Deloitte also said that proceeds raised by HMV through the sale of charity releases including the Hillsborough Justice Collective single will be paid in full as soon as possible.
The music retailer went into administration last week after more than 90 years of trading.
Nick Edwards, joint administrator, said: "The ability of administrators to honour gift vouchers will depend on the specific circumstances of each case. Since our appointment as joint administrators on Tuesday afternoon, we have been urgently assessing the Companies' financial position.
"I am pleased to confirm that, having concluded this assessment, we are able to honour gift cards. I can also confirm that all money raised by HMV for various charities will be paid in full. We recognise that both of these matters have caused concern for individuals and organisations affected and are pleased to have reached a positive outcome.
"We will continue to assess the longer term options for the business whilst continuing to trade. I am hopeful this process will result in the business continuing as a going concern."
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