Players at PKR Poker’s online site were advised May 3 that the site had shut down due to “financial difficulties“ and were unable to access their accounts.
Two days later, Microgaming Poker Network—which includes PKR—said the site has filed for bankruptcy protections in the UK. PKR officially applied for an administration order with the UK court. Such orders serve as a protection mechanism for companies that have become insolvent, the announcement said.
According to pokernewsdaily, PKR is licensed in Aldernay, which requires player’s funds to be segregated from the companies’ operational funds. But according to posts at the network’s blog, it is unclear if players will be able to recover their accounts.
The posts state that with PKR entering the administration order, players will become creditors, and the court administrators will eventually decide on how creditor funds will be distributed. Players could see only a portion of their funds returned.
Microgaming Poker Network also stated that the network has no financial responsibility in the situation, but does intend to work to restore player accounts.
