KPMG LLP - KPMG Public Case Information

SRC Transatlantic Limited – in Administration

***Please note that the Customer Service Centre is now closed. We are unable to answer any further customer queries.***

Update regarding dividend payments and the closure of the Customer Service Centre

Summary

  • The Joint Administrators declared and paid a dividend of 13.97p in the £ to all known unsecured creditors with an agreed claim in the Administration on 17 February 2020.
  • A small number of the payments that we made were unsuccessful and bounced back to us due to out of date customer bank account details.
  • Provided your payment shows as unsuccessful in our records, you may still be able to claim the amount you are owed from the Insolvency Services Account (“ISA”) (see below). We will provide an update of the process to claim funds on this website when this process is open.
  • Our Customer Service Centre is now closed, and we are unable to answer any further customer queries.

Please see below for full details of this update.


Dividend payments

On 17 February 2020 the Joint Administrators declared and paid a dividend of 13.97p in the £ to all known unsecured creditors with an agreed claim in the Administration.

This payment was made electronically to all customers with an agreed claim in the Administration. If customers had not updated their bank account details during the period of the Administration, the bank account details paid were those taken from SRC’s company records.

A proportion of the payments that we made were unsuccessful and bounced back to us due to out of date bank account details. Please note that we have not received any interest from holding the funds that have returned to us, and that no profit has been made from holding these funds.

Further payment attempts

In April 2020, we undertook a process to match unsuccessful payments to customers, and arrange for second payment attempts to be made to customers who provided updated bank account details.

Since then, we have processed one subsequent payment run to customers who provided updated bank account details.

Please note that we will not be making any further payment attempts to those customers who have not successfully received their dividend payments.

Unsuccessful dividend payments

If you do not believe that your dividend payment has been successful, you may still be able to claim the dividend payment, but not from the Administration.

We have now sent any funds that we hold relating to unsuccessful dividend payments to the Insolvency Services Account (‘ISA’). This is a Government controlled bank account, and this process is in line with standard insolvency procedure.

If the dividend payment made to you has not been successful, and this is reflected in our records of unsuccessful payments, you will be able to claim the amount directly from the ISA. To do so, please email CustomerServices.EAS@Insolvency.gov.uk, and include your name, customer number, address and the name of the Company, being SRC Transatlantic Limited, in your email.

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SRC Transatlantic Limited (in Administration) - "SRC"
Court number 1419 of 2019
Joint Administrators - Howard Smith and Ed Boyle

Howard Smith and Ed Boyle were appointed as Joint Administrators of SRC Transatlantic Limited on 25 February 2019. SRC formerly traded from a small number of high-street stores under the brand Speedy Cash, and stopped lending in 2017.

Customer loans

The Joint Administrators have contacted customers whose loans have been sold by email or letter, and customers will have also been contacted separately by Lantern who are administering these loans from now on.

The Joint Administrators have ceased collecting the remaining part of SRC’s loan book that was not sold to Lantern.

Creditor claims

The Joint Administrators set a deadline for customers to submit redress claims in the Administration as 23:59 hours on 31 July 2019. This deadline has now passed and you are no longer able to submit a claim in the Administration.

Distribution

A first and final dividend was declared and paid by the Joint Administrators on 17 February 2020.

An FAQ document detailing customer FAQs can be downloaded below. These FAQs provide guidance across a number of typical queries, including repaying a loan and credit history updates.

At 5pm on 28 August 2020 our Customer Service Centre permanently closed. We can no longer answer any customer queries by email or otherwise.

Statutory notices and reports

Frequently Asked Questions 
Frequently Asked Questions - Distribution 
Press release 
Notice to creditors of right to elect to become an opted-out creditor 
Notice to creditors - revoke decision to be opted-out creditor 
Notice of Appointment to creditors 
Notice of Joint Administrators Proposals 
Joint Administrators’ Proposals 
Creditors request for a physical meeting 
Proof of debt form for use by non-redress creditors 
Notice of seeking decision by correspondence 
Claim form for use by redress creditors 
Notice of approval of Administrators' proposals 
Notice of extension of Administrators' term of office 
Notice of proposed distribution 
Notice of Administrators' progress report 
1st Progress Report 
Fee estimate report 
Notice of vote 
Form AM10 - Notice of Joint Administrators' Progress Report 
2nd Progress Report 
Form AM10 - Notice of Administrators' Progress Report 
3rd Progress Report 
Final Progress Report 
Form AM10 – Notice of Joint Administrators’ Progress Report 
Form AM23 – Notice of move from Administration to dissolution 

Howard Smith and Edward George Boyle are authorised to act as insolvency practitioners by the Institute of Chartered Accountants in England & Wales.

We are bound by the Insolvency Code of Ethics.

The Officeholders are Data Controllers of personal data as defined by the Data Protection Act 2018. Personal data will be kept secure and processed only for matters relating to the appointment. For further information, please see our Privacy Policy.


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