Customer notice The Good Box Co Labs Limited – In Administration (“the Company”)
We write to advise you that the High Court made an Administration Order against The Good Box Co Labs Ltd (“GoodBox”) on 28 June 2022 with Jeremy Charles Frost and Stephen Patrick Jens Wadsted of Frost Group Limited appointed as Joint Administrators.
As you will be aware, the impact of the pandemic has hit the charitable sector hard, and recovery has been slower than anticipated. Moreover, there have been some internal disputes at board and shareholder level which have stalled the Company’s ability to secure the additional investment needed to support the business. We are working together with the Administrators with the aim to implementing a restructuring plan that will allow the Company to survive, and to ensure that further funding is secured. This is in line with the requirements of The Payment and Electronic Money Institution Insolvency Regulations 2021.
The Company is continuing to trade with there being no disruption in the process of transferring donations to the Charities. Efforts are being made to shorten the time frame between the donation being made and the funds being paid to the Charities. We endeavour to return all client monies as soon as possible.
For clients who have completed the onboarding process and are now expecting delivery of their new GBx mini or GBx Core terminals, we will be in touch further before initiating the shipment.
The Joint Administrators are doing their utmost to provide the best possible outcome for all of our stakeholders and your continued support during this time of transition is very much appreciated.
Should you have any queries regarding the Administration, please use the following contact information:
For general enquiries: Contact Frost Group Limited
By post: Frost Group Limited, Regus, One Elmfield Park, Bromley BR1 1LU
By email: firstname.lastname@example.org.
By phone: 020 3747 7004
Frequently Asked Questions:
Impact on customer journey
The aim of the Administration is to ensure the customer journey is not affected.
Are there any Risks to customers (including both financial loss and other disruption)?
The aim of the Administration is to ensure there is no financial risk to customers. The Administrators cannot guarantee there will be no disruptions but are working closely with us to ensure any disruptions are minimised. As mentioned above, Good Box will continue to collect donations on behalf of the Charities and will continue to segregate all monies belonging to clients. There is no effect on the customer journey. You can log on in your usual way and make a donation.
What customers next steps should be
The aim of the Administration is for the company to survive as a going concern. There should not be any impact on customers. However, should you wish no longer wish to receive donations from Good Box please let us know immediately in writing to Goodboxcustomer@frostbr.co.uk
Is the money donated to my Charity safe?
The money you have donated to Charity will continue to be kept in a segregated account as previously explained above. We can confirm that the firm will continue to voluntarily safeguard funds as a requirement set out in regulation 23 of the Payment Services Regulations 2017 (PSRs). These segregated funds will be repatriated.
Monies will continue to be distributed by Metro Bank. There are no plans for the banking arrangements to be changed.
Measures have been taken to ensure donations are kept safe, these include an additional extra tier of management provided by the Administrators who will liaise with the financial management team at Good Box to ensure all monies received and held in connection with terminal transactions is monitored, supervised, reconciled, and accounted for.
Good Box, is registered with the FCA. All monies sent to Good Box shall remain under the segregation rules of the Payment Services Regulations 2017, regulation 23 which requires a firm to maintain a bank account specifically to segregate its own money from yours as a customer.
Will there be any delay in the payment of donations to me?
We are not envisaging any particular delays in the process of making payments. Indeed, the payment run from Wednesday 29 June 2022 and 6 June 2022 went ahead as expected.
What is an Administration Order?
This is a Court Order made as an alternative to a Liquidation. An application is made when it is believed that there is a better option for creditors than just proceeding to Liquidation utilising a number of defined purposes. In this instance, the principal purpose of the Administration to save the Company as a going concern.
What is a Liquidation?
This is the orderly winding up of the affairs of a Company.
Who made the Application for the Administration Order?
An application is usually made by the Company. However, in this instance the application was made by a creditor (NGI Systems & Solutions Limited).
Question not answered here? then please e-mail your question to the Administrators on Goodboxcustomer@frostbr.co.uk