As part of the distribution process and to further expedite the return of Relevant Funds to Customers, the Administrators consider that it is necessary to set a hard bar date of 23:59 (GMT) on 31 August 2025 (the ‘Hard Bar Date’) for the submission of final Relevant Funds Claims from Customers.

If you believe you are entitled to make a Relevant Funds Claim, you will need to complete and return the Customer Claim Form previously provided to you on 7 August 2024, 2 September 2024 and 10 October 2024, attaching any supporting documentation (as specified in the Customer Claim Form), to the Administrators before the Hard Bar Date set out above, being 31 August 2025.

If you do not submit your Customer Claim Form, or otherwise submit your Relevant Funds Claim, by the Hard Bar Date, you will not be eligible to receive a Distribution in relation to your Relevant Funds Claim (this is because a late claim will lose the payment priority afforded to Relevant Funds Claims, pursuant to Regulation 21(4)). However, late claims will automatically be treated as unsecured claims against the estate of the Company. Further guidance on how to submit a Customer Claim Form is provided below.

Please be aware that the Hard Bar Date of 31 August 2025 is not the date on which Customers will receive a Distribution but is the date by which Customers will need to submit their Customer Claim Form for their Relevant Funds Claim to be considered as part of the Distribution process.

A distribution plan is a document prepared by the Joint Special Administrators detailing how funds will be returned to customers with a successful claim as quickly and efficiently as possible within the rules laid down by the relevant legislation. To become effective, it needs to be approved by, first, the Creditors’ Committee and, secondly, the Court.

To provide further information to customers, a copy of the following documents have been uploaded to the Grant Thornton UK LLP Insolvency Act Portal (‘Portal’):

• the Distribution Plan approved by the Creditors’ Committee and the Court which sets out, amongst other information:
  • when and how the Joint Special Administrators plan to return funds to customers with a successful claim;
  • how the costs of this process are to be met; and
  • how unclaimed distributions will be handled.
• an Explanatory Statement which is designed to assist customers in understanding the purpose and effect of the Distribution Plan

Customers can access the above documents by logging in to the Portal at www.grantthornton.co.uk/portal using log in details previously provided to you. 

Following the approval of the Distribution Plan by the Creditors’ Committee on 21 January 2025, the Joint Special Administrators submitted an application to Court to approve the Distribution Plan and the setting of a Hard Bar Date.

The application was heard on 13 March 2025, where the Court approved the Distribution Plan and the setting of a ‘Hard Bar Date’ in accordance with the terms of (and as further described in) the Distribution Plan.

A copy of the sealed order from the Court approving the Distribution Plan has been uploaded to the Grant Thornton UK LLP Insolvency Act Portal which can be accessed at www.grantthornton.co.uk/portal using login details previously provided to you.

A Hard Bar Date is the final date on which the Administrators can receive a Relevant Funds Claim from a customer.

In accordance with the Administrators’ notice, the Administrators have set a Hard Bar Date of 23:59 (GMT) on 31 August 2025.

If you do not submit your Customer Claim Form, or otherwise submit your Relevant Funds Claim, by the Hard Bar Date, you will not be eligible to receive a Distribution in relation to your Relevant Funds Claim (this is because a late claim will lose the payment priority afforded to Relevant Funds Claims, pursuant to Regulation 21(4)). However, late claims will automatically be treated as unsecured claims against the estate of the Company. Further guidance on how to submit a Customer Claim Form is provided below.

A Failed Payment Transaction is a payment transaction where the Company received funds from a customer (or someone else on their behalf) to carry out a payment transaction which was not processed prior to the Company entering into special administration on 18 June 2024.

A Failed Payment Transaction consists of the following:

• Funds the Company received to make a payment transaction (i.e. the sending value) which was not processed before the Company entered special administration (‘Relevant Funds Claim’); and
• Transaction fees associated or paid in connection with a payment transaction which was not processed (‘Unsecured Fees Claim’)

A Customer Claim Form is a document a customer must use to submit details of their claim in the special administration. It is required to record your claim.

If you believe you have a claim, you will need to compete and return a Customer Claim Form, attaching any supporting documentation (as specified in the Customer Claim Form), to the Joint Special Administrators on or before the Hard Bar Date.

You can submit your completed Customer Claim Form and any supporting documentation by either:

1. Emailing it to smallworlduk@uk.gt.com by no later than 5:00pm on the Hard Bar Date; or
2. Posting it to LCC Trans-Sending Limited (In Special Administration), C/O Grant Thornton UK LLP, 11th Floor, Landmark, St Peter’s Square, 1 Oxford St, Manchester, M1 4PB.

Customer Claim Forms must be completed and received before the Hard Bar Date in order to be eligible to receive any distribution of funds.

A Hard Bar Date is yet to be set, however, the Joint Special Administrators anticipate they will set a Hard Bar Date by no later than August 2025.

Customers are encouraged to complete and return their Customer Claim Form as soon as possible. There is no need to wait for the Hard Bar Date.

What should I do if I have a question in relation to my Customer Claim Form?

Should you have any queries in relation to your Customer Claim Form, please contact the Small World Customer Service team at smallworlduk@uk.gt.com or on 020 3198 0387.

The exact timing of a distribution remains uncertain. However, the Joint Special Administrators’ application to approve the Distribution Plan and the setting of a Hard Bar Date in accordance with the terms of the Distribution Plan will be heard on 13 March 2025, meaning a distribution to customers with a successful claim may take place by mid-Autumn 2025.

Please be aware, if your claim is successful (either in whole or in part), the payment you receive is likely to be less than the amount your claim is admitted for. This is because costs associated with returning funds to customers with a successful claim will be deducted from the money available to be distributed, as provided for in relevant legislation.

Further information in relation to such costs and the funds available for distribution to customers will be shared with you as soon as possible.

Should you have any queries in relation to this letter or general queries in respect of the special administration of the Company, please contact the Small World Customer Service team at smallworlduk@uk.gt.com or on 020 3198 0387.