Court Details Liquidation Process for Payment Processors

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By Silvia Martelli (July 21, 2022, 5:53 p.m. BST) – A London court has detailed the costs of distributing assets among creditors that liquidators can recover when shutting down an e-money provider that paid $110 million to settle US allegations that it fraudulent financial institutions.

Insolvency and Companies Court Judge Catherine Burton said on Tuesday that the costs of distributing the asset pool include all expenses and fees associated with the distribution. However, she added that the costs do not include money spent to comply with liquidation rules.

Judge Burton ruled in a case brought by the liquidators of Allied Wallet, which the Financial Conduct Authority asked to put into liquidation in 2019 after discovering…

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