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and Regulatory, Complaints and Covid-19 payment holiday Update Amigo Holdings PLC (LSE: AMGO), a leading provider of guarantor loans in the UK, provides an update on its announcement dated 21 December 2020, titled Potential Scheme of Arrangement , and on the other matters set out below.
Amigo Holdings PLC has recently incorporated a new wholly owned subsidiary, ALL Scheme Ltd ( SchemeCo ), for the purpose of SchemeCo applying for a Scheme of Arrangement under Part 26 of the Companies Act 2006 ( Scheme ), as envisaged in the RNS dated 21 December 2020.
As the first formal step for a Scheme, SchemeCo is today issuing a letter to customers (borrowers and guarantors) and the Financial Ombudsman Service ( FOS ) pursuant to Practice Statement (Companies: Schemes of Arrangement under Part 26 and Part 26A of the Companies Act 2006 dated 26 June 2020) ( the Letter ). A copy of the Letter can be found at www.amigoscheme.co.uk. ....
Potential Scheme of Arrangement Amigo Holdings PLC (LSE: AMGO), a leading provider of guarantor loans in the UK, announces that the Board has decided to pursue the use of a Scheme of Arrangement under Part 26 of the Companies Act 2006 ( Scheme ) in relation to the group s Redress Claims (as defined below). The Directors believe that a successful Scheme will provide certainty to the total liability arising from customer complaints.
Whilst the Scheme will not enable all claims relating to customer redress issues arising from unaffordable lending ( Redress Claims ) to be paid in full, the Directors have now decided that a Scheme is the best vehicle for addressing customer Redress Claims. A key objective is that all customers are treated equitably. ....