Fri, 24 Feb 2012 | ADMINISTRATION
Log Book Loans, which provided loans secured against customer’s vehicles, has entered administration.
A deal to purchase most of its assets was agreed soon after it entered administration on 13 February, though was not a pre-pack administration, Insolvency Today has reported.
The firms in administration, Nine Regions Ltd and Log Book Loans Ltd, both traded as Log Book Loans. Paul Ellison and Gareth Roberts of RSM Tenon are the appointed administrators.
The London-based firms both lost appeals to have their licences revoked at a tribunal in November 2011, after the Office of Fair Trading decided they were ‘unfit’ to hold them. At the hearing it came to light that Log Book Loans had been responsible for thousands of letters sent to borrowers threatening legal action, using the company name Adams Spencer & Philips (ASP).
It was discovered that customers had been given the wrong impression that ASP had the power to initiate legal proceedings on Nine Regions’ behalf. Log Book Loans had the authority to take control of its customers’ vehicles without going to court, and could chase them for any remaining cash owed after vehicles had been sold.
For the year ending 23 February Nine Regions recorded a gross profit of £16.4 million, with net assets of -£7.9 million.
Click here for the details on Log Book Loans in administration.
This unique and renowned freehold bar and restaurant in the heart of York City Centre offers over 250 covers across its spacious interior, pavement seating, and a rare rooftop terrace.
FREEHOLD
A well established and strongly profitable engineering business, located in the Midlands. The company will be an attractive acquisition for both a larger trade buyer and also those looking for a stable engineering business.
This European pharmacy manufacturer specialises in providing custom clinical trial batches for leading pharmacy companies across the continent, playing a crucial role in their R&D efforts.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.