On 19 February 2021, the FCA placed restrictions on Raedex (Restrictions). Under the Restrictions, Raedex is not permitted to enter into any new vehicle lease agreements, but it is permitted to continue to carry on its business in respect of leases that were in place prior to the Restrictions taking effect.
Raedex will continue to trade in administration, subject to the Restrictions. Lease agreements between Raedex and its existing customers remain in place; anyone leasing a vehicle from Raedex should continue to pay their monthly payment in the normal way to secure their ongoing usage of the vehicle.
The Administrators are now evaluating the current financial position and options for each of the Raedex Group companies. They will seek to achieve the best outcome for each company’s creditors as a whole. It is too early for the Administrators to conclude how much money they will be able to return to the creditors of each company in the Raedex Group, or within what timeframe.
The Administrators will continue to update the creditors and customers on the progress of the respective administrations.