The parent company of troubled lender Amigo Loans has said it expects the orderly wind down of the business to be completed “in the next few months”, adding it was still open to “viable expressions of interest in all parts of the business”.
The Bournemouth-based company said it was continuing the process of winding down ahead of being liquidated, having halted all lending in March. The firm had been facing financial difficulties after being ordered to make compensation payments to former and current customers over historical complaints.
After it was unable to meet the terms of a High Court scheme, Amigo said it had been forced to use its "fallback option" and would wind down the business and use the money to pay off customers it owed.
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Ahead of the firm’s annual general meeting on Wednesday (September 27), bosses said the company was working to ensure it was able to “maximise payments to redress creditors”.
Amigo told investors through that the company would become insolvent once Amigo Loans had returned all net assets to creditors.
Amigo Holdings PLC’s listing on the stock market would be automatically cancelled upon the appointment of a liquidator.
Amigo Holding said: “Since the group started to wind-down the company has been open to any expression of interest from third parties in all or any assets of the business. The company continues to be open to viable expressions of interest in all parts of the business.
“However, in this context, should there not emerge, very soon, a viable alternative solution, the company will need to hold a separate general meeting, in which shareholder approval will be sought to delist the company from the London Stock Exchange and to enter the company into a members voluntary liquidation. In such a situation there will be no value remaining [sic] for to shareholders."
