Rational Foreign Exchange Limited (in Special Administration), Re

Rational Foreign Exchange Limited (in Special Administration), Re

The distribution plan formulated by the Joint Special Administrators complies with statutory requirements, is fair and reasonable, and has been approved by the committee and FCA. Declaratory relief is granted as sought by the JSAs regarding the treatment of EU customers under various business models post-Brexit. MLS is not a customer or creditor of the Company, as its contractual relationship was with Rational FX EU and PayrNet, not Rational FX Limited.

Parties
Applicant: Kristina Kicks; Applicant: Edward George Boyle; Intervener: MLS-Multinational Logistics Services Limited
Jurisdiction
England and Wales
Judgment Date
28 July 2025
Procedural Posture
Special Administration (insolvency) / Judgment on Distribution Plan and Directions Application
Outcome
Distribution plan approved; declaratory relief granted as sought by JSAs; MLS's application refused.
Legal Topics
Distribution Plan Approval, Safeguarding of Relevant Funds, Post Brexit Payment Services, Declaratory Relief, Creditor/customer Status
Insolvency Payment Services Company Law Distribution Plan Approval Safeguarding of Relevant Funds Post Brexit Payment Services Declaratory Relief Creditor/customer Status

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Parties

Kristina Kicks

Applicant

Edward George Boyle

Applicant

MLS-Multinational Logistics Services Limited

Intervener

Procedural Posture

Special Administration (insolvency) / Judgment on Distribution Plan and Directions Application

Legal Issues

  1. 1 Approval of distribution plan under Payment and Electronic Money Institution Insolvency Regulations 2021
  2. 2 Treatment of EU domiciled customers post-Brexit
  3. 3 Declaratory relief on methods of servicing EU clients

Ratio Decidendi

The distribution plan formulated by the Joint Special Administrators complies with statutory requirements, is fair and reasonable, and has been approved by the committee and FCA. Declaratory relief is granted as sought by the JSAs regarding the treatment of EU customers under various business models post-Brexit. MLS is not a customer or creditor of the Company, as its contractual relationship was with Rational FX EU and PayrNet, not Rational FX Limited.

Court Disposition

Distribution plan approved; declaratory relief granted as sought by JSAs; MLS's application refused.

Orders

  • Distribution plan for return of relevant funds approved pursuant to Rule 114 of the 2021 Rules.
  • Costs of and incidental to the Application treated as costs of the JSAs in pursuit of Objective 1.