Dear Customer,
Update 29 November 2023
As advised back in June 2023, UAB PayrNet ceased business operations following the revocation of its licence by the Bank of Lithuania and has been taking steps to wind down the business.
As the next step in the winding down process, the Vilnius District Court has made orders for the commencement of bankruptcy of UAB PayrNet and the appointment of an insolvency administrator. These orders became effective on Tuesday, 21 November 2023.
Vaidas Verenius has been appointed the insolvency administrator of UAB PayrNet and will assume control of the business. The administrator’s details can be found at https://nemokumas.avnt.lt/public/manager/edit?uuid=0a64194a-8563-1f9c-8185-6422fc280e9f.
We would expect the administrator will provide more information to customers and creditors regarding the bankruptcy in due course.
As at Monday 30 October 2023, UAB PayrNet has returned over 96.5% of the safeguarded funds which were held by the Company as at the date of licence revocation, meaning over EUR 110M of safeguarded funds have been returned to customers or settled with card schemes on behalf of customers. Safeguarded liabilities are matched by funds held in a segregated bank account of the Company with a reputable credit institution. The remaining safeguarded funds will be handed to the administrator to distribute to safeguarded customers.
UAB PayrNet has achieved a migration to new service providers of substantially all of its active customer programmes, meaning that customers have been able to access new financial services as quickly as possible.
There are a few programmes where the service provider has ceased operations and there were challenges with the return of safeguarded funds, or where the Company lacked bank details to return funds to customers.
Directors, UAB PayrNet
Previous updates
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16 October Updates
Dear Customer, This is a further update on UAB PayrNet’s (the “Company”) progress in returning safeguarded funds to customers and end-users. As at Monday 16 October 2023 the business has returned over 92% of the safeguarded funds which were held by the Company as at the date of licence revocation, meaning over EUR 107M of…
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11 September, 2023
Dear Customer, This is a further update on UAB PayrNet’s progress in returning safeguarded funds to customers and end-users. As of the end of last week (ending 8 September, 2023) the business was able to return another 8% of the safeguarded funds which were held by us as at the date of licence revocation. This…
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4th September update
We wanted to provide a further update on our programme of returning safeguarded funds to customers. As anticipated on our last update, we have managed to return the majority of e-money funds to customers by the end of August 2023, principally by means of migrating whole programmes to new service providers. By the end of…
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22 August Update
We wanted to provide you with an important update regarding the return of your funds from UAB PayrNet. As you may be aware, we recently announced our wind-down plans, including the intention to refund all customer balances by August 22nd. Although we have made good progress, a more complex reconciliation process than anticipated has taken…
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25 June Regulatory Update
Important notice to our customers, partners, and endusers in the EU/EEA UAB PayrNet: We regret to inform you that, on 22 June 2023, the Bank of Lithuania made the decision to revoke the electronic money institution license of UAB PayrNet. This means we are no longer able to provide electronic money and payment services to…