Argentex LLP (in Special Administration)

On 21 July 2025 Argentex LLP entered special administration under the Payment and Electronic Money Institution Special Administration Regime, following the cessation of trading on 17 July 2025. Daniel Conway, Anthony Wright and David Hudson of FRP Advisory Trading Limited have been appointed as Joint Special Administrators.

The Joint Special Administrators can be contacted for any queries relating to the Special Administration not covered in the FAQs below at Argentex@frpadvisory.com.

Frequently Asked Questions

The Payment and Electronic Money Institution Insolvency Regulations 2021 (“Special Administration Regulations”) were introduced to improve the process where a payment services or electronic money institution fails. A payment services or electronic money institution for these purposes is a firm which holds safeguarded funds and certain permissions from the Financial Conduct Authority (“FCA”).

A special administration under the above regulations was the most appropriate route for the LLP as payment and e-money services is its predominant business line.

A Special Administration is similar to an ordinary administration; for example, it is subject to the supervision of the English High Court in London.

However, some of the key differences are detailed below. The Joint Special Administrators (“the JSAs”) have to pursue three objectives:

  • To ensure the return of relevant funds as soon as is reasonably practicable;
  • To ensure timely engagement with payment system operators, the Payment Systems Regulator and the FCA; and
  • To rescue the institution as a going concern or to wind it up in the best interests of the creditors.

There are a number of specific requirements in a Special Administration. For example, the JSAs are required to reconcile the safeguarded funds at the date of the Special Administration. They must carry out this reconciliation using the method adopted by the institution when it last carried out a reconciliation to identify any shortfall or excess in the asset pool and to settle that shortfall or excess.

Therefore, one of the JSAs’ initial actions is to secure and quantify the safeguarded funds held in the asset pool(s) and to establish the claims that customers have against the asset pool(s). Following this, the JSAs can then develop a process to enable the distribution of the funds in the asset pool(s) to customers.

Being alert to scams

All customers should remain alert to the possibility of fraud. If you are cold called by someone claiming to be from Argentex LLP, FRP, the FCA or FSCS, please end the call and contact them directly. The JSAs can be contacted by email at Argentex@frpadvisory.com.