London Scottish Bank collapses

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

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.’

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