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Payday lender shuts down

19 September 2013 6:53am
Cash Store, a payday lender, has ceased lending after administrators were appointed on Friday.

Cash Store Australia Holdings, a Toronto-listed firm, said it had appointed a voluntary administrator to its wholly owned subsidiary, Cash Store Pty Ltd, on the grounds it was "insolvent or is likely to become insolvent at some future time."

Hugh Armenis and Kate Barnet, of Bentley Corporate Recovery in Brisbane, are the administrators.

Cash Store said that in September it "received a letter from its third party lender's counsel giving notice that it is suspending its consent...

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