Finablr placed into administration

Finablr Plc was placed into administration on 11 March 2022, by a resolution of the directors of the Company.

Stephen Goderski and Peter Hart of PKF GM have been appointed as Joint Administrators of Finablr, with immediate effect.

The trading in the shares of Finablr will continue to be suspended until further notice.

Finablr says:

“Please note that with the Company in administration the directors and officers of the Company are unable to answer questions concerning the position of any holders of securities of any form in the Company or regarding the position of any creditors.

All shareholder, debtholder (those directly of the Company) and creditor enquiries relating to Finablr PLC should now be made directly to PKF GM via email to: [email protected]”

In January, Finablr received notice from the Registrar of Companies that, unless cause is shown to the contrary within 2 months of the date of the notice, the company will be struck off the register and dissolved. The compulsory strike-off action against Finablr was suspended in February.

Finablr’s subsidiary Xpress Money entered administration in February. The UK Financial Conduct Authority (FCA) has also confirmed that special administrators were appointed at Xpress.

The application for the special administration was made by the FCA in response to a winding-up petition brought against the firm, to help ensure better outcomes for affected customers.

Xpress’s joint special administrators are responsible for managing claims against the firm and returning funds to customers where possible. Customers should receive more information from them, including details on how to make a claim, within 8 weeks of appointment.

Unfortunately, customer funds are not protected by the Financial Services Compensation Scheme (FSCS), as FSCS only applies to certain types of activity. This does not include payment services.