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Payday lender collapses into administration - Speed-E-Loans
Payday lender Speed-E-Loans.com Ltd has collapsed into administration just months after publishing results which revealed the firm needed new funds to continue trading. Administrators were appointed to the company today (4 July), with the case handed to Alan Simon of Accura Accountants Business Recovery Turnaround. Speed-E-Loans.com once sponsored World Championship snooker players Ali Carter and Joe Perry, and made headlines in January 2012 for claiming demand for payday loans trebled over the Christmas period. But the firm subsequently suffered a downturn with its latest set of financial results – signed off in December 2012 – revealing the directors were seeking a long-term debt facility to continue trading. Since then Stuart Mitchell and Danny Miller – the only remaining directors listed in the results statement – have been terminated as directors of the business on Companies House......Read more hereYou must be logged in to post a comment.
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Unsecured creditors of collapsed payday lender Speed-E-Loans are facing estimated losses of £8.6m, according to the firm’s administrators. The bulk of those losses will be borne by third party investors who stand to lose £6.2m on the company after it went into administration in June this year. Trade and expense creditors are set to lose around £2.4m with a further £6,684.22 owed in PAYE to HM Revenue & Customs. Former employees of Speed-E-Loans currently have £17,288 tied up in secured claims relating to wage arrears and holiday pay, but there is also £25,936 of wage arrears and holiday pay which falling under unsecured claims. The losses equate to a return of 0.0047p in the pound for unsecured creditors. Meanwhile, the firm’s secured creditors could receive all their money back, with estimated realisations of £17.2m to be distributed among parties such as employees and charge holders.....Read more here
Unsecured creditors of a collapsed payday lender must await the results of a legal investigation into the firm’s former chief executive to see if they will receive any money back. Speed-E-Loans collapsed into administration on 28 June 2013 following an unsuccessful financial restructuring and the departure of chief executive Gary Miller-Cheevers, now a director at pawnbroker Albemarle & Bond. The company’s loan book – valued at £1.9m – has been sold to a Croydon-based business called Safeloans for £50,000, facilitating a payment to Fluid Capital Japan Limited which held a fixed and floating charge over the assets of Speed-E-Loans......Read more here