RE: What is our court date or rather the date for our FCA hearing?2 Mar 2021 18:56
Amigo announced on 25 January 2021 the incorporation of a new wholly owned subsidiary, ALL Scheme Ltd ("SchemeCo"), for the purpose of applying for a Scheme of Arrangement under Part 26 of the Companies Act 2006. The Court convening hearing for the Scheme is listed for 30 March 2021 and if passed by the Scheme creditor vote, the final Court sanction hearing is expected to be held on 10 May 2021. The creditors under the Scheme are the Financial Ombudsman Service (FOS) and, subject to limited exclusions, all current and former customers (both borrowers and guarantors) with any potential redress claims in relation to historic loans made by Amigo Loans Ltd before 21 December 2020. If the Scheme creditors and the Court approve the proposal as required, borrowers, guarantors and the FOS will then have six months to submit their claim in the Scheme (i.e. a six month period starting from when the Scheme becomes effective soon after the Court sanction hearing which is listed for 10 May 2021).