< back

All secured and unsecured borrowers

Although London Scottish Bank Plc (“the Company”) has gone into Administration, the Company has not ceased to trade. The Administration is necessary because of the Company’s financial position and to ensure that it can continue to operate, and to ensure the best interests of customers and creditors are served.


What has happened?
On 30 November 2008 the High Court made an Administration Order in relation to the Company. Maggie Mills, Tom Burton, Tom Jack and Simon Allport of Ernst & Young LLP were appointed as Joint Administrators of the Company.


Operations
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.

We will continue to keep you updated with developments in respect of the long term plans for the Company and notify you immediately if any changes are proposed to be made which will affect your current position.


If you are a customer with a residential, buy-to-let or commercial mortgage:

  • Your existing mortgage agreement remains in place
  • There is no intention to change the repayment profile of your mortgage and you are not being expected to refinance elsewhere
  • All existing early repayment charges and notice periods remain in force
  • You should continue to make payments in the usual way

If you are a customer with a mortgage offer:

  • No further loans will be provided

If you are a customer with an unsecured loan:

  • Your existing loan agreement remains in place
  • There is no intention to change the repayment profile of your loan and you are not being expected to refinance elsewhere
  • All existing early repayment charges and notice periods remain in force.
  • You should continue to make payments in the usual way.


Finally, we would like to re-iterate that our key objective is to stabilize the underlying businesses. We shall keep you as fully informed of the situation as we are able as matters progress.

Maggie Mills, Tom Burton, Tom Jack and Simon Allport
Joint Administrators


The Institute of Chartered Accountants in England and Wales authorises Margaret Elizabeth Mills, Thomas Andrew Jack and Simon Allport to act as an Insolvency Practitioner under section 390(2)(a) of the Insolvency Act 1986 and the Institute of Chartered Accountants of Scotland authorises Thomas Merchant Burton to act as an Insolvency Practitioner 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 M Burton, T A Jack and S Allport. The Joint Administrators act as agents of the Company only and without personal liability.