Mortgage Introducer has been informed that David Wylie, managing director of c2, has called in solicitors to contest the amount of money RAMP is prepared to pay him for his shares.
The firm was expelled from RAMP in February after allegedly failing to meet compliance standards.
It is believed c2 is looking to be paid over £100,000 for its shares.
Wylie said: “The issue of the shares has been ongoing for many months now.
“We are constantly exchanging legal correspondence and don’t envisage that this will be resolved any time soon. As this is still subject to legal proceedings, this is all I can say.”
John Rice, managing director of RAMP, declined to comment due to legal reasons. Asked whether the alliance could afford to pay over £100,000 for the shares, Rice explained that as RAMP was only established a little over a year ago it would not have generated this amount of revenue yet and Wylie would receive the proper amount for his shares.
Matthew Bright, managing director of Optoma, commented: “This could wipe out RAMP. What is the point of these associations anyway?
“They are supporting small packagers that arguably shouldn’t be in the marketplace anyway as they are not providing the same level of service that us bigger packagers do.”
