Morses Club said a central objective of the potential scheme would be to treat all customers equitably and settle eligible redress claims arising from customer complaints over a defined period.
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.