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ARTICLE · 08 JULY 2022

He Two Amigos Become One Amigo

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Almost a year to the day since the High Court rejected the Amigo loans group's previous proposal for a scheme of arrangement, on 23 May 2022, Mr Justice Trower sanctioned the group's latest scheme proposal ...

United KingdomInsolvency/Bankruptcy/Re-Structuring
Ben Ward
Ben Ward
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Co-authored by Tony Cunningham, Trainee Solictior

Summary

Almost a year to the day since the High Court rejected the Amigo loans group's previous proposal for a scheme of arrangement, on 23 May 2022, Mr Justice Trower sanctioned the group's latest scheme proposal which would create the conditions for the group to resume lending and resolve the claims of thousands of the group's customers arising from its lending practices.

Following its aborted effort in Summer 2021, Amigo loans had taken the novel approach of proposing two alternative schemes: one which would result in an orderly work-out of the group's existing loan book, and another which would either allow the group to resume lending and settle customer claims, depending on the outcome of an FCA investigation into the group's lending practices and its ability to raise funds in the market, or to work out the existing loan book with a prospect of a better return than the first scheme.

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