[SyneRyder]

I don't know about EU law, but in Australia we just had an electronics company (Dick Smith) go into administration and refused to honour all gift cards, even though they continued selling gift cards while they were searching for an administrator:

http://www.news.com.au/finance/business/retail/dick-smiths-w...

It seems that while it's a slimy thing to do, it's apparently legal. Gift cards aren't money.

[roel_v]

A company in bankruptcy is completely different from one in normal operation. Accepting gift cards during bankruptcy proceedings is against the law, even.