1 Oxford Street - Relevant Funds Soft Bar Date Notice

Soft Bar Date Notice under Regulation 20 of the Payment and Electronic Money Institution Insolvency Regulations 2021 (the Regulations)
In the High Court of Justice, Business & Property Courts, Insolvency & Companies List ChD
Court No. 003576 of 2024
LCC TRANS-SENDING LIMITED (In Special Administration) (Company Number 04363859)
Trading names: Small World Financial Services, Small World Money Transfer and, historically, as Express Funds, Global Link and Bayba
Registered office: C/O Grant Thornton UK LLP, 11th Floor, Landmark St Peter’s Square, 1 Oxford Street, Manchester, M1 4PB
Principal trading address: 209-215 Blackfriars Road, London, SE1 8NL
Nature of business: Financial intermediation not elsewhere classified

Chris Laverty, Jarred Erceg and Russell Simpson of Grant Thornton UK LLP, 30 Finsbury Square, London, EC2P 2YU were appointed as joint special administrators (the Joint Special Administrators) of LCC Trans-Sending Limited (In Special Administration) (LCC) on 18 June 2024 by the High Court of Justice, Business and Property Court.

Relevant Funds Soft Bar Date Notice

The Joint Special Administrators hereby give notice, in accordance with Regulation 20 of the Regulations as follows:
1. The Joint Special Administrators consider that it is necessary, in order to expedite the return of relevant funds to customers, to set a soft bar date of 30 September 2024 (the Soft Bar Date), for the submission of relevant funds claims (a Relevant Funds Claim), as set out in Regulation 20(1) of the Regulations.

2. For the avoidance of doubt, a Relevant Funds Claim:
a. constitutes the principal amount of funds that LCC received from a customer (or someone else on their behalf) to carry out a payment transaction which was not processed
prior to the commencement of the special administration on 18 June 2024; and
b. does not include the amount of any transaction fees associated or paid in connection with any unprocessed transaction giving rise to a Relevant Funds Claim (an Unsecured Fees Claim).

3. The Soft Bar Date represents the deadline by which customers are required to return their Customer Claim Form (or otherwise submit their claim(s)) to register their Relevant Funds Claims.

4. The Joint Special Administrators consider that the period of time between the publication of this Relevant Funds Soft Bar Date Notice and the Soft Bar Date is a reasonable amount of time for customers to be able to calculate and submit their Relevant Funds Claims in advance of the Soft Bar Date.

5. Customer Claim Forms were issued to all known customer on 7 August 2024, including details of how to submit the Relevant Funds Claim as outlined above. Whilst the Customer Claim Form also gives customers the option to submit their Unsecured Fees Claim at the same time as their Relevant Funds Claim, it is only the Relevant Funds Claim that must be submitted prior to the Soft Bar Date. A separate notice regarding Unsecured Fees Claims will be issued to customers in due course and customers will have the option to submit any such Unsecured Fees Claim at a later date, if not already included in the Customer Claim Form.

6. The purpose of the Soft Bar Date is to allow the Joint Special Administrators to commence the process for assessing submitted Relevant Funds Claims in order to make distributions of relevant funds to customers in accordance with the terms of a Distribution Plan to be prepared by the Joint Special Administrators pursuant to Rule 112(1) of the Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021 (the Rules). 7. This notice will be (as set out in rule 110 of the Rules):
a) sent to each customer of whose Relevant Funds Claim the Joint Special Administrators are aware and whom the Joint Special Administrators have a means of contacting;
b) sent to all persons whom the Joint Special Administrators believe have a right to assert a security interest over, or other entitlement to, over the relevant funds asset pool and whom the Joint Special Administrators have a means of contacting;
c) placed into the London Gazette and advertised in such other manner as the Joint Special Administrators thinks fit (namely The Daily Mail, The Sun, The Evening Standard and Birmingham Mail);
d) be sent to the Financial Conduct Authority; and
e) uploaded to the Grant Thornton UK LLP microsite which can be accessed here: https://smallworlduk.grantthornton.co.uk/bar-date-notice/

A person submitting a Relevant Funds Claim must do so in writing to the Joint Special Administrators and must comply with the requirements of Rule 102 of the Rules.

If you believe that you have a Relevant Funds Claim, please submit details of your claim, in advance of the Soft Bar Date, in accordance with the instructions provided to you.

Unless otherwise ordered by the Court, every customer who submits a Relevant Funds Claim or a Security Interest Claim must bear the cost of making its own Claim, including but not limited to, providing additional documentation, or supporting evidence.

After the Soft Bar Date has passed, the Joint Special Administrators reserve the option to:
1. make an application to the Court under Regulation 21(3) to approve the setting of a final Hard Bar Date for the submission of all Relevant Funds Claims by customers of LCC; and

2. upon the approval of the Court given on such an application, issue a Hard Bar Date Notice.

Should you have any general queries in relation to this notice, please contact the Joint Special Administrators via the contact details provided below.

Specific advice relating to the scope and effects of this Relevant Funds Soft Bar Date Notice should be directed to your own legal or professional adviser.

Date of Appointment: 18 June 2024

Joint Administrator’s Name and Address: Chris Laverty, Grant Thornton UK LLP, 30 Finsbury Square, London, EC2P 2YU

IP No. 9121

Telephone: 0161 953 6906

Joint Administrator’s Name and Address: Jarred Erceg, Grant Thornton UK LLP, 30 Finsbury Square, London, EC2P 2YU

IP No. 29392

Telephone: 0161 953 6906

Joint Administrator’s Name and Address: Russell Simpson, Grant Thornton UK LLP, 30 Finsbury Square, London, EC2P 2YU

IP No. 21494

Telephone: 0161 953 6906

Additional Contact: For further information, contact the Joint Special Administrators’ staff at the offices of Grant Thornton UK LLP on 0161 953 6906, or cmu@uk.gt.com