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Customers of a failed Cornwall currency exchange firm who had booked honeymoons and holidays are told they will have to wait more than six months to hear if they will be compensated
Customers of a collapsed Cornwall currency company have been warned it could be six months before they hear if they are going to get any cash back.
Crown Currency Exchange (CCE) in Hayle went into administration on Monday, owing individual amounts of between £300 and £10,000.
Some of the firm's customers were planning holidays and honeymoons.
Administrators MCR said it could take "a number of months" for it to work out how much money could be given back.
Customers need to register with MCR as a creditor - those who are owed money - to get money back from the company's remaining cash.
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But MCR has yet to determine how much money CCE had or which creditors get priority.
It said: "Should any monies become available in the form of a dividend, this is likely to be in excess of six months from the date of the joint administrators' appointment before the timing and quantum if any is known."
Moneyexpert.com founder Martin Lewis told BBC News that there was nothing else customers could do.
He said: "It is a desperate situation, but unfortunately the laws in this country mean that a company can carry on trading with relatively little indication that it is going to stop.
"The real disgrace is that if you buy your holiday money in the UK and something goes wrong, there is absolutely no protection."
He advised people to buy their currency face to face in order to avoid losing their money.
Some customers of CCE had bought their currency weeks of even months in advance as a form of currency speculation.
The Moneybox programme will be examining the issues raised by the collapse of CCE on BBC Radio 4 at 1200 BST on Saturday.
This article is from the BBC News website. ? British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.
Customers of a failed Cornwall currency exchange firm who had booked honeymoons and holidays are told they will have to wait more than six months to hear if they will be compensated
Customers of a collapsed Cornwall currency company have been warned it could be six months before they hear if they are going to get any cash back.
Crown Currency Exchange (CCE) in Hayle went into administration on Monday, owing individual amounts of between £300 and £10,000.
Some of the firm's customers were planning holidays and honeymoons.
Administrators MCR said it could take "a number of months" for it to work out how much money could be given back.
Customers need to register with MCR as a creditor - those who are owed money - to get money back from the company's remaining cash.
Related stories
But MCR has yet to determine how much money CCE had or which creditors get priority.
It said: "Should any monies become available in the form of a dividend, this is likely to be in excess of six months from the date of the joint administrators' appointment before the timing and quantum if any is known."
Moneyexpert.com founder Martin Lewis told BBC News that there was nothing else customers could do.
He said: "It is a desperate situation, but unfortunately the laws in this country mean that a company can carry on trading with relatively little indication that it is going to stop.
"The real disgrace is that if you buy your holiday money in the UK and something goes wrong, there is absolutely no protection."
He advised people to buy their currency face to face in order to avoid losing their money.
Some customers of CCE had bought their currency weeks of even months in advance as a form of currency speculation.
The Moneybox programme will be examining the issues raised by the collapse of CCE on BBC Radio 4 at 1200 BST on Saturday.
This article is from the BBC News website. ? British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.