(Phnom Penh): REACHS & Partners Co., Ltd., in its capacity as the out-of-court liquidator of H-Pay Service Plc., respectfully inform the public and all relevant parties that, following its appointment as liquidator of H-Pay Service Plc. on 10 April 2026, the company carried out the liquidation procedures and publicly invited the relevant parties to submit their applications to claim their rights as creditors against H-Pay Service Plc. from 23 April 2026 to 25 May 2026, according to a public notice seen by Fresh News on Thursday (Jul. 9).

As a result of the preliminary assessment, REACHS & Partners Co., Ltd. has expressed serious concern that H-Pay Service Plc. may have engaged in business operations beyond the scope of the license granted by the National Bank of Cambodia. Pursuant to Articles 55 and 56 of the Law on Banking and Financial Institutions, any person, whether acting as an individual or on behalf of an entity, who regularly carries out banking operations as a profession and for the public without authorization (conducting business operations beyond the scope of the license) is subject to penalties and sanctions under the applicable laws, as decided by the court based on a complaint or action for compensation in criminal proceedings filed by the supervisory authority or the professional association of institutions governed by this law, as stipulated in Article 72 of the same law.

Furthermore, REACHS & Partners Co., Ltd. has found that H-Pay Service Plc. is in an insolvent condition (does not have sufficient cash to settle liabilities). Pursuant to the same Law on Banking and Financial Institutions, the out-of-court liquidation, which is under the management and supervision of the supervisory authority and carried out by the liquidator appointed by the National Bank of Cambodia, is to be closed and the in-court liquidation case is requested to open under the supervision of the court and in accordance with the procedures prescribed by the applicable laws by the in-court liquidator appointed by the competent court to continue the liquidation. As the next step, REACHS & Partners Co., Ltd. has submitted a request to the court to pursue the legal procedures in accordance with the applicable law.

In light of the above, all persons having relevant claims are kindly informed and advised to follow further updates from the competent court and the court-appointed liquidator.
=FRESH NEWS