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Viola Money (Europe), the Chesterfield-based e-money company that focuses on digital payments and offers e-wallet accounts, prepaid cards and personal money transfers, has started operations.
James Bennett and Ed Boyle of Interpath Advisory have been appointed joint special administrators of the firm.
On December 21, 2021, a special administration order was issued by the court regarding Viola under the Insolvency of Payment and Electronic Money Institutions Regulation 2021. The special administration request to the court was made by FCA and follows the requirements imposed on Viola by the FCA on December 14, 2021, which required it to cease all regulated electronic money and payment services and not to process any of its clients’ funds. This is the first special administrative order issued under this regulation.
The special administration process includes provisions to facilitate the return of client money by administrators. The joint special administrators say they will conduct an assessment of all client funds held by the company to confirm the current position.
James Bennett, Managing Director of Interpath Advisory and Joint Special Trustee, said: “Our immediate priority is to bring together the assets of the company and those it has protected on behalf of its clients. We will also seek to reconcile the Company’s accounts before distributing the saved funds as quickly as possible. “