PCT and Tuxedo in Liquidation


Important information about your Prepaid Card

Dear Customer,

It is with deepest regret we inform you that PCT London Limited (“PCT”) and the subsidiary companies, Payment Card Technologies (Retail) Limited, Tuxedo Money Plus Limited and Tuxedo Money Solutions Limited have gone into liquidation (insolvency proceedings). The joint liquidators James Money and Steve Butt of Rollings Butt LLP have been appointed as liquidator of each of the above-named entities. To contact the liquidators please email [email protected]

What does it mean for me?

Your card program is terminating. 

You should be able to continue to use your card up to the date highlighted in our previous notice to you informing you that the card program will terminate. After this date your card will cease to work. 

You should check the terms and conditions of your card to see if you are entitled to the funds remaining on it once your card has expired.  If you have the right to the funds remaining, you will need to contact the card issuer to redeem them.

The card issuer’s name is printed on the back of your card and their details are also set out in your card terms and conditions. If your card and its terms and conditions refer to Wirecard Card Solutions Limited as the card issuer, please contact PayrNet Limited who is the current issuer of your card. Their details are set out below.

Your funds are held by the card issuer

Your card will be issued by one of the following:

  • PayrNet Limited, an e-money institution, authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (registration number 900594) for the issuing of electronic money.  Registered office: 138 Holborn, London, England EC1N 2SW.  PayrNet is a subsidiary of Railsbank Technology Limited. PayrNet and Railsbank took over cards issued by Wirecard Card Solutions Limited.
  • IDT Financial Services Limited, a regulated bank, licensed by the Financial Services Commission Gibraltar under the Financial Services (Banking) Act 1992. Registered Office: 57-63 Line Wall Road, Gibraltar. Registered No. 95716.

Both card issuers have a legal obligation to continue to safeguard any funds remaining on your card for six years from the date your card terms and conditions terminate.

Claiming a refund / redeem funds You should contact your card issuer to arrange for the balance remaining on your card to be transferred to your bank account. To do so, please send an email to them with the words ‘Refund Required’ in the subject line.  You must include your name and last 4 digits of your card number in the email. You may be asked to provide information to your card issuer so they can confirm you are the card holder

Please note that you will be asked to provide proof of your bank details in the form of a recent bank statement before the card issuer will process a redemption.

For data security, we recommend that you encrypt your bank statement before sending it by either using an encryption zip software or by simply password protecting the document. You must send the password to the card issuer in a separate email. If you need assistance in encrypting your statement,  contact your card issuer at the email address below.  

All redemptions will be processed directly by your card issuer.  They will be able to advise of the timeline for returning your funds. Please ensure that you check the terms and conditions of your card to ensure you are entitled to the funds remaining after your card has expired.

Email contact details for card issuers are:

Payrnet Limited (Railsbank which has recently changed its name to Railsr) [email protected]

If you wish to make a claim for a refund, please follow the link below and complete the form: https://railsbank.typeform.com/to/ddiEgFsA?typeform-source=www.google.com

IDT Financial Services Limited [email protected]

If you have no balance on your card

You don’t need to take any further action and please disregard this email.

If you have any questions

If you have any questions, please contact your card issuer using the contact email above.

Please note that all other contact details set out on your card, card programme website or card terms and conditions will no longer be in use. Any calls made or messages sent will not be answered or forwarded.

Sincerely team

PCT London Limited
Payment Card Technologies (Retail) Limited
Tuxedo Money Plus Limited
Tuxedo Money Solutions Limited
(All in Liquidation)

Steven Edward Butt and James Douglas Ernle Money are licensed to act in the UK as insolvency practitioners by the Insolvency Practitioners Association.  

Where acting as administrators, liquidators or receivers, our insolvency practitioners act as agents of the relevant company and without personal liability. 

All our practitioners are bound by the Insolvency Code of Ethics when carrying out all professional work in relation to an insolvency appointment. This can be found at https://insolvency-practitioners.org.uk/uploads/documents/65baadb56952a72e3afcad93591920f4.pdf.

Rollings Butt is a trading name of Rollings Butt LLP, a limited liability partnership registered in England No: OC348050. The word “partner” used in relation to the LLP refers to a member of the LLP. A list of the members of the LLP is displayed at the LLP’s registered office: 6 Snow Hill, London, EC1A 2AY. 

To view our privacy statement, please click here or to view our formal insolvency cases privacy statement, please click here. To opt out of future correspondence please email [email protected].