Nvayo Limited (06035209): administration
- Status
- In administration
- Administration began
- 2025-02-10
- Administrators
- Andrew Poxon, Alex David Cadwallader, Dane O'Hara
- Administrators' firm
- Leonard Curtis
- Formerly
- BW PAY Limited; Kalixa PAY Limited; Vincento Payment Solutions Limited
- Incorporated
- 2006-12-21
- Location
- London
- Industry
- 64191 Banks
Why it went into administration
- Regulatory change or action
- Funding withdrawn / unable to refinance
From the administrators' statement
Due to the Company's status as an electronic money issuer, regulated by the FCA, the options available in the event of insolvency are limited, as the Company falls under the Special Administration regime set out in the Regulations, As such, a draft engagemeni letter was issued for the consideration of the Board on 29 November 2024, later being returned signed on 3 December 2024.
Leonard Curtis were initially instructed to commence planning the steps for placing the Company into Special Administration.
A strategy note on the position of the Company and a proposed Special Administration appointment was issued by Leonard Curtis on 8 January 2025. At this time the Board were exploring a third party interest in acquiring the Company’s shares, which would have potentially recapitalised the business and facilitated the return of Relevant Funds outside of a Special Administration process. This interest ultimately proved to be unviable, due to the significant funding requirements that were ultimately determined to be involved in facilitating such an outcome.
Administrators' statement of proposals (2025-04-14) · Companies House register