Dear all,
Ipagoo LLP (IN ADMINISTRATION) (“IPAGOO”)
As you will be aware Jason Baker and Geoff Rowley were appointed as joint administrators of ipagoo LLP (“ipagoo”) on 1 August 2019 (“Joint Administrators”).
The purpose of this e-mail is to provide you with an update on the Joint Administrators’ progress to date and you are not required to take any action.
By way of background, ipagoo has authorisation from the Financial Conduct Authority under the Electronic Money Regulations 2011 and is governed by the rules set out in those regulations (“the Regulations”). These Regulations include how the Joint Administrators should treat client money pertaining to a company in administration. The Financial Services Compensation Scheme does not apply to companies such as ipagoo and you are unlikely to be successful in any claim to that scheme for compensation.
One of the tasks that the Joint Administrators must undertake is to identify which of the funds held by ipagoo are “relevant funds”, that is monies which, in accordance with the Regulations, are required to be safeguarded and kept separate from ipagoo’s own funds. The aggregate of these relevant funds is called “the asset pool”. Relevant funds have a technical definition but broadly are funds which have been paid to buy electronic money or have been paid in respect of payment transactions.
An unfortunate consequence of the appointment of the Joint Administrators is that you are unable to access the funds which you placed with ipagoo, either for the purchase of electronic money or in anticipation of the making of payment services transactions. The Joint Administrators understand the concern and distress this will be causing you and are working as quickly as they can towards a distribution of the asset pool in accordance with the Regulations.
In order to ascertain the extent of the asset pool and also to determine the ipagoo customers who are entitled to it, the Joint Administrators have to undertake a reconciliation of ipagoo’s records against the bank balances of the accounts in which those funds are held. Until the reconciliation is complete, and the extent of the asset pool determined, it is impossible for the Joint Administrators to predict with any certainty how much of the money you held with ipagoo you will get back.
At this stage it is not possible to provide an indicative timeframe for the distribution of the relevant funds.
The Joint Administrators shall provide periodic updates to clients as further information becomes available. However, should you have any queries, please contact Warren Brooking or Patrick Donnan at ipagoo@frpadvisory.com or +44 (0) 20 3005 4000.
Yours faithfully
For and on behalf of
ipagoo LLP
Jason Daniel Baker
Joint Administrator
Licensed in the United Kingdom by the Institute of Chartered Accountants in England & Wales and bound by the Insolvency Code of Ethics
The Joint Administrators act as agents of the LLP and without personal liability.
The affairs, business and property of the LLP are being managed by Jason Daniel Baker and Geoffrey Paul Rowley who were appointed Joint Administrators on 1 August 2019.