Administration and how it impacts you.
Please note that Jason Baker and Geoffrey Rowley of FRP Advisory LLP, were appointed Joint Administrators of Glint Pay Ltd, Glint Pay UK Ltd and Glint Pay Services Ltd (the “Companies”) on 18th September 2019.
The Companies are under the supervision of the Joint Administrators and all client monies and currencies (“Customer Funds”) continue to be held in segregated and safeguarded accounts.
Withdrawal requests were suspended last week (including payments on your debit card, ATM withdrawals or FX transactions) whilst the Administrators review Customer Funds balances and reconciliations.
This review was finalised this afternoon (30thSeptember 2019) and we are pleased to update that the Administrators have not identified any reason to believe there are any deficiencies or inaccuracies in the Customer Funds held.
Regrettably however it is not possible at this time to reinstate payments or process withdrawal requests (including payments on your debit card, ATM withdrawals or FX transactions) as the bank operating the safeguarded accounts has frozen these accounts as of Friday 27 September 2019. The operating bank has taken these steps in accordance with their standard procedures relating to insolvency events, such as the administrations.
The Glint app is still functioning, so you can continue to view your account balances, but no further receipts or payments will be processed whilst the safeguarded accounts are frozen.
The Administrators are liaising with their legal advisors, the operating bank and the team at the Companies to try and identify a solution to this. A further update will follow as soon as any material progress is made in this regard.
Any Gold that has been purchased remains the property of the client and is held in a secure, insured and independent vault in Switzerland. An independent statement from both the Gold Liquidity provider and the vault (Brinks) has been requested to ensure this matches to Glint’s records.
Whilst the safeguarded accounts are frozen, the Companies are unable to settle any gold trades, so these have been suspended in the interim also. The Administrators are liaising with the relevant parties with a view to implementing a work around which will allow sales of gold held to recommence this week. A further update on this will be provided on Wednesday 2 October 2019.
Please note that any monies resulting from the sale of Gold since the date of administration have been paid into the safeguarded accounts, which have been frozen.
The priorities for the Joint Administrators and their staff are now to:
complete a review of the safeguarding arrangements; and
assist the directors in seeking investment to rescue the Companies on a solvent basis and exit Administration, or if not possible, then to achieve a transfer of the business and assets to another regulated entity.
In the interim:
Please see our FAQ sheet for additional information and continue to direct any specific account queries to the Glint customer services team at firstname.lastname@example.org or call at 0203 915 8111 (Lines are open 9am to 6pm on Monday to Friday, and 9am to 1pm on Saturday).
Should you have any queries related to the Administration, please contact email@example.com or 020 3005 4000.
The Joint Administrators and their staff appreciate that this a difficult and frustrating time for you. Please rest assured that everyone is working tirelessly to ensure that the security of Customer Funds remains of paramount importance.
We thank you for your continued patience with this matter and a further update will be provided by close of business on Wednesday 2 October.
For and on behalf of Glint Pay Services Limited, Glint Pay Limited and Glint Pay UK Limited
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 Companies and without personal liability.
The affairs, business and property of the Companies are being managed by Jason Daniel Baker and Geoffrey Paul Rowley who were appointed Joint Administrators on 18 September 2019.
The office holder(s) will be the data controller in respect of the personal data collected for the purpose of administering this matter. Further information in relation to how we may use, store and share the information is set out in our privacy notice at https://www.frpadvisory.com/privacy/.