BDO Stoy Hayward said it would review offers for the Farepak name when the process is complete in an estimated 12 months' time.
The situation is in stark contrast to failed voucher brand Choice. Its administrator, PricewaterhouseCoopers, tried to sue a company trading under the Choice name, but was rejected.
Farepak, which ran a Christmas savings club, went into administration in October 2006 leaving 150,000 consumers out of pocket over Christmas. Almost £40 million worth of claims were made against the company, with most people losing around £400 each. It is estimated that savers will only receive between four and five pence for every pound they saved.
The Government has since announced measures to protect future pre-payments in similar schemes. (See Vouchers and Gift Cards Manual 2007).
For Jasmine Montgomery, deputy managing director at brand strategy agency FutureBrand, buying the Farepak name would be a gamble.
"At this point in time the brand name would have no value and it would be difficult for it to recover from the current situation," she said.
"When you are a financial instrument and you spectacularly fail to give return on investment and lose savings, then your core proposition has been eroded," she added.
She added: "Trust and emotional investment is wrapped up in brands and it is hard to imagine the Farepak brand could secure these."
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