Notice to creditors and suppliers - ICL to enter a solvent Members' Voluntary Liquidation (MVL)
UPDATE 26th 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 email@example.com or call our helpline on 020 3901 7440 (Monday – Friday, 9am – 5pm).
Claims Submission Deadline has passed
No more claims can be submitted by creditors for the Scheme of Arrangement. Claims were able to be submitted for 6 months after the Scheme Effective Date of 9thOctober, which has how passed.
All further claims for Irresponsible Lending will not be valid.
- If you have already submitted your claim in the portal, you can still view your case file via the button below.
- If you need help, please contact us at firstname.lastname@example.org, or call our Helpline on 020 3901 7440, between 9am and 5pm, Monday to Friday.
Instant Cash Loans Limited is now in a Scheme of Arrangement.
UPDATE 1st June 2020 - The May 2020 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 bound by a Scheme of Arrangement, which came into effect on 9th October 2019.
The Scheme ran up until the deadline of 9th April 2020 when all claims were required to be submitted in our Customer Claims Portal. Any claims submitted after midnight on 10th April 2020 will not be processed as a valid claim.
ICL will now start releasing customer outcomes and will not be making any payments until after all claims in the Scheme have been assessed. We will instead determine how much the Scheme can pay out on each claim received by reviewing the total amount of redress offered.
If you have any further questions, 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 relevant Scheme documents.
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