On 8th May, PKR will be in court and have requested that MicroGaming freeze all deposits and withdraws during the process.
More information will be released following the court hearing, MicroGaming, network and software provider have also issued a statement on the administration proceedings.
The UK based online poker site established in 2006 and recently moved over to the MicroGaming network.
PKR Closed for Financial Difficulties
Further to earlier announcements, PKR limited and PKR Technologies Ltd have filed applications to Court for Administration orders, which will be heard in the week commencing 8th May 2017.
Further information will be placed on this website following the hearings. This information will include contact details for players and creditors to address queries and details of the process.
Microgaming Statement on PKR Administration Proceedings
On the evening of the 3rd May 2017, PKR informed Microgaming that it it was in the process of seeking professional independent advice due to financial difficulties and instructed Microgaming to stop deposits, withdrawals and gameplay for PKR players.
Today, the 5th May 2017, PKR informed Microgaming that it had applied to the court for an administration order. Administration is a procedure under the law of the United Kingdom which acts as a protection mechanism for insolvent companies, the primary objective being to rescue the company as a going concern.
Now that PKR is in administration, the obvious question is – what about player funds?
PKR has repeatedly assured us that player funds are held in a segregated client account, for the express purpose of storing such funds, in accordance with their license obligations in the United Kingdom and Alderney. We believe this to be true.
Microgaming does not hold any player funds whatsoever. Player funds are held only by PKR and it is now the duty of PKR’s administrator to return the funds to players.
It is important to note that simply maintaining a segregated bank account for player funds does not automatically mean that player funds will be returned immediately or at all. PKR’s administrator will ultimately decide how to return money to players.
Microgaming is committed to doing everything reasonably possible to ensure that PKR returns money to players and will assist in this process however we can.
Provide updates at least once a fortnight on this blog, until further notice. Even if we don’t have any further information to share, we will post an update stating so. Updates will be posted at the bottom of this blog.
Answer questions from the public and press honestly, and as fully as we are able. It is important to note that in some cases we may not be able to disclose – for example, if by doing so we would reveal confidential information or prejudice the administration process. If this is the case we will say that we are unable to answer the question.
Co-operate fully with PKR, their administrator, and the legal and regulatory bodies involved.
Although we feel that Microgaming has done everything reasonable to give PKR the best chance of success, we also commit to reviewing our policies and procedures, and the details of this case, to further strengthen our position as a network and software provider.