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 th

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-worthless-gift-card-sale/news-story/4cfea6656265f0936fbdf4b1d847ecd1 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.