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Gift Card & Voucher Funds To Be Held In trust

Responsible department: Department for Business, Innovation and Skills

When a retailer goes in to administration the public's gift cards can no longer be redeemed as card owners simply become a creditor of the business even if the administrator keeps the operation trading.

In order to instil more faith in Gift Cards the government should look to protect the Gift Card holder so that they are not treated as all other creditors of the business.

The options are quite clear;

Option 1, all revenue from gift cards should be held in a trustee account until the gift card has been redeemed or expired.

Option 2, create a higher level of creditor class for gift cards so they can be redeemed during a period of administration.

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Number of signatures:
16/04/2013 16:52