It had applied for administration, a form of UK insolvency protection, after it ran into difficulties, according to previous media reports and court documents seen by Reuters. Creditors who successfully applied to have the company put into administration on Wednesday cited financial irregularities and mismanagement in court documents. The institutions’ names were redacted in court documents provided to Reuters. Atlas said it has roughly £400 million of exposure to the mortgage provider, or about 1 per cent of its balance sheet. The Times reported Barclays has a £600 million exposure to MFS.

Source: The Times February 28, 2026 10:36 UTC