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Company getting 20,000 calls per day from customers who can't redeem money from prepaid cards, High Court told
Summary
In a High Court hearing on 14 February 2024, the liquidators of PFS Card Services Ireland Ltd (PCSIL) confirmed that the company, owned by the Australian fintech group EML, had been receiving about 20,000 daily calls from customers who could not redeem money from prepaid cards. The creditors, Creacard SA and Klopercom Limited (trading as Veritas), claimed they were owed €15 million and expressed concerns over customers' inability to activate funds and over a purported sale of the company's secure online portal to its shareholder Prepaid Financial Services (Ireland Limited) two days before liquidation. The liquidators, Kieran Wallace and Andrew O'Leary, were appointed provisional liquidators in March and confirmed as official liquidators by Justice Liam Kennedy. They acknowledged the creditors' concerns, began addressing them, and will seek independent advice on the asset sale.
Who, what, where, when and why
What: Report matter: Company getting 20,000 calls per day from customers who can't redeem money from prepaid cards, High Court told. Procedural stage: hearing_or_decision
When:
- 2024-02-14 Publication
Why: PCSIL, represented by Kelley Smith SC with John Lavelle BL, sought the liquidators' appointments because its business model is no longer commercially viable or sustainable and is loss making and bound to fail. CNI source report
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