- UK fintech Silverbird Global Limited (SGL) has entered special administration, with Daniel Conway and Geoffrey Rowley of UK business advisory firm FRP Advisory appointed as joint special administrators (JSAs).
- Silverbird officially entered special administration on 13 March under the Payment and Electronic Money Institutions Insolvency Regulations of 2021, according to the Financial Conduct Authority (FCA).
- Founded in 2020 by Max Faldin, the London-based fintech provides small and medium-sized enterprises (SMEs) with multicurrency business accounts aimed at facilitating international trade, allowing businesses to store funds in e-wallets and conduct cross-border payments.
- A statement on Silverbird’s website indicates that only limited information is available at this stage of the special administration. The initial actions of the JSAs will be to secure the company’s assets, including safeguarded customer funds.
- Customers will not have access to their funds during this process. The JSAs will work to secure control of all relevant information, reconcile balances, and ensure that necessary due diligence and customer information is accurate.
- The FCA states that the JSAs will provide a report to creditors within 8 weeks of their appointment, detailing SGL’s history and the JSAs’ proposals. They will also gather information from creditors and customers about payments made to or owed by SGL.
- Direct customers of SGL are encouraged to contact the JSAs if they believe they are owed money or have any questions regarding the special administration process.
UK fintech start-up Silverbird enters special administration
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