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A Sheffield-based secured loans company has announced that it has gone into voluntary liquidation, citing the pressures of the credit crunch as the reason for its collapse.

The liquidation of Loan Assured, which was only recently formed, will be overseen by the insolvency company Wilson Field. Its sister companies, Loan Assured Mortgages, Assured Marketing and The Underwriting Department will also be going into voluntary liquidation.

News of the liquidation comes at an unwelcome time for Sheffield. Claire Foster, who works for Wilson Field, comments on the insolvency of the secured loans company, “Alarmingly, I have seven meetings to place Sheffield-based companies into liquidation in July.”

Fortunately, the secured loans company’s customers will not suffer as a result of the insolvency, as it only operated as a broker, rather than providing the actual loans.