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Monday, 4 October 2010

Crown Currency Exchange in administration

Crown Currency Exchange, one of the largest foreign exchange websites, has gone into administration blaming the recession in the travel market.

Administrators MCR said that an estimated 13,000 consumers would be affected.

The business, based in Hayle in Cornwall, was established by a husband and wife team 5 years ago. Crown Currency Exchange allowed individuals and business customers to pre-order foreign exchange at a set price up to a year in advance, with amounts of between £300and £10,000 available.

The firms bank accounts were frozen by Barclays at the weekend, barring it from withdrawing or transmitting any money to customers. So why was the bank account frozen? A bank can of course freeze the account of any of its customers if it feels that it is unlikely to get any money owed back. It should be remembered that a bank will almost certainly freeze a business account if a winding up petition has been served on the company. It is not clear whether this was what precipitated the move but, no doubt, we will find out soon!

If you go to the company's website there is one page informing anyone to contact the administrators. Why

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