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Morses Club enters administration
Morses Club has entered administration, the business has confirmed, with Interpath’s Ed Boyle and Robert Spence appointed as administrators.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
The lender has been under sustained financial pressure for some time, exacerbated by it facing a significant number of customer redress and – while its management has been seeking to restructure the business, including the implementation of a scheme of arrangement back in May to help deal with the redress claims – they have ultimately been unable to refinance the existing debt facilities.
Off the back of this, its directors took the decision to appoint administrators to the business, with the administration also covering its wholly-owned subsidiary Shelby Finance. As a result, the scheme of arrangement has been automatically terminated.
Because of this, the company will longer be able to issue new or additional loans to customers – however any outstanding loans will still be collected as normal.
Regulator the Financial Conduct Authority has said it’s regular contact with the firms and the joint administrators regarding the fair treatment of customers.
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