Michelmores advises QuickQuid owners on administration following UK exit

Michelmores' Banking, Restructuring & Insolvency team has been appointed to advise the board of Directors of CashEuroNet LLC, the owners and operators of the "QuickQuid" brand.

QuickQuid, currently the largest pay-day lender in the UK, has gone into administration following a mass of compensation claims affecting its operations in the UK.

On 25 October 2019, Enova, the Chicago-based owner of CashEuroNet and QuickQuid, announced that it would quit the UK market after failing to reach an agreement with the UK’s financial ombudsman over the number of customers it should compensate over past loans.

The Michelmores team is led by Partner Charles Maunder, with support from Douglas Hawthorn and Coralie Gass.

Slaughter and May are acting for the administrators, Grant Thornton, on the insolvency.