Nvayo Limited - Special Administration

Nvayo Limited, a London-headquartered, FCA regulated electronic money issuer which provided financial services in multiple currencies to members of concierge and lifestyle services, was placed into special administration on 10 February.

Dane O'Hara, Alex Cadwallader and Andrew Poxon of Leonard Curtis were appointed joint special administrators and are in the process of securing the company’s assets and customer monies and safeguarding the company’s systems so that customer funds can be returned as quickly as possible. They are working closely with the regulators and the payment system operators in this regard. Their hope is to rescue the institution as a going concern or wind it up in the best interests of the creditors.

Trowers & Hamlins represented the company.