Notice to all customers with secured or unsecured loans and offers
Business as usual
Although Heritable Asset Finance Limited has gone into Administration, it is currently business as usual. Heritable Asset Finance Limited has not ceased to trade. The Administration is necessary because of Heritable Asset Finance Limited’s financial position and to ensure that it can continue to operate, and to ensure the best interests of customers and creditors are served.
All customers of Heritable Bank plc and its subsidiaries, Heritable Asset Finance Ltd, Key Business Finance Corporation Plc, Key Business Finance Ltd and Heritable Capital Partners Limited should note that The Landsbanki Freezing Order 2008 does not apply to Heritable Bank plc or its subsidiaries. Customers should therefore continue to meet their obligations and make payments in the usual way without any set-off or deduction.
What has happened?
On 15 October 2008 Heritable Asset Finance Limited entered Administration. The appointment was made by the directors. Alan Bloom and Maggie Mills of Ernst & Young LLP were appointed as Joint Administrators of Heritable Asset Finance Limited.
Operations
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 Heritable Asset Finance Limited.
We will continue to keep you updated with developments in respect of the long term plans for Heritable Asset Finance Limited and notify you immediately if any changes are proposed to be made which will affect your current position.
If you are a customer with a finance agreement:
- Your existing finance agreement remains in place.
- There is no intention to change the repayment profile of your finance and you are not being expected to refinance elsewhere.
- All existing early repayment charges and notice periods remain in force.
- You should continue to make payments in the usual way.
If you are a customer with a finance offer:
- No further loans will be provided.
If you are a customer with an unsecured loan:
- Your existing loan agreement remains in place.
- There is no intention to change the repayment profile of your loan and you are not being expected to refinance elsewhere.
- All existing early repayment charges and notice periods remain in force.
- You should continue to make payments in the usual way.
Finally, we would like to re-iterate that our key objective is to ensure business as normal during this process. We shall keep you as fully informed of the situation as we are able as matters progress.
Alan Bloom and Maggie Mills
Joint Administrators