RE: Info/facts for newcomers2 Mar 2021 22:15
"Amigo, supported by its independent financial and legal advisers, believes that failure of the Scheme will result in the Scheme Creditors receiving zero cash payments, given the secured creditors who rank ahead of the unsecured Scheme Creditors. This zero cash payment is in comparison to their sharing in £15 million to £35 million, plus a cash contribution to the Scheme based on 15% of pre-tax profit for the next four financial years ending 31 March 2025 (see paragraph 18 of the Letter), an increase on the amount in the announcement dated 21 December 2020. Amigo strongly believes that the Scheme is in the best interests of the Redress Creditors, its customers, the FOS and all its stakeholders."
My apologies. Decided to quote rather go by memory, its been a while. Appreciate the input