Jan 24 (Reuters) - British subprime lender Amigo Holdings said on Monday Chief Financial Officer Mike Corcoran will step down immediately.

The move comes on a day when Amigo's share lost 42% of their market value after the firm said it could enter insolvency if a new business rescue plan and a likely rights issue were not approved by creditors and in court. (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Aditya Soni)