Rational Foreign Exchange Limited – in Special Administration

Xendpay Limited – In Administration


Kristina Kicks and Ed Boyle of Interpath Advisory were appointed the Joint Special Administrators (“JSAs”) of Rational Foreign Exchange Limited (“Rational FX”) and Joint Administrators of Xendpay Limited (“Xendpay”, together, the “Companies”) on 29 November 2023.

Only limited information is available at this early stage of the Special Administration/Administration. Our initial actions will be to secure the assets of the Companies, including securing all customer safeguarded funds. 

Whilst every effort will be made to return funds to customers as soon as possible, it will firstly be necessary for the JSA’s and Administrators to secure control of all relevant information, reconcile balances and ensure that the necessary due diligence and know your customer information is present, current and correct.  Unfortunately, customers will not have access to their funds while these works are undertaken.

Please see the JSA/Administrators’ insolvency portal pages for the Companies as follows:

https://www.ia-insolv.com/case+INTERPATH+RNB30B2912.html and https://www.ia-insolv.com/case+INTERPATH+XNB30B2323.html.

We will update these websites with any updates on progress along with detailed Frequently Asked Questions (“FAQs”). Should you have any queries please consult this website in the first instance.

Please continue to submit any enquiries you may have to the Rational FX and Xendpay Customer Services team in the first instance at the following details:

Rational FX Customer Services


Europe +33 3 76 04 50 00

UK +44 (0)20 7220 8181


Europe-based clients - [email protected]

UK-based clients - [email protected]

Xendpay Customer Services

Telephone: +44(0)20 7220 8158
Email: [email protected]


The JSAs’ team can be contacted by emailing [email protected] for specific enquiries. Please note that due to a high volume of enquiries we may not be able to respond to you immediately.

Being Alert to Scams 

All customers should remain alert to the possibility of fraud. If you are cold called by someone claiming to be from Rational FX, Xendpay, or the FCA, please end the call and call them back using the number above. The JSAs will not be contacting customers directly by telephone.

More information about this can be found on the FCA website at https://www.fca.org.uk/consumers/protect-yourself-scams.


Do I need to use a third party to get my money back? 

If you are approached by a company offering to help you recover your money, you should proceed with caution. For the vast majority of the firm’s clients, there will be no benefit in involving a third party in making a claim. 

If you have any questions about the special administration process, please contact the joint special administrators using the contact details above.


Ed Boyle and Kristina Kicks were appointed as Joint Special Administrators of Rational Foreign Exchange Limited (“Rational FX”) and Joint Administrators of Xendpay Limited on 29 November 2023 (“Xendpay”, together the Companies). 

Rational FX is authorised as an Authorised Payment Institution and regulated by the Financial Conduct Authority, registration number 507958. Xendpay is authorised as a PSD Agent, registration number 583155 respectively.

The affairs, business and property of the Companies are being managed by the Joint Special Administrators and the Joint Administrators. The Joint Special Administrators and Joint Administrators act as agents of the Companies and contract without personal liability.

Kristina Kicks and Ed Boyle are authorised to act as insolvency practitioners by the Institute of Chartered Accountants in England & Wales.  We are bound by the Insolvency Code of Ethics.  The Officeholders may be Data Controllers of personal data as defined by the Data Protection Act 2018. Personal data will be kept secure and processed only for matters relating to the appointment. For further information, please see our Privacy policy at –  www.interpathadvisory.com/privacy-insolvency.