The Financial Conduct Authority (FCA) has confirmed that Active Securities trading as 247 Moneybox, have been placed into administration. Active Securities a high-cost short term lender (payday lender). In a statement that appears on the website, the company said that all existing loan agreements remain in place and will not be affected by the proposed administration. However, the company is no longer able to issue new loans.

Paul Boyle, David Clements and Tony Murphy of Harrisons Business Recovery and Insolvency (London) have been appointed as joint administrators.

The Joint Administrators will conduct an orderly wind-down of the business and seek to recover the assets of the Company for the benefit of its creditors.

It is anticipated that the orderly wind-down of the company’s business may, if applicable, include a sale of the assets of the Company. The Joint Administrators will also commence work to identify all creditors of the Company in accordance with their statutory duties and obligations under the Insolvency Act 1986.

Those customers with complaints (whether on grounds of affordability or other) should continue to approach the Company in administration. Any such claim will be treated as an unsecured creditor claim.

The Company remains regulated by the Financial Conduct Authority who will continue to supervise the Joint Administrators’ activities throughout the administration process.