The Business Law Reports
[2021] Bus LR 1469
Chancery Division
In re
ipagoo LLP (in administration)
[2021] EWHC 2163 (Ch)
2021 July 16; 30
David Halpern QC sitting as a deputy High Court judge
Insolvency— Administration— Distribution of client money— Regulations requiring electronic money institutions to safeguard funds received in exchange for electronic money— Regulations also providing for electronic money holders to be paid from asset pool in priority to other creditors following insolvency event— Whether Regulations creating statutory trust in favour of money holders— Whether funds left unprotected because of institution’s failure to comply with safeguarding obligations forming part of asset pool—
Electronic Money Regulations 2011 (SI 2011/99), regs 20, 21, 22, 24