Glint Pay customer funds are accounted for – administrators
(Kitco News) - Consumers’ funds held by Glint Pay should be fully accounted for, according to the company’s administrators.
Consumers with Glint’s gold-backed debit MasterCard are not able to withdraw their money, but it is safe, the administrators of the company said in a statement Tuesday.
“The directors and management of Glint have advised the Administrators that all Customer Funds are fully reconciled, accounted for and protected,” the administration said.
According to Joint Administrator Jason Baker, the U.K fintech company that created a process to monetize gold, fell into Administration after the company had a dispute with a secured creditor. The board was not able to secure enough funding in time to prepay its outstanding loan.
Administration in the U.K. is similar to Chapter 11 bankruptcy in the U.S. On Friday Baker and Geoff Rowley, partners at specialist business advisory firm FRP Advisory LLP, were appointed Joint Administrators in an attempt to rescue the company to meet its financial obligations.
“As Joint Administrators our priority is now to undertake the reconciliation exercise as quickly as possible to confirm the position in relation to customer funds,” the administrators said. “We will also be working with the board in seeking investment to rescue the Companies and exit Administration, failing which to achieve a transfer of the business and assets to an appropriately regulated entity.”