for the submission of claims to customer money; and (ii) upon the approval of the Court given on such an application, issue a Hard Bar Date Notice.
Should you have any general queries in relation to this notice, please contact the JSAs via the contact details provided below. For specific advice relating to the scope and effects of the notice, you should consult your own legal or professional adviser.
Contact detailsBy post: Leonard Curtis, 5th Floor Grove House, 248a Marylebone Road, London NW1 6BB; By email: nvayo@leonardcurtis.co.uk;
By telephone020 7535 7000.
Dane O'Hara, Joint Special Administrator
2 April 2026
Ag PK10429
Recorded in The Gazette, issue 65036, 8 April 2026