Chris Laverty, Daniel Smith and Andrew Charters of Grant Thornton UK LLP were appointed as joint administrators of Wonga Group Limited, WDFC UK Limited, Wonga Worldwide Limited and WDFC Services Limited on 31 August 2018. The companies traded at Wonga.com in the UK and provided lending services to the UK consumer market.
Despite efforts to restructure the business, which included an injection of funding by the Group’s shareholders the business was unable to be restored to profitability due to the level of complaints. As a result, the management team had no alternative but to place the above companies into administration. Following the appointment of Administrators there will be no new lending activity.
The Administrators will conduct an orderly wind down of the business and sale of the assets and start the process of identifying all creditors, in accordance with their statutory obligations. The Administrators will continue to work closely with the Financial Conduct Authority (FCA) as the administration process progresses, supporting customers where possible during this period. All outstanding loans remain subject to the terms agreed with Wonga and customers should continue to make payments in the usual way. Those customers with complaints should continue to approach the company in administration. These complaints will then be assessed and if valid dealt with as unsecured creditors of the administration estate The overseas subsidiaries continue to trade as usual.