Fairpoint Gives Notice of Intention to Appoint Administrators

Fairpoint Group Plc has today (4 August 2017) given notice of its intention to appoint administrators within the next 10 business days, although the secured creditor, AIB Group (UK) Plc, can appoint administrators without this required notice.

The notice states that the Board of Fairpoint Group plc, the holding company of the group that includes Debt Free Direct, Simpson Millar and Writefully Yours, has concluded that Fairpoint Group plc can no longer continue trading.

The notice states that the existence of an onerous lease on the Group’s head office, which has an annual commitment of approximately £1m with a further 4 years to run, has made ongoing support more difficult.

Simpson Millar and its subsidiaries, which operate in the consumer legal services market-place, will be able to continue to trade as going concerns and the Board do not believe that this announcement will have a material impact upon the planned disposal of the IVA and Claims divisions to a third party, which was announced on 12 July 2017.

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