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Amigo Scheme Update
Important Information About Your Claim
Please read the following information carefully!
s Scheme Of Arrangement
Case Ref:
On the 25th May 2021, High Court judge Mr Justice Miles rejected s Scheme Of Arrangement saying he was “not satisfied that the court should sanction” it.
Since the rejection of the Scheme, we’ve been awaiting an update from both and the Financial Conduct Authority.
Unfortunately, there have been no updates provided.
What We Know
On the 4th August 2021, the first meeting of the Independent Customer Committee took place in response to the recommendations of the Judge at Amigo’s High Court Scheme sanction hearing in May and will ensure the voice of creditors is heard.
No further updates have been provided since this meeting took place.
Amigo has hired PJT Partners alongside PwC [accountancy firm] to work on potential options, including the potential winding-down of its business.
Accordingly, to avoid an Event of Default occurring, the financial results for the year ended 31 March 2021 must be published within a 30-day period, on or before 2 September 2021. The Board is working with its auditors to enable it to complete the filing of these annual results within this period.
We therefore expect furthers updates to be available shortly after 2nd September 2021.
Key Facts
We expect further updates after 2nd September 2021.
Whilst the Scheme is under review, all claims remain on hold.
If your loan remains active, we recommend to avoid any adverse credit history that you continue to make payments as per your contractual agreement.