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Heritable confirms administration

Heritable Bank has confirmed it is in administration after its Icelandic parent Landsbanki was taken into state control.

A statement on Heritable’s website says that following an administration order from the High Court on Tuesday, joint administrators Tom Burton, Alan Bloom, Maggie Mills and Patrick Brazzill of Ernst & Young have been appointed.

The bank has not ceased trading and the firm’s directors remain in place while the administrators seek solutions for the bank’s customers and creditors.

Ernst & Young are seeking buyers for Heritable’s loan book and other parts of the business.

Mortgage customers are not being asked to refinance and are expected to continue to make payments as usual.

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