Crown Currency Glimmer Of Hope For Some
Published: 19 October 2010 By MoneyHighStreet Staff 4 Comments
The administrators of Crown Currency Exchange are reviewing whether any of the 13,000 customers of the collapsed company are entitled to a refund as a priority.
Crown Currency was a travel cash provider with a relatively unique operating model in that you paid for your holiday travel money upfront in advance of travelling and received your foreign currency up to 9 months later. The attraction being good exchange rates on offer.
Crown though told Barclays, its bank, on 29 September that it was insolvent. Their bank accounts were then closed on 1 October but it was not until 4 October that the company went into administration.
The administrators are reviewing whether those who paid Crown during the six day period between 29 September and 4 October are due a refund. If they are then effectively they will get priority over other unsecured non-preferential creditors – all in total who are owen some £20 million.
In a joint statement, the administrators said “This may provide some hope for a very limited number of consumers but we will need to review the position very carefully and taking into account each customer’s individual circumstances prior to making any final decision.
It could well mean that the administrators may need to obtain a determination of the Court. At this moment in time, however, no decision has been made and consumers need not contact the joint administrators.”
It’s expected the review work will take at least 3 weeks and therefore no further update is expected until week commencing 8 November.
I was affected by this scam, losing £400.00 in exchange for €395.00 which was due on the 29th October. Since my cheque was sent to the on the 29th September and left my account on the 1st October this ‘may’ be good news for me.
The unfortunate thing in this whole saga is that a lot of people are going to lose out on this (likely myself included), some people are far worse off than us having lost money in the 10′s of thousands and the likes of Peter and Susan Benstead will walk away scot free.
HOPEFULLY I MIGHT BE ONE OF THE LUCKY ONES TO GET SOME KIND OF REFUND, AS I PAID MY MONEY IN AFTER THE CROWN CURRENCY DECLARED BANKRUPT AT 11.00 29/9/2010, MY CONFIRMATION EMAIL HAD ARRIVED AT 11.20 AND I PAID MY ₤1,000 IN AT 12.25 THE COMPANY HAD SPOKEN TO BARCLAYS, AND DECLARED BANKRUPT. BARCLAYS WERE AWARE OF THE FAILURE OF C.C.E. AT 11.00, ON CALLING BARCLAYS FOR ADVISE AS I ACTUALLY BANK WITH THEM PROVED TO BE A DISASTER AS THEY WERE TOTALLY UNSYPATHETIC. I FEEL THAT BARCLAYS SHOULD TAKE SOME OF THE RESPONSIBILITY FOR ME HAVING LOST MY MONEY. I FEEL THAT WE SHOULD ALL STICK TOGETHER ON THIS AND MAKE BARCLAYS PAY SOME COMPENSATION. AS THEY WERE C.C.E. BANKERS AND KNEW OF ALL THE DIFFICULTIES THIS COMPANY HAD BEEN FACING FOR OVER A YEAR.
I completely agree with the lady above. I have potentially lost £700.00 which was my Florida holiday money. FSA should have more powers.
to all who have lost money [ i have lost £1000], we should all be asking of the bank…What has happened to £20 million and of the police when do you intend to prosecute the owners.