Amigo finance boss Mike Corcoran steps down as loans firm battles for survival
Out: Amigo finance boss Mike Corcoran
Amigo’s finance boss resigned last night as the company battles for survival.
Mike Corcoran said he was stepping down from the troubled lender immediately. The company refused to disclose the reasons for Corcoran’s departure.
But it came after shares fell 41.9 per cent as Amigo launched a final push to get its customer redress scheme passed by the High Court.
Amigo has a complaints bill of £344.4million, racked up after handing out loans to customers who should not have passed affordability checks.
A fresh court hearing in April will decide how much Amigo should pay back.
It said an updated scheme would see shareholders own just 5 per cent of the firm if they did not participate in a fundraising to help the business pull in more money.