Paul Hastings on Call as Payday Lender QuickQuid Faces Collapse
The high-cost loans company is expected to become the latest major casualty in the ailing payday lending sector.
October 25, 2019 at 09:00 AM
2 minute read
QuickQuid – Credit: QuickQuid.co.uk
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.
Paul Hastings is advising both CashEuroNet UK and Enova on the administration, with restructuring and finance partner David Ereira, and corporate partner Arun Srivastava, leading the team.
CashEuroNet U.K. also operates alternative personal loan brands On Stride and Pounds to Pocket.
Enova attributed its exit decision to "regulatory uncertainty".
The collapse follows that of former rival payday lender Wonga Group, which went into administration last year. Slaughter and May took the lead role for the beleaguered lender.
Ereira is providing advice in regards to insolvency and restructuring matters, while Srivastava is focusing on regulatory matters of the administration process.
The partners are dealing directly with the regulators and administrators in the process.
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