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It had warned it would “inevitably” go into administration if its proposals were not approved. Amigo’s founder James Benamor – who fought an unsuccessful boardroom battle to regain control of the company – yesterday shared an email which had been sent to Amigo customers. It said: “Amigo continues to face a situation here there is a real possibility of us entering into an insolvency process. Following the High Court’s decision not to approve our proposed scheme, and our decision not to pursue an appeal, we are discussing with our regulator, the Financial Conduct Authority, what we do next. The judge suggested that we should try to amend the scheme and this is one option that we are considering. ....
Amigo Loans warns insolvency is "still an option" after lifeline from lender bournemouthecho.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bournemouthecho.co.uk Daily Mail and Mail on Sunday newspapers.
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The owners of the Chewton Glen Hotel and Spa in New Milton have risen up the Sunday Times Rich List THE owner of Bournemouth Airport and the founders of a leading retirement developer are among the local names on an annual list of the UK’s wealthiest people. The Sunday Times Rich List found that despite the pandemic, Britain had a record 171 billionaires – 24 more than in 2020. Ineos chief executive Sir Jim Ratcliffe Petrochemicals boss Sir Jim Ratcliffe – whose Ineos group has its registered office in Lyndhurst – saw his fortune plunge by £5.8billion to £6.33bn. He dropped 20 places to number 25 in the list. ....
Yet the future of the lender Amigo is in doubt after it lost a crucial court judgement. At stake is not just the compensation owed to tens of thousands of customers, but also around 405 jobs at the Bournemouth-headquartered business. The company had warned that it was “highly likely” to go into administration if the Financial Conduct Authority (FCA) stood in the way of a proposal to cap the compensation it pays to large numbers of complainants. That view was not accepted by a High Court judge, who agreed with the FCA that rejection of Amigo s scsheme would “probably not lead to the imminent insolvency of the group”. ....