Provisional liquidators appointed to PFS Card Services Ireland

This report is a localnews.ie summary based on public court reporting and records; sources are listed below.

The High Court appointed joint provisional liquidators to PFS Card Services Ireland Ltd on 17 January 2024, after the company petitioned to wind up because its prepaid-card business was no longer commercially viable.

The company was solvent at the time and expected to pay its creditors, but was loss-making and projected further losses. It held €516 million in segregated customer funds, with 2.4 million prepaid cards in issue.

Mr Justice Mark Sanfey appointed Kieran Wallace and Andrew O’Leary as joint provisional liquidators. The court heard they could ensure card services remained available for an acceptable period until alternative providers could be obtained.

The judge directed that relevant parties be put on notice of the application and adjourned the matter to a date the following month.