BusinessBusiness RecoveryAdministrators outline roles at Crown Currency

Administrators outline roles at Crown Currency

Insolvency partners from two firms join forces to handle huge currency exchange collapse

Joint administrators from SPW will take charge of selling the customer
database of collapsed Crown Currency Exchange.

Harold Sorsky and Stella Davis of SPW, together with Paul Clark and Matt Bond
of MCR, have been appointed to handle the affairs of Cornwall based Crown
Currency Exchange Limited, which over the last six years has supplied foreign
currency to travellers and purchasers of foreign property.

There are around 13,000 orders currently unfulfilled, with £20m owed to
creditors.

Sorsky told Accountancy Age that both firms were handling calls from
creditors, while a further ten people were operating in a call centre to deal
with enquiries.

Administrators were sifting through the creidtor list to remove any
duplication – a process that could lower both the order list and creditor
numbers.

He said that 3,000 emails had been received by the administrators regarding
the insolvency.

“We’re trying to give as much information as possible,” said Sorsky.

He would not comment on whether customers could lose out on funds, but
suggested there was potentially a lack of funds.

“There appears to be a major deficiency between what is available and what is
owed,” he added.

MCR will handle creditor enquiries, forensic, investigative and IT aspects of
the administration.

Customers can contact the dedicated helpline on 0844 826 8659.
SPW’s
website
also contains more details about the administration
process.

Further reading:

Centre
Point owner Targetfollow facing administration threat

Bridge
liquidators appointed to LeisureFare Barwell

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