In the High Court of Justice

Business & Property Courts, Insolvency & Companies List ChD Court Number: CR-2025-002375

BLACKTHORN FINANCE LTD

Registered office: C/O S&W Partners LLP, RRS Department, 45 Gresham Street, London, EC2V 7BG

Principal trading address: 74 Back Church Lane, Unit 8, London, E1 1LX

Adam Stephens, Philip Hemming and Kevin Ley of S&W Partners LLP, 45 Gresham Street, London, EC2V 7BG were appointed as joint special administrators (the Joint Special Administrators) of Blackthorn Finance Limited (In Special Administration) (“Blackthorn”) on 14 April 2025 by the High Court of Justice, Business and Property Court.

Relevant Funds Soft Bar Date Notice

The Joint Special Administrators hereby give notice, in accordance with Regulation 20 of the Regulations as follows:

1. The Joint Special Administrators consider that it is necessary, in order to expedite the return of relevant funds to customers, to set a soft bar date of 28 May 2025 (the Soft Bar Date), for the submission of relevant funds claims (a Relevant Funds Claim), as set out in Regulation 20(1) of the Regulations.

2. For the avoidance of doubt, a Relevant Funds Claim:

a. are claims that Customers may have in respect of funds that were received by Blackthorn for the execution of a payment transaction and which Blackthorn was required to safeguard pursuant to the Payment Services Regulations 2017 prior to the commencement of the special administration on 14 April 2025; and

b. does not relate to any other type of claim that you may have against Blackthorn (an Unsecured Claim).

3. The Soft Bar Date represents the deadline by which customers are required to return their Customer Claim Form (or otherwise submit their claim(s)) to register their Relevant Funds Claims.

4. The Joint Special Administrators consider that the period of time between the publication of this Relevant Funds Soft Bar Date Notice and the Soft Bar Date is a reasonable amount of time for customers to be able to calculate and submit their Relevant Funds Claims in advance of the Soft Bar Date.

5. Customer Claim Forms were issued to all known customers on 17 April 2025, including details of how to submit the Relevant Funds Claim as outlined above. Whilst the Customer Claim Form also gives customers the option to submit their Unsecured Fees Claim at the same time as their Relevant Funds Claim, it is only the Relevant Funds Claim that must be submitted prior to the Soft Bar Date. A separate notice regarding Unsecured Claims will be issued to customers in due course and customers will have the option to submit any such Unsecured Claim at a later date, if not already included in the Customer Claim Form.

6. The purpose of the Soft Bar Date is to allow the Joint Special Administrators to commence the process for assessing submitted Relevant Funds Claims in order to make distributions of relevant funds to customers in accordance with the terms of a Distribution Plan to be prepared by the Joint Special Administrators pursuant to Rule 112(1) of the Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021 (the Rules).

7. This notice will be (as set out in rule 110 of the Rules):

a) sent to each customer of whose Relevant Funds Claim the Joint Special Administrators are aware and whom the Joint Special Administrators have a means of contacting;

b) sent to all persons whom the Joint Special Administrators believe have a right to assert a security interest over, or other entitlement to, over the relevant funds asset pool and whom the Joint Special Administrators have a means of contacting;

c) placed into the London Gazette;

d) be sent to the Financial Conduct Authority; and

e) uploaded on the portal which can be accessed here: https://www.ips-docs.com/ using log-in details circulated to all known customers and creditors. Log-in details can be obtained by contacting the Blackthorn Finance Limited Customer and Creditor Helpline on 020 7397 2594.

A person submitting a Relevant Funds Claim must do so in writing to the Joint Special Administrators and must comply with the requirements of Rule 102 of the Rules. Relevant Funds Claims can be sent to blackthorn.finance@swgroup.com or, alternatively, by post to Blackthorn Finance Limited, c/o S&W Partners LLP, RRS Department, 45 Gresham Street, London, EC2V 7BG.

If you believe that you have a Relevant Funds Claim, please submit details of your claim, in advance of the Soft Bar Date, in accordance with the instructions provided to you.

Unless otherwise ordered by the Court, every customer who submits a Relevant Funds Claim must bear the cost of making its own Claim, including but not limited to, providing additional documentation, or supporting evidence.

After the Soft Bar Date has passed, the Joint Special Administrators reserve the option to:

1. make an application to the Court under Regulation 21(3) to approve the setting of a final Hard Bar Date for the submission of all Relevant Funds Claims by customers of Blackthorn; and

2. upon the approval of the Court given on such an application, issue a Hard Bar Date Notice.

Should you have any general queries in relation to this notice, please contact the Joint Special Administrators via the contact details provided below.

Specific advice relating to the scope and effects of this Relevant Funds Soft Bar Date Notice should be directed to your own legal or professional adviser.

Date of Appointment: 14 April 2025

Joint Administrator's Name and Address: Adam Stephens, S&W Partners LLP, 45 Gresham Street, London, EC2V 7BG, IP No. 9748, Telephone: 020 7397 2594

Joint Administrator's Name and Address: Philip Hemming, S&W Partners LLP, 45 Gresham Street, London, EC2V 7BG, IP No. 30750, Telephone: 020 7397 2594

Joint Administrator's Name and Address: Kevin Ley, S&W Partners LLP, 45 Gresham Street, London, EC2V 7BG, IP No. 25090, Telephone: 020 7397 2594

Additional Contact: For further information, contact the Joint Special Administrators’ staff at the offices of S&W Partners LLP, on 020 7397 2594, or blackthorn.finance@swgroup.com.

Ag CK20589