Monevium Ltd (in Special Administration)

On 18 June 2026, Adam Stephens and Christopher Allen of S&W Partners LLP were appointed as the Joint Special Administrators (“the JSAs”) of Monevium Ltd by order of the Court and pursuant to The Payment and Electronic Money Institution Insolvency Regulations 2021 (“the Regulations”).

The JSAs act as agents of the Company without personal liability and they are managing the affairs, business and property of the Company.

Adam Stephens and Christopher Allen are authorised to act as insolvency practitioners by the Institute of Chartered Accountants in England & Wales and are bound by the Insolvency Code of Ethics.

You are receiving correspondence from S&W Partners LLP as you may have, at some point, been a Customer of Monevium for payment services (“Customer”) and the Company’s correspondent bank may still hold Relevant Funds on your behalf which may need to be returned to you as part of the process. 

A special administration under the payment & electronic money special administration regime is governed by legislation specifically designed for payment services institutions.  A special administration is subject to the supervision of the English High Court.

This legislation sets out:

• how monies owed to Customers (“Relevant Funds”) should be distributed; and
• what to do if there is a shortfall in the money held (i.e. the shortfall should be borne equally between all eligible Customers who have submitted a claim to the Relevant Funds (pursuant to paragraph 19(2) of the Regulations)).  

The Regulations were introduced in 2021 to provide a framework if a payment services firm fails. An authorised payment institution for these purposes is a firm which is included on the FCA's register as an authorised payment institution.

The JSAs have to pursue three objectives (which may be pursued by the JSAs concurrently):

• To ensure the return of Relevant Funds as soon as is reasonably practicable;
• To ensure timely engagement with payment system operators, the Payment System Regulator and the Authorities (i.e. the Bank of England, the Treasury and the FCA); and
• To rescue the institution as a going concern or to wind it up in the best interests of the creditors.

There are a number of complex requirements in a special administration.  For instance, the JSAs are required to reconcile the safeguarded Customers’ Relevant Funds at the date of the special administration.  Therefore, one of the JSAs’ first priorities is to reconcile the Relevant Funds and to establish the claims that Customers have against these monies.  Following this, the JSAs will then formulate a proposal (a Distribution Plan) to set out how the Relevant Funds can be returned to Customers.

The Regulations permit the costs and expenses incurred in returning Relevant Funds to Customers to be paid out of those Relevant Funds.  Other costs and expenses of the special administration are paid out of the Company’s own assets (if the Company has sufficient assets to allow this). 

The term is used within the Payment Services Regulations 2017 to include:

1. sums received from, or for the benefit of, a payment service user for the execution of a payment transaction; and
2. sums received from a payment service provider for the execution of a payment transaction on behalf of a payment service user.

In summary, the Relevant Funds are funds that are held by the Company’s correspondent bank for the benefit of its Customers (being payment service users) in connection with payment transactions.  

Yes. Any funds that were segregated from the company assets, and held on behalf of Customers will continue to be safeguarded and held for the benefit of Customers. 

It is unlikely that the JSAs will be able to return your entitlement to Relevant Funds in full.  The costs and expenses of dealing with Relevant Funds during the special administration will be drawn from the Relevant Funds.  In addition to this, the JSAs have not yet established whether there is a shortfall in Relevant Funds.

The JSAs are treating the reconciliation and funds return process as a priority and will look to progress this work as quickly as possible.

To claim your share of the Relevant Funds, you must have submitted a Relevant Funds claim.

If you have not yet submitted a claim, please complete the Customer Claim Form and return it to monevium@swgroup.com before 13 August 2026, being the Bar Date (further detail in next question).

The Claim Form can also be sent by post to Monevium Ltd (in Special Administration), c/o S&W Restructuring, 45 Gresham Street, London EC2V 7BG.

Please note, there are two types of Claim Form – one for individuals and one for corporate entities (i.e. companies).  Please make sure you complete the right one.

The Soft Bar Date, 13 August 2026, represents the deadline by which Customers are required to submit their Claim Form to help expedite the distribution process. 

