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ARTICLE · 07 OCTOBER 2021

Priority Status For Electronic Money Holders

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Ipagoo LLP ("Ipagoo") was an electronic money institution that fell into administration. Ipagoo issued electronic money and provided multi-country and cross-currency payment account services.

United KingdomInsolvency/Bankruptcy/Re-Structuring
Tim Evans
Tim Evans

Ipagoo LLP ("Ipagoo") was an electronic money institution that fell into administration. Ipagoo issued electronic money and provided multi-country and cross-currency payment account services.

Electronic money institutions (EMI) differ from traditional banks as they cannot retain deposits of money nor pay interest. EMIs are governed by the Electronic Money Regulations 2011 (the Regs). The Regs were made to implement the EU's Electronic Money Directive 2009/110. An EMI must safeguard the monies that its customers, called electronic money holders (EMH), pay to it in exchange for e-currency.

Ipagoo had failed to safeguard the EMHs' monies per the requirements in regulations 20-22 of the Regs. 

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