Friday, August 14, 2020

Administrators appointed to CURO Transatlantic Limited

Howard Smith and Ed Boyle of KPMG, have been appointed as Joint Administrators of CURO Transatlantic Limited (“CTL”). CTL, which had offices in Nottingham, was a provider of short-term high-interest finance to consumers and operated exclusively in the UK under the brands WageDayAdvance and Juo Loans.

Immediately following their appointment, the Joint Administrators concluded a sale of the business of CTL and the majority of its assets to Shelby Finance Limited (“Shelby”), an unconnected purchaser, which is a subsidiary of Morses Club PLC.

This deal secures the continued employment of all 205 employees of CTL, who have transferred to Shelby, and we expect that the accounts of approximately 50,000 customers will also transfer to Shelby as part of this transaction. Shelby will begin contacting all transferred customers shortly.

In excess of 650,000 other customer accounts, both current and historic, remain with CTL.

The Joint Administrators are currently determining their strategy regarding CTL’s remaining loan book and will contact customers with outstanding balances in the coming weeks, as soon as their strategy has been finalised.

The Joint Administrators will also contact customers who have potential redress claims against CTL in the coming weeks to explain their position, and where applicable, to invite them to submit a claim in the administration.

Ed Boyle, Joint Administrator and Partner at KPMG, said “We are pleased to have secured the sale of the business to Shelby, which is the best available outcome in the circumstances for CTL’s creditors and other stakeholders. CTL was subject to a significant number of consumer redress claims arising from its historic affordability, creditworthiness and responsible lending practices.

“Over time, and with the number of claims increasing, the financial and operational burden of resolving them became unsustainable. The Joint Administrators will now work to realise the remaining assets of the Company and to then distribute the available funds to creditors.”

Howard Smith and Ed Boyle were also appointed as Joint Administrators of SRC Transatlantic Limited (“SRC”), CTL’s UK holding company. SRC operated formerly as a short-term, high-interest lender via a small number of high-street stores under the brand name Speedy Cash and stopped lending in 2017. Any current and former customers of SRC with outstanding loan balances will be contacted in the same manner as those of CTL, and the Joint Administrators will invite the submission of creditor claims in due course.

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