Crown Currency Exchange victims lodge £16m in claims

Image caption, Business and personal customers were able to pre-order foreign currency in advance

Claims amounting to more than £16m have been lodged with the administrators of a failed currency company.

The Cornwall-based Crown Currency Exchange went into administration at the beginning of October, owing individual amounts of between £300 and £10,000.

Joint administrators SPW and MCR have received nearly 10,000 e-mails and 3,000 phone enquiries from customers.

Funds held by the administrators amount to just £3.5m.

Harold Sorsky of SPW said meetings have already been held with Barclays Bank, the Financial Services Authority (FSA) and a group representing more than 2,000 creditors.

Directors probed

Further meetings with the bank and the FSA are scheduled.

"The joint administrators have also instructed forensic IT specialists to visit Crown Currency Exchange's premises and investigations are continuing into the company's affairs and its directors' conduct," Mr Sorsky added.

A meeting of creditors will be held on Tuesday 30 November at the Metropole Hotel in Birmingham.

CCE allowed customers to pre-order foreign exchange at a set price up to a year in advance.

When it collapsed, customers were warned it could take up to six months before they heard if they would get any cash back.

CCE was not covered by the FSA compensation schemes.

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