Silverbird, a digital payments platform for international trade, has officially entered special administration as confirmed by the Financial Conduct Authority (FCA).
The company entered this phase on March 13 under the Payment and Electronic Money Institution Insolvency Regulations 2021. This process resembles ordinary administration but focuses on returning customer funds as quickly as possible.
Silverbird has informed its customers that they will not have access to their funds during this period. Daniel Conway and Geoff Rowley of FRP Advisory Trading have been appointed as Joint Special Administrators (JSAs).
On their website, Silverbird indicated that "Only limited information is available at this early stage of the Special Administration. Our initial actions will be to secure the assets of the Company, including all customer safeguarded funds. While every effort will be made to return funds to customers as swiftly as possible, the JSAs must first secure control of relevant information, reconcile balances, and ensure that necessary due diligence and customer information are accurate and up to date."
The JSAs will produce a report for creditors within eight weeks. The FCA advises that direct customers of Silverbird should reach out to the JSAs if they believe they are owed money or have any questions.
Additionally, it has been noted that some customers of Currencycloud may be affected due to their previous partnership with Silverbird. In response to inquiries, Currencycloud confirmed awareness of the situation and is actively working with affected customers to ensure they maintain access to their funds.
For more information about payments, visit NextGen Nordics on April 23, 2024.