CURO Transatlantic Limited – in Administration

***Please note that the Customer Service Centre is now closed. We are unable to answer any further customer queries.***

Update regarding dividend payments and the closure of the Customer Service Centre
28 August 2020

Summary

  • The Joint Administrators declared and paid a dividend of 5.68p in the £ to all known unsecured creditors with an agreed claim in the Administration on 20 May 2020.
  • A proportion of the payments that we made were unsuccessful and bounced back to us due to out of date customer bank account details.
  • Provided your payment shows as unsuccessful in our records, you may still be able to claim the amount you are owed from the Insolvency Services Account (“ISA”) (see below). We will provide an update of the process to claim funds on this website when this process is open.
  • Our Customer Service Centre is now closed, and we are unable to answer any further customer queries after this time.

Please see below for full details of this update.


Dividend payments

On 20 May 2020 the Joint Administrators declared and paid a dividend of 5.68p in the £ to all known unsecured creditors with an agreed claim in the Administration.

This payment was made electronically to more than 100,000 creditors. If customers had not updated their bank account details during the period of the Administration, the bank account details paid were those taken from CTL’s company records.

A proportion of the payments that we made were unsuccessful and bounced back to us due to out of date bank account details. Please note that we have not received any interest from holding the funds that have returned to us, and that no profit has been made from holding these funds.

Further payment attempts

Since the start of June we have been undertaking a process to match unsuccessful payments to customers, and arrange for second payment attempts to be made to customers who provided updated bank account details.

We have processed three subsequent payment runs to customers who provided updated bank account details.

Further to our previous statements on the matter, we will not be making any further payment attempts to those customers who have not successfully received their dividend payments.

Unsuccessful dividend payments

If you do not believe that your dividend payment has been successful, you may still be able to claim the dividend payment, but not from the Administration.

We have now sent any funds that we hold relating to unsuccessful dividend payments to the Insolvency Services Account (‘ISA’). This is a Government controlled bank account, and this process is in line with standard insolvency procedure.

If the dividend payment made to you has not been successful, and this is reflected in our records of unsuccessful payments, you will be able to claim the amount directly from the ISA. To do so, please email CustomerServices.EAS@Insolvency.gov.uk, and include your name, customer number, address and the name of the Company, being CURO Transatlantic Limited, in your email.

Customer Service Centre

At 5pm on 28 August 2020 our Customer Service Centre permanently closed. We can no longer answer any customer queries by email or otherwise.

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CURO Transatlantic Limited (in Administration) - "CTL"
Court number 1418 of 2019
Joint Administrators - Howard Smith and Ed Boyle

Howard Smith and Ed Boyle were appointed as Joint Administrators of CURO Transatlantic Limited on 25 February 2019. CTL was a provider of short-term, high-cost consumer finance and traded exclusively in the UK under two brands: WageDayAdvance and Juo Loans.

The Joint Administrators set a deadline for customers to submit redress claims in the Administration as 23:59 hours on 31 August 2019. Following our initial email invitation to submit a claim, we sent reminder emails to all customers identified as potentially having a redress claim in the Administration, who were yet to submit a claim, in the week commencing 29 July 2019.

On 20 May 2020 a first and final dividend of 5.68 p in the £ was declared by the Joint Administrators. This dividend was calculated from total funds available to be distributed of £7,232,445.

The dividend rate of 5.68 p in the £ means that, for example, a creditor with a claim of £1,000 will receive a dividend payment of £56.80, as unfortunately there is insufficient money to pay creditor claims in full.

The balance of funds held by CTL has been retained to pay the remaining costs of the administration process. There will be no further dividend paid to creditors.

An FAQ document detailing queries about the dividend payment process can be accessed in the downloadable documents list below.

Our other customer FAQs can also be downloaded below in a separate document. These FAQs provide guidance across a number of typical queries, including repaying a loan and credit history updates.

At 5pm on 28 August 2020 our Customer Service Centre permanently closed. We can no longer answer any customer queries by email or otherwise.


Statutory notices and reports

Distribution Frequently Asked Questions 
Frequently Asked Questions 
Receipts and Payments Account 
Press release 
Right to elect to become an opted-out creditor 
SIP 16 Memorandum 
Right to elect to revoke their decision to become an opted-out creditor 
Notice of appointment 
Notice of Joint Administrators’ proposals 
Joint Administrators’ Proposals 
Creditors request for a physical meeting 
Notice of seeking decision by electronic voting to redress creditors 
Notice of seeking decision by electronic voting to trade creditors 
Proof of debt form for use by non-redress creditors 
Claim form for use by redress creditors 
Notice of approval of Administrators’ proposals 
Notice of extension of Administrators’ term of office 
Notice of proposed distribution 
Notice of Administrators' progress report 
1st Progress Report 
Notification of electronic voting 
Revised fee estimate and report on Administrators' time costs 
Form AM10 - Notice of Joint Administrators' Progress Report 
2nd Progress Report 
AM10 - Notice of Joint Administrators' Progress Report 
3rd Progress Report 

Howard Smith and Edward George Boyle are authorised to act as insolvency practitioners by the Institute of Chartered Accountants in England & Wales.

We are bound by the Insolvency Code of Ethics.

The Officeholders are Data Controllers of personal data as defined by the Data Protection Act 2018. Personal data will be kept secure and processed only for matters relating to the appointment. For further information, please see our Privacy Policy.


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