Amigo, which provides credit to borrowers excluded from mainstream banks, is in an "orderly solvent wind-down" after the cost of compensating customers for loans mis-sold in the past pushed it to the brink of collapse.

"We believe that a reverse takeover is the only possible prospect of delivering any future value for shareholders," Amigo CEO Danny Malone said in a statement.

Malone will step down as chief executive officer on December 31 and will be succeeded by Kerry Penfold.

(Reporting by Andres Gonzalez; editing by Jason Neely)