We are writing to update you on a material change to the liquidation of PFS Card Services Ireland Ltd (In Liquidation). At the time of appointment, the liquidation of PCSIL was considered solvent based on financial projections provided by the Company and the Joint Liquidators were winding up the Company on that basis. However, the Joint Liquidators have determined that the liquidation of PCSIL is insolvent. As a consequence of the insolvency, the Joint Liquidators have ceased trading and operations. This means that all customers cards have been closed and any balances remaining on cards are permanently frozen.
The Joint Liquidators have advised the CBI as well as other regulators of the insolvency and its impact. The Joint Liquidators advised the High Court in Ireland of the insolvency on 29 August 2024.
The purpose of this communication is to advise you of the insolvency and its impact on cardholders:
- All cards have been placed in “Closed” status and any balances remaining on cards are frozen.
- Active Cardholders will not be able to access funds on their account.
- The Joint Liquidators are in the process of applying for guidance from the High Court in Ireland on cardholder refunds. It will take number of months for the High Court to determine these matters. Until such time as the Joint Liquidators have received guidance, cardholders will not be able to obtain a refund (1)
- While the Joint Liquidators are currently not processing refunds, cardholders can email [email protected] and provide their name and cardholder ID (CHID) for the distribution list.
- The Joint Liquidators will commence processing refunds as soon as guidance has been received from the High Court in Ireland.
- Communications will be issued to cardholders once the Joint Liquidators are in a position to commence refunds to cardholders. At that time a portal will be activated to facilitate the refunds to cardholders.
- All cardholder funds held by PCSIL are safeguarded in accordance with the Company’s obligations under the European Communities (Electronic Money) Regulations 2011 (as amended). These funds will continue to be safeguarded throughout the liquidation and do not form part of the Liquidation estate.
(1) High Court Directions
Refunding cardholders’ money will be a significant cost to the liquidation. The Liquidators are seeking directions on who will pay the cost of refunding money to cardholders. The High Court in Ireland will determine who will pay this cost.
Further details, are available at the following website: https://www.interpath.com/pcsil
