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Equidebt debt buyer goes in Administration
Debt purchaser Equidebt has gone into administration, Credit Today can reveal. The firm’s debt portfolios are due to be sold to the debt purchaser Cabot Credit Management, but 60 of the firm’s 110 staff have been made redundant. Credit Today understands the remaining 50 staff will continue at the firm while it is wound down, but ultimately they will also be made redundant. Equidebt Holdings Ltd and Equidebt Ltd entered administration yesterday (17 June) and Tom Lukic and Simon Allport of Ernst & Young appointed as joint administrators. In a statement, Ernst & Young said the joint administrators are also working with Equidebt Ltd’s debt collection clients to ensure an orderly transfer of their accounts and wind down of the remaining business....Read more hereYou must be logged in to post a comment.
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Two banks are facing losses of at least £11.6m following the collapse of debt purchaser Equidebt. Lloyds TSB and the Co-Operative Bank are facing the losses as the main floating charge holders of the business, which went into administration in June.Equidebt Limited’s floating charge holders have £34.7m worth of debts secured but the estimated assets they will be able to realise stands at £23.1m, leaving an £11.6m deficit, according to a statement of affairs published by the firm’s directors. Meanwhile the company’s unsecured creditors will contest assets valued at around £600,000, though the directors estimate unsecured non-preferential claims will stand at £1.4m, leaving a deficit of more than £800,000. Nick Hood, external affairs director at Company Watch, said: “The failure of Equidebt was no great surprise given its fragile financial position.......Read more here