Notice to creditors and suppliers - ICL to enter a solvent Members' Voluntary Liquidation (MVL)
UPDATE 26 March 2020
On 9 October 2019, the High Court approved Scheme of Arrangement between ICL and its creditors became effective. You can find the Scheme Supervisors' first quarterly report to creditors here
As part of the Scheme process, any Scheme Creditor’s claim against ICL must be submitted on or before the deadline of 9 April 2020 if it is to be considered for a potential dividend payment. We explain how you can do this in our FAQs
Even before the Scheme was approved, we had already ceased making new high-cost short-term loans and closed our stores. We had always envisaged that after creditors submitted their claims, and once accepted claims received payment in accordance with the terms of the Scheme, ICL would shut down. As part of this process, ICL will be placed into a solvent members' voluntary liquidation (MVL) on 30 March 2020.
The MVL will not affect the operation of the Scheme. The Scheme will continue to be implemented by ICL under the control of its directors.
The MVL will not affect your ability as a Scheme Creditor to submit a claim. If you have not already done so, we invite you to submit your claim on or before 9 April 2020. Claims received after that date will not be accepted and you will not receive any payment from ICL.
The MVL will not affect suppliers who were Excluded Creditors under the terms of the Scheme or who have provided goods and services from 9 October 2019 onwards and who continue to do so. Your invoices will continue to be paid in full and on the agreed terms by ICL.
Information for landlords and rating authorities
As part of the liquidation, it is envisaged that, pursuant to Section 178 of the Insolvency Act 1986, the liquidators of ICL will, immediately after their appointment, disclaim leases of properties which are empty, or have not been transferred to a third party:
- If you are a landlord, this means that your premises will be returned to you. As explained in the guidance we sent to you along with your Claim Form, you are able to submit a claim in the Scheme for the amount to which you would have been entitled if ICL had gone into liquidation on 9 October 2019 and the liquidator had immediately disclaimed the lease.
- If you are a rating authority, this means that any questions relating to liability for non-domestic rates from 1 April 2020 should be addressed to the landlord of the relevant premises.
For further information, or for assistance in submitting your claim in the Scheme, please do not hesitate to contact us at firstname.lastname@example.org or call our helpline on 020 3901 7440 (Monday – Friday, 9am – 5pm).
Instant Cash Loans Limited is now in a Scheme of Arrangement.
UPDATE 19 February 2020 - The Quarterly Update to Creditors report is now available. Please click on the Scheme Documents button below and then click on the Quarterly Report link to review the report. This contains updated information regarding the progress of the Scheme.
What this means?
ICL and its creditors are now bound by a Scheme of Arrangement, which came into effect on 9th October 2019.
This means that we will not be making any payments until after the deadline for submitting claims in the Scheme (on 9th April 2020). We will then determine how much the Scheme can pay out on each claim received.
- We will email or write to customers affected by this ('redress creditors') by 19th October 2019, to explain how they can make a claim under the Scheme, using our online Customer Claim Portal.
- Customers must submit their claim by 9th April 2020 to be eligible to receive compensation.
- We will contact all of our business creditors ('non-redress creditors') in writing and will provide a claim form. These must also be submitted by 9th April 2020.
- If you believe you are a creditor and you do not hear from us, please contact us.
We expect to have made all payments under the Scheme by the end of 2020.
The High Court approved the Scheme on 8th October 2019 and it came into effect on 9th October 2019. To learn more about the Scheme, please see our frequently asked questions page by clicking the FAQ button below, or check out the Scheme library by clicking the Scheme Documents button below where you will find all Scheme documents.
CUSTOMER CLAIMS PORTAL IS LIVE (14th October 2019)
To submit a claim about irresponsible lending by ICL or any of our companies, just click the Customer Claim Portal button below.
- The process is very simple, but it will help if you have a recent letter or email from us to hand, as this will contain your Reference Code.
- Don’t worry if you don’t have a Reference Code – if you are a past customer of ours, you’ll still be able to make a claim through the Portal.
- If you need help, please contact us at email@example.com, or call our Helpline on 020 3901 7440, between 9am and 5pm, Monday to Friday.
Store Closure Updates
We have now closed or sold all of our stores as it is no longer viable for us to trade from those locations.
Some General FAQs relating to the Store Closures can be accessed by clicking here
If you wish to make a complaint to The Money Shop, details of our Customer Complaints Handling Procedure can be found by clicking here