Argentex LLP collapsed in July 2025 after failing to meet FCA liquidity requirements. The firm ceased all client trading on 17 July 2025, entered Special Administration under the Payment and Electronic Money Institution Insolvency Regulations 2021 on 21 July 2025, and is now wound down by Joint Special Administrators from FRP Advisory. A £3 million rescue acquisition by IFX Payments was terminated on 7 August 2025 after the insolvency event. As of May 2026, client funds remain frozen pending the Joint Special Administrators’ reconciliation and claims process.
This guide explains what happened to Argentex in full: the FCA action that triggered the collapse, the special administration process, the failed IFX Payments deal, and where things stand for clients in 2026. For the original timeline and our coverage of the immediate aftermath, see our Argentex special administration article.
Argentex collapse: the short version
Argentex was a UK FX provider serving roughly 2,000 corporate and institutional clients. The firm was listed on AIM as Argentex Group PLC and operated through its trading arm Argentex LLP. In the second quarter of 2025 it ran into a liquidity crisis driven by foreign exchange market volatility — particularly in the US dollar — that increased the firm’s margining and collateral requirements faster than its capital base could support.
The FCA imposed a Voluntary Requirement (VREQ) on 26 June 2025 limiting Argentex’s regulated activities. A second, stricter VREQ on 17 July 2025 effectively halted the business. Special Administration was granted by the High Court on 21 July 2025. The listed parent Argentex Group PLC entered administration under the Insolvency Act 1986 three days later. The proposed rescue by IFX Payments — agreed in April 2025 — was terminated on 7 August 2025 because the deal had been conditional on Argentex remaining out of insolvency.
Full timeline: from VREQ to special administration
| Date | Event |
|---|---|
| April 2025 | IFX Payments and Argentex agree a recommended acquisition at approximately £3 million |
| 21 May 2025 | Scheme Document published setting out the IFX acquisition terms |
| 11 June 2025 | Argentex shareholders approve the acquisition by IFX Payments |
| 26 June 2025 | FCA imposes Voluntary Requirement (VREQ) on Argentex LLP — restricts new business |
| 15 July 2025 | Argentex misses an FCA liquidity requirement of approximately £23.6 million |
| 17 July 2025 | Argentex LLP agrees a further VREQ; halts all trading and client activity |
| 18 July 2025 | Argentex Group PLC stock suspended from trading on AIM |
| 21 July 2025 | Argentex LLP enters Special Administration under PESAR; FRP Advisory appointed as Joint Special Administrators |
| 24 July 2025 | Argentex Group PLC and Argentex Technologies Limited enter administration under the Insolvency Act 1986 |
| 7 August 2025 | IFX Payments formally terminates the £3 million acquisition |
| Late 2025 | Former Argentex CEO launches new venture, Tenora, focused on FX risk management |
| May 2026 (current) | Argentex LLP remains in Special Administration; Joint Special Administrators continue reconciliation work and customer claims process |
Why did Argentex collapse?
The collapse was triggered by liquidity pressure rather than fraud or operational failure. Argentex’s business model required posting margin and collateral with banks and counterparties to support corporate FX hedging — particularly forward contracts. When the US dollar moved sharply in the second quarter of 2025, the margining required to support open client positions rose faster than the firm could fund.
By June 2025 the FCA had concluded that Argentex’s liquidity position warranted regulatory intervention. The 26 June VREQ stopped Argentex from onboarding new clients or taking on new FX trades. When the firm missed an agreed liquidity threshold of around £23.6 million on 15 July, the situation escalated. A further VREQ on 17 July effectively shut the business. Without an orderly resolution available — the IFX deal still required time and was conditional on solvency — the board moved to Special Administration to protect client funds.
Argentex was authorised by the FCA both as a payment services provider and for wealth management. Client funds for payment and electronic money activities were held under safeguarding rules, separate from the firm’s own bank accounts. Wealth management client money was held under FCA client money rules. These segregation requirements are precisely the framework that Special Administration is designed to work with, and were the reason the FCA preferred Special Administration over standard administration for the LLP.
What is special administration under PESAR?
Special administration under the Payment and Electronic Money Institution Insolvency Regulations 2021 (PESAR) is a bespoke insolvency procedure for FCA-authorised payment institutions and electronic money institutions. Its primary objective is the return of customer funds as soon as reasonably practicable, with secondary objectives of engaging with financial authorities and (where possible) rescuing the firm as a going concern.
Special Administrators have stronger powers than standard administrators for handling client funds. They take control of safeguarded balances at the firm’s banks (in Argentex’s case, the segregated accounts holding payment-service client money) and reconcile these against customer claims under FCA oversight. Reasonable administration costs can be deducted from the safeguarded pool under PESAR rules — meaning the recovery is rarely 100p in the £, even where safeguarding has been operated correctly.
