Ed Boyle and Rob Spence of Interpath Ltd were appointed as Joint Administrators (“the Joint Administrators”) of Morses Club Limited (“Morses Club”, or the “Company”) by the Company’s directors on 17 November 2023 (the “Administration”).
Morses Club previously provided home collected credit loans to consumers. Shortly prior to the appointment of the Joint Administrators, all new lending ceased.
The Joint Administrators advise that on 8 March 2024 they performed the legal assignment of the part of the Morses Club outstanding customer loan book to Lantern Debt Recovery Services The remaining customer loan book has been written off.
***As a result of the legal assignment of the customer loan book, works are now in place to close the Company and we advise the Customer Service Centre is now closed. We are unable to field any further customer queries and instead advise you to refer to both the below update and our FAQs which can be found here.***
Update for creditors on the Administration as at 8 March 2024:
- The Joint Administrators advise that no dividend payments are to be made to unsecured creditors with a claim in the Administration.
- However, the Joint Administrators further advise that a dividend may be made from the Early Termination Fund (“ETF”) to customers with redress related claims. Any distribution is expected to be less than 0.9p in the £ (i.e. if you have a valid redress claim of £1,000, you will not receive more than £9 and it may be that you receive £nil).
- We are currently seeking Court guidance on the approach to be adopted to distribute the funds from the ETF and we advise customers continue to monitor this website for further updates.
- Following the completion of the legal assignment of the customer loan book, the Morses Club operations team has now closed and can no longer support customers with any queries.
Please see below for further details regarding the above key messages:
Customer Loan Book legal assignment process
On 8 March 2024, the Joint Administrators legally transferred part of the Morses Club book of outstanding customer loans to Lantern. If your loan(s) has been legally assigned to Lantern, you should have received an email from the Lantern to confirm this on or around 8 March 2024. Lantern is now responsible for the managing of credit files for the loans that they have taken legal assignment of.
The remaining loan book that was not legally assigned to Lantern has been written off in full and no further payments are required to Morses Club against these loans with effect from 7 March 2024. You should have received an email or letter from Morses Club advising you of such. Your Credit Reference Agency records will be updated within 56 days to reflect your loan being written off.
For further information, please refer to the Customer FAQs which can be found below.
Dividend payments to unsecured creditors of Morses Club
The Joint Administrators advise that no dividend is to be paid to unsecured creditors in the Administration.
Dividend payments to Early Termination Fund (“ETF”)
A dividend may be made from the Early Termination Fund (“ETF”) to customers with redress related creditor claims. Any distribution is expected to be less than 0.9p in the £ (i.e. if you have a valid redress claim of £1,000, you will not receive more than £9 and it may be that you receive £nil).
We are currently seeking Court guidance in order to clarify certain matters in order to allow us to distribute funds from the ETF. At this stage customers do not need to take any action and we request that customers with redress related creditor claims continue to monitor this website for further updates.
Please note, should we receive a large volume of queries from customers, this will result in costs being incurred that are deducted from the ETF and therefore reduces and may potentially exhaust the amount of funds available to be distributed to customers.