Those funds are now frozen. 
Looking at #wirecard card services filings on @CompaniesHouse raises a number of flags. The 2018 accounts were only filed on 12 May 2020 when they should have been filed in May 2019.
I haven't yet digested the entire document. but its worthwhile noting that (a) the risk section is long and detailed; (b) the filing of the accounts is 1 month prior to @wirecard application for bankruptcy.
There are repeated reference to #covid19 which was subsequent to the FY2018. Typically any events that occur subsequent to the end of the reporting period are captured in 'subsequent events'.
however there is no reference to the 'unaudited' financial position of the entity post reporting period. This to me is highly unusual.
Again please be cautious of any party that uses #wirecard card services as payment processor representing to their clients that their funds are avaiable for dispersement. Please seek your own legal advice regarding these representations.
As you can see from the balance sheet those funds are represented as the "assets" of #wirecard card services and client funds are "liabilities" are owed. aka unsecured creditors.
Since these are 2018 accounts, the actual financial position as of today is unknown. It is possible the balance sheet has deterioated significantly in the last 12 months. 'intangible asset' of $6.442million attributed to "customer relationships" certainly do not provide comfort
FCA's announcement. Note: #wirecard is only able to reduce the funds held on behalf of clients at their direction. What's unclear is if wirecard card services has those funds on hand (as the 2018 financials are 18 months out of date) and aren't exactly trustworthy.
@threadreaderapp rollup
