Local MP welcomes Farepak 50 pence in pound payment
The Joint Liquidators of Farepak have today announced that they will be making dividend payments to Farepak’s creditors, including customers and agents, at the end of next month. In addition, the Joint Liquidators will at the same time distribute the £8million ex-gratia payment to customers and agents made by Lloyds Banking Group. The ex-gratia payment will be issued by the Joint Liquidators at no additional cost. The dividend payment – approved by the Liquidation Committee – marks the end of the liquidation of Farepak for creditors. Customers and agents will now receive 50 pence in the pound.
Commenting Local MP David Mundell said: “The collapse of Farepak was devastating for those who lost their Christmas savings. Getting fifty pence in the pound back is far from ideal but after everything that has happened this is an unexpected and much welcomed result for the hundreds of people across this area who thought they would never see this money again. I am encouraging anyone who has changed address since the initial payment to get in touch with the Farepak Claims Management Team or my constituency office to update their details.”