Where claims are submitted after the Soft Bar Date, it may be possible for the JSAs to consider and, where appropriate, include late claims in any subsequent distribution.  However, this depends on the timing of the late claim and whether the JSAs have started to return Relevant Funds to Customers.

To avoid any disappointment, or receiving a smaller distribution relative to other Customers, we strongly encourage Customers to submit their Relevant Funds claim in advance of the Soft Bar Date.

When the JSAs seek approval of a Distribution Plan from the Court they also intend to ask the Court to approve a Hard Bar Date.  Customers who have not submitted their Relevant Funds claim by the Hard Bar Date will lose the priority afforded under the Regulations to their share of the Relevant Funds.  Instead they will become an unsecured creditor in the special administration and are unlikely to receive any monies back as we do not anticipate there will be a return to unsecured creditors.

We cannot yet confirm a precise date.  However, the JSAs are planning to apply to Court for approval of a Distribution Plan as quickly as possible so we can start returning Relevant Funds as quickly as possible.  

The Payment and Electronic Money Institution Insolvency (England & Wales) Rules 2021 (“the Rules”) confirm that, after the Bar Date, the JSAs shall as soon as reasonably practicable make a distribution (or distributions) from the Relevant Funds to Customers who have an agreed claim.  The distribution can be paid:  

• once three months have passed since the Bar Date (Rule 112(3)); and
• once a Distribution Plan has been approved by the Court (Rule 114). 

Accordingly, there is some additional work to be done before the JSAs can commence the distribution of Relevant Funds. We appreciate this delay will be frustrating. 

As you are unlikely to receive your share of Relevant Funds in full you will be entitled to lodge an Unsecured Claim against the Monevium’s ‘House’ estate. However, we do not anticipate that there will be any House realisations, so it is unlikely there will be any distribution to Unsecured Creditors.

No. The Financial Services Compensation Scheme (FSCS) only applies to certain types of activity, which does not include electronic money or payment services.  Further details can be found at www.fscs.org.uk. 

The JSAs are performing their duties in line with the Regulations and Rules and are in regular contact with the FCA on the progress and strategy of the special administration. Monevium remains authorised and regulated by the FCA and, at this time, the restrictions imposed by the FCA in February 2024 remain in place. 

The JSAs are regulated as insolvency practitioners by the Institute of Chartered Accountants in England and Wales and the special administration is subject to the oversight of the Court. 

Yes, we are in contact with the FCA. 

Suppliers to the Company who have an outstanding invoice as at the date of the JSAs appointment should forward any outstanding invoices to monevium@swgroup.com and complete a claim form hin

Suppliers to Monevium are considered Unsecured Creditors of the Company (not Customers) and can lodge a claim against any assets realised by the Company, not Relevant Funds.

We do not anticipate that there will be any Company (‘House’) realisations, so it is unlikely there will be any distribution to Unsecured Creditors.

The JSAs are mindful of Customers' and Creditors’ understandable concerns and will respond to any emails as quickly as possible.  However, we will also look to update our website with key information, so Customers and Creditors are urged to check this first as their query may be addressed.

Initially we will issue notice of the special administration to all Creditors and Customers, and for Customers this will include notice of a Soft Bar Date (see above).

Within 8 weeks of our appointment the JSAs must issue their proposals for the special administration and hold a meeting of Customers and Creditors within 10 weeks.  This meeting is likely to be a virtual meeting rather than an in person one.

Thereafter, the JSAs are required to produce progress reports every six months. These reports, together with other key documents and information, will be made available on the website.

In addition to this, the JSAs will provide notice of any distribution of Relevant Funds to Customers as well as any distribution to Unsecured Creditors (although at present the JSAs believe it is unlikely there will be such a distribution).

If you would like a paper copy of any of the documents please email monevium@swgroup.com and copies will be sent to you.

If your queries are not answered within this FAQs, you can contact the JSAs’ Customer Support Team:

• By email: monevium@swgroup.com;  or 
• By telephone: 020 4617 5500
• By post:  Monevium Ltd (in Special Administration), c/o S&W Restructuring, 45 Gresham Street, London, EC2V 7BG

Please note, due to volume of calls and emails in the early weeks of the special administration, there may be a short delay in responding. We apologise for any inconvenience this may cause.