The Joint Special Administrators on Argentex are Daniel Conway, Anthony Wright, and David Hudson of FRP Advisory Trading Limited, appointed on 21 July 2025. They are officers of the Court, regulated by their professional bodies, and accountable to the High Court of Justice and to the FCA throughout the process. Customer queries are directed to argentexcustomers@frpadvisory.com.
The IFX Payments rescue: what happened and why it collapsed
The IFX Payments and Argentex deal is a central part of the Argentex story and the most-asked question from former Argentex clients. In short: IFX Payments did not acquire Argentex. The deal was terminated after Argentex entered Special Administration.
In April 2025, IFX Payments — an FCA-authorised electronic money institution and operator of the ibanq multi-currency platform — agreed to acquire Argentex Group for approximately £3 million. The deal was structured as a scheme of arrangement and published in the Scheme Document on 21 May 2025. Argentex shareholders approved the transaction on 11 June 2025. The acquisition was conditional on a number of points including regulatory approval and a clean insolvency condition.
When Argentex LLP entered Special Administration on 21 July 2025, the Insolvency Condition was triggered. IFX Payments consulted with the Takeover Panel and confirmed termination of the deal on 7 August 2025. IFX did not take on Argentex’s clients, contracts, employees, or client funds. The Argentex client base is managed by the Joint Special Administrators, not by IFX Payments. Anyone considering IFX Payments as an alternative is making a fresh commercial decision, not transferring an existing Argentex relationship.
Are Argentex client funds safe?
Client funds at Argentex were held under FCA safeguarding rules: segregated from the firm’s own assets in separate client accounts at the firm’s safeguarding banks. These funds are ring-fenced from Argentex’s general creditors in the insolvency and are intended to be returned to clients via the Special Administration process.
However, important caveats apply. Argentex is not covered by the Financial Services Compensation Scheme (FSCS) for payment services — FSCS covers bank deposits, not payment institution funds. Some client money held for wealth management activity may be FSCS-eligible, and the FSCS is working with the Joint Special Administrators to determine this case by case. Reasonable administration costs are deducted from the safeguarded pool before distribution under PESAR rules. Recovery timelines depend on the Joint Special Administrators’ ability to reconcile customer balances and the complexity of the cases involved.
For comparison and rough timing context: a recent UK precedent, Rational Foreign Exchange Limited (also a PESAR case, distribution plan approved by the High Court in July 2025), took approximately 18 months from Special Administrator appointment to court-approved distribution. In that case customers ultimately received around 7.7p per £1 of their claims. The Rational FX case had reconciliation challenges from poor record-keeping that may not apply to Argentex — but it remains the closest available precedent for what PESAR resolution looks like in practice.
For a fuller explanation of how UK currency broker safeguarding works, the differences between safeguarding and FSCS, and what clients can do when their broker stops trading, see our guide to what to do if your UK currency broker stops trading.
What about Argentex forward contracts?
Argentex held a substantial book of forward contracts on behalf of clients — agreements to exchange currencies at a fixed rate on a future settlement date. The legal position is that these contracts remain in force between the client and Argentex LLP, now managed by the Joint Special Administrators. They are not automatically terminated by the Argentex insolvency, and they cannot be transferred to a different broker.
In practice, Argentex’s ability to perform on open forward contracts depends on the JSAs’ progress, the value of safeguarded funds attributable to each position, and any settlements with counterparties on the bank side of the trades. Clients with active forward contracts at the time of administration should engage with the Joint Special Administrators directly and consider entering replacement forward contracts with a new provider at current market rates if the underlying commercial need still exists.
Where Argentex stands in May 2026
Ten months into the Argentex administration, Argentex LLP remains under the control of FRP Advisory. Argentex Group PLC and Argentex Technologies Limited remain in administration under the Insolvency Act 1986. The Argentex Group PLC shares remain suspended from AIM. Companies House records continue to list the relevant Argentex entities as “In Administration” and registered care of FRP Advisory.
The Joint Special Administrators have continued reconciliation work on the client money and safeguarded balances. As of the most recent FRP Advisory FAQ updates, no specific timeline for distribution has been confirmed and customers should expect a process measured in months rather than weeks. Customer queries continue to be routed through argentexcustomers@frpadvisory.com.
The Argentex brand has not been sold to a third party. In late 2025, the former Argentex CEO launched a new venture called Tenora — a separate business focused on FX risk management. Tenora is not the same firm as Argentex, has no continuity of client funds, contracts, or regulatory permissions, and operates independently. Former Argentex clients have no automatic relationship with Tenora.
What former Argentex clients should do now
- Engage with the Joint Special Administrators at argentexcustomers@frpadvisory.com if you have not already submitted a claim or confirmed your position. Keep all records of historic transactions, statements, and forward contract confirmations.
- Do not send any further funds to Argentex. The firm is restricted from accepting new client funds and remains in Special Administration.
- Set up an alternative FX provider. Even if you are still awaiting clarity on your Argentex position, ongoing currency requirements — supplier payments, payroll, property completions, hedging — cannot wait for the administration timeline. Our guide to Argentex alternatives compares the leading UK options for business clients.
