Important Customer Information
What has happened?
On 30 November 2008, the High Court made an Administration Order
in relation to London Scottish Bank plc (“the Company”) and Maggie Mills, Tom Jack,
Simon Allport and Tom Burton were appointed as Joint Administrators. The application
for an Administration Order was made by the Directors under the provisions of paragraph
12 of Schedule B1 to the Insolvency Act 1986. On 30 June 2013 Tom Burton was removed
as Joint Administrator, due to his retirement from Ernst & Young LLP.
Information for all Depositor Creditors
for all Non-Depositor Creditors
Business as usual
The Company has not ceased to trade. The Administration
is necessary because of the Company’s financial position and to ensure the best
interests of customers and creditors are served. We will continue to keep you updated
with developments in respect of the long term plans for the Company
and notify you as soon as practicable if any changes are proposed to be made which
will affect your current position.
For further information on a specific product area please click on the links below:
- All secured and unsecured
To notify the Company of a concern or complaint, including
any relating to Payment Protection Insurance (PPI), please click on the link below:
The purpose of the Administration Order is to seek to
ensure the best long term solution can be adopted for customers and creditors, and
whilst doing so, continuing the operations of the Company.
Whilst in Administration, the Company will continue to manage its
current loan book and the Administrators will be seeking to find purchasers for,
and will continue to manage, the remainder of the Company’s business to maximise
recovery for creditors. The existing mortgage/loan agreements of borrowers remain
in place, the repayment profile of your mortgage/loans is not being changed and
you are not being expected to refinance elsewhere. Borrowers should continue to
make payments in the usual way.
The customer service telephone numbers are as
follows (calls may be monitored and recorded for quality and training purposes):
Whilst in Administration, the Administrators are ultimately responsible
for the Company. However, the existing management structure will remain in place
and the existing management team will be responsible for the day-to-day operations.
The Administrators and their representatives
will be working closely with management and do not envisage any major changes to
procedures on a day-to-day basis. The Administrators key objective is to stabilise
the underlying businesses.
Maggie Mills, Tom Jack and Simon Allport
The Institute of Chartered Accountants in England and Wales authorises Margaret
Elizabeth Mills, Thomas Andrew Jack and Simon Allport to act as Insolvency Practitioners
under section 390(2)(a) of the Insolvency Act 1986.
The affairs, business and property of the Company are being managed by the Joint
Administrators, M E Mills, T A Jack and S Allport. The Joint Administrators act
as agents of the Company only and without personal