IN THE HIGH COURT OF JUSTICE

BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES

INSOLVENCY AND COMPANIES LIST

ChD 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, Express Funds, Global Link and Bayba

Registered office: C/O Grant Thornton UK Advisory & Tax 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

HARD BAR DATE NOTICE

IN ACCORDANCE WITH REGULATION 21 OF THE PAYMENT AND ELECTRONIC MONEY INSTITUTION INSOLVENCY REGULATIONS 2021

HARD BAR DATE: 23:59 (GMT) on 31 AUGUST 2025

Chris Laverty, Jarred Erceg and Russell Simpson of Grant Thornton UK Advisory & Tax LLP, 8 Finsbury Circus, London, EC2M 7EA were appointed as joint special administrators (the ‘Joint Special Administrators’) of LCC Trans-Sending Limited (In Special Administration) (the ‘Company’) on 18 June 2024 by the High Court of Justice, Business and Property Court (the ‘Court’).

On 4 March 2025, the Joint Special Administrators notified customers that they had submitted an application to the Court to, among other things, approve the Joint Special Administrators’ distribution plan (the ‘Distribution Plan’) and the setting of a hard bar date in accordance with Regulation 21(3) of The Payment and Electronic Money Institution Insolvency Regulations 2021 (the ‘Regulations’). The Distribution Plan and the setting of a hard bar date were approved by order of the Court dated 13 March 2025.

Hard Bar Date Notice

The Joint Special Administrators hereby give notice, in accordance with Regulation 21 of the Regulations and the Distribution Plan, as follows:

1. The Joint Special Administrators consider that it is necessary, in order to further expedite the return of relevant funds to customers, to set a hard bar date of 23:59 (GMT) on 31 August 2025 (the ‘Hard Bar Date’), for the submission of final relevant funds claims (a ‘Relevant Funds Claim’), as set out in Regulation 21(1) of the Regulations.

2. For the avoidance of doubt, a Relevant Funds Claim:

a. constitutes the principal amount of funds that the Company 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 Hard 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. If customers do not submit their Relevant Funds Claim by the Hard Bar Date, they will not be eligible to receive a distribution of relevant funds (this is because a late claim will lose the payment priority afforded to Relevant Funds Claims pursuant to Regulation 21(4) of the Regulations).

4. Customer Claim Forms were issued to all known customers on 7 August 2024, 2 September 2024 and 10 October 2024, including details of how to submit the Relevant Funds Claim as outlined above. The Customer Claim Form also gives customers the option to submit their Unsecured Fees Claim at the same time as their Relevant Funds Claim and customers are strongly encouraged to do so (if applicable).

5. The purpose of the Hard Bar Date is to set a final date following which no Relevant Funds Claims may be submitted by customers. This will allow the Joint Special Administrators to finalise their assessment of submitted Relevant Funds Claims and make a final distribution of relevant funds to customers in accordance with the terms of the Distribution Plan.

6. In accordance with Regulation 21(6) of the Regulations, the Joint Special Administrators must, as soon as reasonably practicable after the Hard Bar Date, make a final distribution of relevant funds to customers.

7. Any relevant funds in the asset pool that have not been claimed by the Hard Bar Date may be distributed to customers with an admitted Relevant Funds Claim that was submitted by the Hard Bar Date, pursuant to Regulation 21(5) of the Regulations.

8. In the event that relevant funds remain in the asset pool following the final distribution, the Joint Special Administrators are required to, in accordance with Regulation 21(7) of the Regulations, arrange for the surplus funds to be transferred to a bank account maintained by the Joint Special Administrators on behalf of the Company as soon as possible following the final distribution. The Administrators do not anticipate that there will be any such surplus.

9. This notice will be (as set out in Rule 110 of the Rules):

a. sent to each customer of the Company 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, 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 think fit (namely The Daily Mail, The Sun, The London Standard (formerly The Evening Standard) and Birmingham Mail);

d. sent to the Financial Conduct Authority; and

e. uploaded to the Grant Thornton UK microsite which can be accessed here: https://smallworlduk.grantthornton.co.uk/

f. uploaded to the Grant Thornton Insolvency Act Portal at www.grantthornton.co.uk/portal using login details previously provided to Customers

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 by the Hard 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.

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 Hard Bar Date Notice should be directed to your own legal or professional adviser.

Date of appointment: 18 June 2024  

Joint Special Administrator's name and address: Chris M Laverty (IP No. 9121) of Grant Thornton UK Advisory & Tax LLP, 8 Finsbury Circus, London, EC2M 7EA. Telephone: 0161 953 6906.

Joint Special Administrator's name and address: Russell Simpson (IP No.21494) of Grant Thornton UK Advisory & Tax LLP, 8 Finsbury Circus, London, EC2M 7EA. Telephone: 0161 953 6906.

Joint Administrator's name and address: Jarred H Erceg (IP No. 29392) of Grant Thornton UK Advisory & Tax LLP, 8 Finsbury Circus, London, EC2M 7EA. Telephone: 0161 953 6906.

The Joint Special Administrators act as agents of LCC Trans-Sending Limited (In Special Administration) without personal liability.

Additional contact: For further information, a Frequently Asked Questions page can be accessed at https://smallworlduk.grantthornton.co.uk. You can also contact the Small World Customer Service team by email at smallworlduk@uk.gt.com or on 020 3198 0387.