The House Crowd investors handed three-week deadline for court submissions
A High Court judge has given The House Crowd investors three weeks to provide information relating to the administrator’s court filings for clarity on distributions.
In the latest progress report, administrator Quantuma said it was unclear how to distribute money to lenders because of incomplete record keeping so proposed a distribution mechanism to be considered in court.
Quantuma has separately filed an application to consider what it can charge for its work in securing and realising investor assets.
According to The Mouse in the Court blog, on 8 April in the High Court of Justice Business and Property Courts in Manchester, Quantuma’s barrister Martin Ouwehand said the purpose of the hearing was to get a timetable started.
The judge gave The House Crowd investors until 29 April to make submissions to court before a final hearing. He said he would be free between 21 and 23 June for the next hearing but the case could be overseen by a different judge before then.
The peer-to-peer property lending platform entered into administration February 2021, due to “ongoing financial issues”.
In the latest progress report for the period August 2021 to February 2022, Quantuma said that over £150,000 of uninvested funds have been returned to lenders.
In January, the administration was extended until 24 February 2023.
In September last year, Quantuma forecasted that the administration could cost more than £800,000 overall.