- Verify FCA authorisation of any new provider on the FCA Financial Services Register before opening an account.
- Review your hedging requirements. If you had active forward contracts with Argentex, work with a new provider to assess whether replacement positions are needed at current market rates.
“The Argentex situation has been one of the most significant FX broker failures the UK has seen in recent years,” says Anthony Bull, CEO of Cambridge Currencies. “The most practical thing former Argentex clients can do is separate the two timelines: the Special Administration process will run on its own schedule with the JSAs, and that’s largely out of clients’ direct control. What is in their control is making sure they have a working alternative FX provider in place for ongoing business needs. The two are independent — there’s no benefit to waiting on the Argentex outcome before sorting out a replacement provider.”
Speaking to a Cambridge Currencies specialist
Cambridge Currencies has been working with a number of former Argentex clients on transition to a new FX provider since the collapse. The service is phone-based with a named specialist on every trade — the closest service-style parallel to Argentex’s dealer-led model. Business onboarding typically completes within one to two working days, and we don’t require any commitment to transact in order to have a conversation about your situation.
You can request a call or quote to discuss your specific needs. For a comparison of Cambridge Currencies alongside other FCA-regulated UK alternatives, see our Argentex alternatives guide.
Argentex LLP, a UK FX provider, collapsed in July 2025 after failing to meet FCA liquidity requirements. The firm ceased all client trading on 17 July 2025 and entered Special Administration under the Payment and Electronic Money Institution Insolvency Regulations 2021 on 21 July 2025. Argentex Group PLC, the AIM-listed parent, entered administration under the Insolvency Act 1986 three days later. A proposed £3 million rescue acquisition by IFX Payments was terminated on 7 August 2025 after the insolvency event. Joint Special Administrators from FRP Advisory manage the wind-down.
No. Argentex LLP ceased all client trading and FX activity on 17 July 2025. The firm remains in Special Administration under PESAR and is not accepting new clients, new trades, or new funds. Argentex Group PLC’s AIM listing has been suspended since 18 July 2025. Customers should not send any further funds to Argentex.
No. IFX Payments agreed to acquire Argentex in April 2025 for approximately £3 million, and the deal was approved by Argentex shareholders in June 2025. However, the acquisition was conditional on Argentex remaining out of insolvency. When Argentex LLP entered Special Administration on 21 July 2025, IFX Payments invoked the Insolvency Condition and formally terminated the deal on 7 August 2025. IFX Payments did not take on Argentex’s clients, client funds, contracts, or employees.
Argentex client funds were held in segregated, safeguarded accounts at the firm’s safeguarding banks under FCA rules. These funds are ring-fenced from Argentex’s general creditors and are intended to be returned to clients via the Special Administration process. However, Argentex is not covered by the Financial Services Compensation Scheme (FSCS) for payment services — FSCS does not cover payment institutions. Reasonable administration costs are deducted from the safeguarded pool under PESAR rules. A comparable PESAR precedent (Rational FX) returned approximately 7.7p per £ of customer claims after 18 months — Argentex’s outcome may differ materially.
Daniel Conway, Anthony Wright, and David Hudson of FRP Advisory Trading Limited were appointed as Joint Special Administrators of Argentex LLP on 21 July 2025 by order of the High Court. They are responsible for managing the wind-down of Argentex LLP, reconciling customer balances, processing claims, and returning safeguarded client funds where possible. Customer queries should be directed to argentexcustomers@frpadvisory.com.
Argentex forward contracts remain legal agreements between you and Argentex LLP, now managed by the Joint Special Administrators. They cannot be transferred to a different broker. Contact the Joint Special Administrators to confirm the status of your position. If the underlying commercial need still exists — for example a property completion or supplier payment — consider entering a replacement forward contract with a new FCA-regulated provider at current market exchange rates.
There is no fixed timeline for the return of safeguarded funds in the Argentex Special Administration. The Joint Special Administrators continue to work through reconciliation of customer balances and report progress to creditors. As a reference point, the comparable PESAR case of Rational FX took approximately 18 months from Special Administrator appointment to court-approved distribution. Argentex’s specific outcome will depend on the complexity of reconciliation, the size of the safeguarded pool, and the deduction of reasonable administration costs.
This article reflects publicly available information as of May 2026. Argentex LLP remains in Special Administration under PESAR; Argentex Group PLC and Argentex Technologies Limited remain in administration under the Insolvency Act 1986. Customers and creditors should engage directly with the Joint Special Administrators (FRP Advisory Trading Limited) for case-specific information. The information in this article is for general guidance only and not personalised regulatory or legal direction. Cambridge Currencies has no commercial relationship with Argentex LLP, Argentex Group PLC, IFX Payments, FRP Advisory, or Tenora. Cambridge Currencies operates via FCA-authorised payment partners Currencycloud (FRN 900199) and ScioPay (FRN 927951).
