Courts / Wicklow / Report

Appointment of provisional liquidators to pre-paid card firm may lead to 'considerable unease', High Court told

Summary

In a High Court hearing on 17 January 2024, Mr Justice Mark Sanfey appointed Kieran Wallace and Andrew O'Leary of Interpath Advisory Ireland as joint provisional liquidators for PCSIL, a prepaid card firm owned by the Australian fintech group EML. The court was told that PCSIL, which holds €516 million of segregated customer funds and issues 2.4 million prepaid cards, is currently solvent but loss‑making, having lost €7.3 million in 2022 and expecting further losses in 2023 and the current year. The firm's business model was deemed no longer commercially viable, and its parent had decided that further investment was not justified. PCSIL had faced compliance issues with the Central Bank of Ireland, including anti‑money‑laundering concerns, leading to regulatory restrictions. The court noted that appointing liquidators would allow professional communication with customers and employees, and that the Central Bank was not objecting to the application. The matter was adjourned to a date next month.

Who, what, where, when and why

What: Report matter: Appointment of provisional liquidators to pre-paid card firm may lead to 'considerable unease', High Court told. Procedural stage: hearing_or_decision

When:

• 2024-01-17 Publication

Places mentioned

Topics

Stage Hearing Or Decision

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Read the original CNI report