The House Crowd’s administration extended to 2023
The House Crowd’s administration has been extended until 2023 as it nears its one-year anniversary.
According to documents published on Companies House, joint administrators Quantuma said the peer-to-peer property lending platform’s administration deadline has been extended until 24 February 2023.
The extension will mean that the administration process will have lasted three years before completing.
The platform went into administration on 26 February last year and Frank Ofonagoro, Jeremy Woodside and Frank Wessely at business advisory firm Quantuma were appointed as joint administrators with consent from the City watchdog.
Read more: The House Crowd administration costs reach £283k
The joint administrators have previously said they will seek an extension to the maximum 12-month period of administration from unsecured creditors.
In the latest administrators progress report, they said that they would apply to court for directions on the fairest distribution mechanisms to return funds to auto-invest and self-select retail lenders.
The administrators said this was because it was unclear as to how net bridging and development loan realisations should be properly and accurately distributed to retail lenders due to inaccurate record keeping.
Read more: Exclusive: The House Crowd chief disputes unauthorised loan allegations
The report covers the period between 24 February and 23 August 2021 and showed the administrators have racked up £421,995 from 1,366 hours of work since the platform’s collapse, while they forecasted a further £447,532 of time costs would be charged in continuing the administration process and finalising the outstanding matters.
It also revealed that £169,600 in expenses have been incurred.