Paul Hastings' London office has taken the lead mandate on QuickQuid's administration process, the firm confirmed.

It follows QuickQuid's U.S. parent company Enova International's decision to exit the U.K. market, which the company announced by way of a statement, leaving the London-based firm on the brink of collapse.

Launched in 2007, QuickQuid has served nearly one million people across Britain over the years, according to its website. The high-cost loan company is a brand of CashEuroNet U.K., which is in turn owned by financial services trade association Enova.