Amigo loans expects to liquidate within months
Bosses said they are still winding down the business.
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Your support makes all the difference.Guarantor lender Amigo said that it expects to go into liquidation within “the next few months,” on Wednesday as the failed business continues to wind down its operations.
The company said that it was progressing with the plans to ensure that it can pay back as much of the money it can.
Bosses said they are still open to finding a buyer for the business, but if no-one comes forward “very soon,” shareholders will be left with nothing.
“The situation facing the company remains challenging for all stakeholders,” Amigo said.
“The company continues to progress the orderly wind down of the business, ensuring we are able to maximise payments to redress creditors … whilst continuing to provide the best level of service possible to our customers and support for our staff.
It added: “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 for shareholders.”
It would mark the end of a long-running saga of a lender which offered loans at very high interest rates, but was found to have mis-sold to many of its customers.
When they demanded compensation, Amigo could not pay up. After many attempts to find a way out that could keep its business going, Amigo finally in March said that it would liquidate the business, although always keeping the door open to potential investors.