There's some rumours circulating about strange goings-on with Zavvi gift vouchers; even talk of a mysterious secret account into which gift voucher sales were diverted.
As with most rumours, there's a slight element of truth: there was a protected account, but it wasn't secret:
As soon as the Directors became aware of the problems with EUK (27th November 2008), zavvi's main supplier, they sought to protect customer interests by lodging funds into a trust account. Until this time the Directors had no reason to believe there would be any issue regarding the sale of Gift Cards / Gift Vouchers from their stores. The sale of Gift Cards / Gift Vouchers was terminated on 4th December 2008. It is hoped that customers who purchased zavvi Gift Cards / Gift Vouchers from 27th November 2008 will receive a refund in respect of these Gift Cards / Gift Vouchers.
So, from the 27th of November, the money that people spent in good faith on Zavvi gift vouchers was being protected. The wider question, though, might be why - if the adminstrators were nervous enough to think there might be a problem on the 27th, it wasn't until the 4th of December that they actually stopped selling the vouchers at all? How is it "protecting customer interests" by selling a product they had good reason to suspect might be worthless?
Still, if you bought the vouchers in this period, at least you'll get your money back. Older Zavvi voucher holders will just have to join the queue with all the other unsecured creditors.
[Thanks to Michael M]