Amigo Holdings’ Scheme of Arrangement Proposals Won’t Face Regulator Opposition

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By Sabela Ojea

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Amigo Holdings PLC said Monday that the Financial Conduct Authority won’t appear at the sanction hearings to oppose its scheme of arrangement proposal.

On March 15 the UK’s High Court granted an order allowing the UK provider of guarantor loans’ business scheme to proceed to a creditor vote, putting it a step closer to being able to return to lending.

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If the creditors vote for the scheme, a court sanction hearing is expected to be held on May 23 and 24.

“Partly as a result of the subsequent improvements, from the information that the FCA has been provided with, the schemes taken as a whole appear to be appropriate in the circumstances and the FCA is conscious that in an insolvency process redress creditors would likely receive less , the UK watchdog said.

Amigo’s scheme of arrangement with creditors would enable it to make payouts on customer complaints and allow it to return to lending. A previous plan had been opposed by the FCA.

Write to Sabela Ojea at [email protected]; @sabelaojeaguix

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Credit: www.marketwatch.com /

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