Under the Payment and Electronic Money Institution Insolvency Regulations 2021, the company entered special administration on March 13. While this is comparable to routine administration, the goal is to restore customer monies as soon as it is practically possible.

Customers won't be able to access their funds while the maintenance is being done, according to Silverbird.

The Joint Special Administrators (JSAs) are FRP Advisory Trading's Daniel Conway and Geoff Rowley.

Silverbird's website states: "At this early stage of the Special Administration, only limited information is available." First, we will take steps to protect the company's assets, which will include obtaining all monies that have been safeguarded by customers. While every attempt will be made to promptly return customers' funds, the JSAs must first obtain control of all pertinent data, reconcile balances, guarantee that the required due diligence has been completed, and confirm that your customer information is accurate and current.

Within eight weeks, the designated JSAs will provide a report to the creditors.

According to the FCA, Silverbird's direct clients who think they are due money or have any inquiries should get in touch with the JSAs.

According to the filing, some Currencycloud clients will be impacted as Silverbird because of their previous collaboration.

Upon being contacted for response, Currenycloud informed Finextra that they were aware of the filing and that they were proactively coordinating with their affected customers to guarantee uninterrupted access to their funds.