Chris Laverty, Trevor O’Sullivan and Helen Dale of Grant Thornton UK LLP have been appointed as joint administrators of high-cost short term lender MMP Financial. The brand was also known as My Money Partner and Swift Sterling.

A company statement company website confirmed that the administrators had been appointed and that they were no longer accepting loan applications for new or existing customers.

The joint administrators will conduct an orderly wind-down of the business and sale of the assets and start the process of identifying all creditors, in accordance with their statutory obligations.

The company joins a growing number of high-cost short term lenders who have collapsed recently.

Earlier this week Piggybank entered administration: High-cost short term lender Piggybank enters administration