Blackthorn Finance Limited - Special Administration

Blackthorn Finance Limited, an FCA-regulated payment services provider, was placed in special administration on 14 April, with Adam Stephens, Philip Hemming and Kevin Ley of S&W Partners (formerly Evelyn Partners) appointed as joint special administrators.

Blackthorn was authorised by the FCA to offer a complete payment service solution to corporate SMEs and select individual customers, including international payments and foreign exchange transactions.

In November 2023, the FCA imposed restrictions on Blackthorn’s activities and an asset requirement. Blackthorn entered members voluntary liquidation, a solvent form of liquidation, in August 2024, but the liquidators recently formed the view that Blackthorn did not have sufficient assets to meet all the claims that were being made by creditors. Therefore, the liquidators sought and obtained an order placing Blackthorn into special administration, with the aim of returning creditor funds as soon as reasonably practicable.