Virpay - Hungarian EMI

happysailor

New Member
Does anyone have any information on Virpay? They have blocked accounts in May due to investigation of Hungarian National Bank. The investigation is supposed to end on 31st of October.
 

MrTony

Trusted Member
Business Angel
They do not accept new clients, as I know. Earlier they opened accounts for limited partnerships with nominees.
 

MarioSmith

Active Member
The Hungarian Central Bank extended the investigation for 2 months: from 14.09. till 14.11.
It appears that the problems are more serious that they seemed before because VIRPAY insisted that all money is there and everything is fine. Now we see that there are some other issues, otherwise service would have been resumed.
I think they will go down anyway because they were taking all the jurisdictions and their compliance checks were very weak.
 

MarioSmith

Active Member
VIRPAY does not have legal rights simply to send the money back to clients now.
The restrictions of Central Bank still are in force and now they have appointed an administrator.

Investigation is still ongoing and the latest news are that VIRPAY will go into liquidation and funds will be returned during liquidation process - the average estimate for clients to recover money in this case is 2 years.

We are now working with a local lawyer who found the breaches in law by them so our clients should be able to recover money thorugh court case faster.
 

Agnes

New Member
Hello Everyone.

Does anyone have any news on Virpay as of today?
Even if they go for liquidation, when do you think they will return the funds.?
As far as i understand they are not a bank and therefore cannot just go bankrupt as they don't lend money/credits, etc. ...
 

Agnes

New Member
VIRPAY does not have legal rights simply to send the money back to clients now.
The restrictions of Central Bank still are in force and now they have appointed an administrator.

Investigation is still ongoing and the latest news are that VIRPAY will go into liquidation and funds will be returned during liquidation process - the average estimate for clients to recover money in this case is 2 years.

We are now working with a local lawyer who found the breaches in law by them so our clients should be able to recover money thorugh court case faster.
Hello.

Is there any possibility that we could liaise with you? Maybe we might want to address to lawyers as well...
Thank you in advance.
 
Top