The administrators acting for Crown Currency Exchange, which failed last month, have received claims of more than £16.4 million.
They said they over 8,000 people have completed Proof of Debt forms since the collapse of the currency exchange operator and its sister company Crown Holdings.
IT experts have now been appointed to undertake a detailed forensic imaging of all the computer hardware and IT systems at the companies’ former headquarters in Cornwall.
Paul Clark and Matt Bond, of MCR, together with Harold Sorsky and Stella Davis of SPW (UK) LLP were appointed joint administrators for the company which failed in early October.
Paul Clark, MCR, said: “The scale of the claims is now becoming clear as we have now received Proof of Debt forms totalling over £16.4 million.
“It is now clear that the majority of the companies’ customers were acquiring foreign currency for use on holidays and to a lesser extent more substantial amounts were acquired for property transactions abroad.
“The value of the transactions typically ranged from £100 to around £20,000. However there are several transactions in excess of £100,000.â€
He said because the companies had ceased to trade prior to the appointment date it has not been possible to sell the business or the assets as a going concern.
Harold Sorsky, the joint administrator from SPW, added: “This is a very challenging situation that we are having to unravel.
“We are working hard to resolve the problems faced by the customers of CCE. We are continuing to urge any former customers of CCE who have not already done so, to contact us and ensure that they complete a Proof of Debt which is available on the Joint Administrators’ websites.â€
The call centre number is 0844 826 8659.
A creditors’ meeting for the companies will be held at the Hilton Metropole Hotel, NEC, Birmingham on November 30 at 2.00pm
Customers of Crown Currency Exchange can alternatively visit the company’s website at www.crowncurrencyexchange.com/statement.php or www.mcr.uk.com
By Bev Fearis
