Business and Property Courts of England and Wales, Insolvency & Companies List (ChD) Court Number: CR-2025-004320
in Special Administration ('Ziglu' or 'the Company')
(Company Number 09204810)
Registered officeC/O RSM UK Restructuring Advisory LLP, 25 Farringdon Street, London EC4A 4AB
Principal trading address1 Poultry, London, EC2R 8EJ
Notice of initial creditors’ and customers’ meeting pursuant to Rule 28 of The Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021 (‘the Rules’)
NOTICE IS HEREBY GIVEN that a physical meeting of the customers and creditors of the Company has been summoned by the Joint Special Administrators (JSAa), David Shambrook and Damian Webb, appointed on 7 July 2025, and will be held at: RSM UK Restructuring Advisory LLP, 25 Farringdon Street, London EC4A 4AB on 12 September 2025 at 10:00 am to consider and approve the resolutions detailed below. Registration for the meeting is between 09:00 and 09:45 am to ensure a prompt start.
Resolutions being sought1. That the JSAs’ Proposals be approved; 2. That a creditors' committee will not be established; 3. That the JSAs shall be authorised to pay their outstanding pre- Special Administration fees as set out in their Proposals dated 28 August 2025; 4. That the JSAs shall be authorised to pay their outstanding pre- Special Administration 'Category 1' costs and expenses as set out in their Proposals dated 28 August 2025; 5. That the JSAs shall be authorised to pay their outstanding pre- Special Administration ‘Category 2’ disbursements as set out in their Proposals dated 28 August 2025; 6. The the JSAs shall be authorised to draw their fees on the basis set out in their proposals dated 28 August 2025; 7. That the JSAs shall be authorised to pay their ‘Category 2’ disbursements on the basis set out in their proposals dated 28 August 2025. In the event that the administration exits by way of liquidation and the administrators are appointed liquidators, such resolution shall be treated as being passed in the liquidation.
Please note that if a creditors’ committee is formed, votes formed by customers and creditors in relation to resolutions 3, 4, 5, 6 and 7 above will be disregarded.
Access details for remote attendanceShould you wish to attend the meeting remotely, please contact the case manager by email at ziglu.restructuring@rsmuk.com, by 12:00 noon on 11 September 2025 (the business day before the meeting) to obtain details on how to join. All meetings of customers and creditors (where there is an option of joining virtually) will be recorded (video and/or audio) in order to establish and maintain records of the relevant facts, or decisions that are taken at such meetings. By attending a meeting you consent to being recorded, including possible recordings of your facial image. Where any recording of a meeting also entails the processing of personal data, such personal data shall be treated in accordance with data protection legislation.
Voting entitlements for customers and creditorsAs per Rules 52 and 56 of the PEMII Rules, a customer or creditor must provide the JSAs with the following information before 12:00 noon on 11 September (the business day before the meeting) in order to be entitled to vote at that meeting: Written details of the debt which is claimed as due from the Company* (including any calculation required); and Any proxy intended to be used on behalf of that person (if not attending the meeting either physically or virtually or representing a Company). *The claim must been duly admitted with entitlement to vote in advance of the meeting; A proxy form detailing the resolutions being considered is available, along with a proof of debt form.
Creditors’ committeeCustomers and creditors will be invited to form a creditors’ committee at the initial meeting. We ask that any nominations for membership of the Creditors’ Committee be sent to the JSAs at ziglu.restructuring@rsmuk.com by 5 September 2025. Such nominations for membership can only be accepted if we are satisfied as to the creditors’ eligibility under Rule 69 and Rule 74 of the PEMII Rules.
Secured CreditorsSecured Creditors must give particulars of their security and its value if they wish to vote at the meeting. The value for voting purposes (unless they surrender their security) is the value of the unsecured part.
Opted out creditorsCreditors who have opted out from receiving notices may nevertheless vote if the creditor provides a proof of debt form and proxy form in accordance with the above provisions.
‘Small debts’: To vote at the initial meeting, all creditors and customers must submit a valid proof of debt (or Relevant Funds claim, as applicable) by the deadline stated in the notice. There is no provision under the PEMII Rules for treating small debts as automatically proved. If you do not submit a proof of debt (or Relevant Funds claim), you will not be entitled to vote at the meeting.
Excluded CreditorsIn accordance with Rule 66 of the PEMII Rules. a creditor or customer who is permitted to attend the meeting but is unable to do so, for the whole or part of the meeting, under the arrangements put in place by the convener of the meeting, (‘an excluded creditor’), or a creditor or customer who attends the meeting but who claims to have been adversely effected by the exclusion of the excluded creditor, may complain during the course of the meeting to the chair of the meeting, or after the meeting, to the convener. A complaint to the convener must be made no later than 4.00pm on the business day following the creditor’s exclusion or notice of exclusion.
An excluded creditor or customer may request under Rule 66 of the PEMII Rules, an indication of what occurred during the period of their exclusion. Any such request must be made by 4pm on the business day following the day on which the complainant received the indication.
Adjournment and SuspensionThe decision date for any decisions made at the meeting will be the date of the meeting (‘the meeting date’) – unless the meeting is adjourned to a later date (which must not be later than 14 days after the meeting date). The meeting may be suspended or adjourned at the discretion of the chair of the meeting, who must adjourn the meeting if it is so resolved by the meeting.
AppealsAny creditor or customer may, in accordance with Rule 61 of the Rules, appeal a decision, provided that appeal is made not later than 21 days after the decision date.
Office Holder DetailsDavid Shambrook (IP No. 22290) of RSM UK Restructuring Advisory LLP, 25 Farringdon Street, London, EC4A 4AB and Damian Webb (IP No. 14970) of RSM UK Restructuring Advisory LLP, 9th Floor, 25 Farringdon Street, London, EC4A 4AB
Manager contact detailsMatthew Foy, RSM UK Restructuring Advisory LLP, 25 Farringdon Street, London, EC4A 4AB Email: ziglu.restructuring@rsmuk.com
NOTEPlease complete a proof of debt and return it together with a detailed statement of your account and any other relevant documentation to ziglu.restructuring@rsmuk.com. A copy of the form is available on the creditors’ portal.
David Shambrook, Joint Special Administrator
28 August 2025
Ag FK52709
Recorded in The Gazette, issue 64837, 1 September 2025