Court rejects fears deal would be unfair to customers by cutting payouts to 5% even though directors could earn £7m

High-cost lender Amigo Loans will press ahead with a rescue plan to cap compensation payments for nearly 1 million customers after the high court rejected concerns the proposed scheme would unfairly harm them.

Amigo, which is giving board directors the chance to earn £7m in long-term bonuses as part of the deal, said it welcomed the court decision, which would allow a meeting with creditors on 12 May to go ahead as planned followed by a vote of all customers.

Related: Amigo pauses new loans until 2021 as it faces flood of complaints

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