Amigo Holdings PLC - Pre Recorded Special Call Transcript
Well, 2 things stand out for me. The first one is the decline in the business. The customer numbers are down. Loan balances are down, and we haven't been allowed to lend for almost 2 years now. So customer numbers are right down there.
Our complaints provision remains very, very high at a level we can't afford to pay because of our deficiency in assets. Our cash collections have performed much more strongly than we had originally thought. Although, in recent months, we've seen our impairment coverage rise to about 23%. And all of this results in, still, an insolvent balance sheet. So we have an efficiency of net assets of about GBP 120 million. And as a result of that, unless we can get one of the schemes arrangement sanctioned by the court, Amigo faces administration.
We were disappointed when Justice Miles didn't sanction the scheme back in May, obviously, but he was very helpful to us. And he gave us 3 clear messages. The first one, he said, he didn't believe that Amigo faced insolvency. And I think our balance sheet now
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