Credit crunch forces Trustguard into administration

John Prust, Trustguard Credit Services non-executive chairman, has confirmed
the mortgage packager was last night placed in administration as a result of the
credit crunch which has hit packagers particularly hard because of diminished
funding for sub-prime deals.

Therefore, Trustguard’s directors have placed the company into creditor
voluntary liquidation, and have instructed Ernst & Young to assist them
through the process, MortgageStrategy reports.

The firm has closed its website and will no longer accept any new business
and all staff have been made redundant, except for three staff members who will
stay on to tidy up Trustguard’s files, return documents, and carry out some
essential processing of applications.

‘All that remains to be said is to say thank you to everyone that has
supported us over the years, It’s been a pleasure to work with you all,’ the
company said in a statement.

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