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Amigo says considering options, including insolvency

Jun 10, 2021

LONDON (Reuters) – Subprime lender Amigo Holdings said on Thursday it was considering all options for the company including a revised scheme of arrangement or insolvency, after a court last month rejected its rescue plan.

Amigo said in a statement it was continuing to engage with the Financial Conduct Authority to find a way forward.

However, based on the expected volume of complaints from current and past customers, the value of Amigo’s assets would be less than its liabilities without an appropriate scheme of arrangement to deal with complaints, it said.

(Reporting by Carolyn Cohn; Editing by Racehl Armstrong)