Partners from Ernst & Young have been called in to take over at London Scottish Bank after it went into administration.

Tom Burton, Maggie Mills, Tom Jack, Simon Allport and are now managing the affairs, business and property troubled bank, which specialises in customers with poor credit histories.

However, the directors and existing management structure will remain in place and the directors and their existing management team will be responsible for the day-to-day operations.

Tom Burt said in a statement :

'The company has not ceased to trade. The administration is necessary because of the company’s financial position and to ensure that it can continue to operate, and to ensure the best interests of customers and creditors are served.'

The purpose of the Administration Order is to seek to ensure the best long term solution can be adopted for customers and creditors, and whilst doing so, continuing the operations of the company.'

We will be working closely with management and do not envisage any major changes to procedures on a day-to-day basis. Our key objective is to stabilize the underlying businesses.'