By Claire West

Paul Clark and Matt Bond, of MCR, together with Harold Sorsky and Stella Davis of SPW (UK) LLP, the Joint Administrators of Crown Currency Exchange, have released the Creditors Report for the period 4th October 2010 to 11th November 2010.

To date over 8,000 proof of debt forms have been received by the Joint Administrators with total claims so far registered standing at £16,483,644.

Paul Clark, MCR, stated: “We have received over 9,500 emails into the dedicated Crown inbox we established at the beginning of the administration, in addition to correspondence by post. This comprises of 3,500 proof of debt submissions and the rest relating to general customer queries. Of the total of 8,000 proof of debt forms, approximately 7,500 former customers of Crown Currency Exchange have already received emails confirming receipt and details of their claims have been recorded.”

“The scale of the claims is now becoming clear as we have now received Proof of Debt forms totalling over £16.4 million,” he added. “It is now clear that the majority of the Companies customers were acquiring foreign currency for use on holidays and to a lesser extent more substantial amounts were acquired for property transactions abroad. The value of the transactions typically ranged from £100 to around £20,000. However there are several transactions in excess of £100,000.”

“Given that the Companies had ceased to trade prior to the Appointment Date it has not been possible to sell the business or the assets of the Companies as a going concern,” he continued.

Harold Sorsky, the Joint Administrator from SPW added: “This is a very challenging situation that we are having to unravel. To further assist the ongoing investigations we have instructed forensic IT experts to undertake a detailed forensic imaging of all the computer hardware and IT systems at the former headquarters of the companies in Cornwall.”

“We are working hard to resolve the problems faced by the customers of CCE. We are continuing to urge any former customers of CCE who have not already done so, to contact us and ensure that they complete a Proof of Debt which is available on the Joint Administrators’ websites.”

The call centre number is 0844 826 8659.

A creditors’ meeting for the companies will be held at the Hilton Metropole Hotel, NEC, Birmingham on 30th November at 2.00pm

Customers of Crown Currency Exchange can alternatively visit the company’s website at www.crowncurrencyexchange.com/statement.php or www.mcr.uk.com