FundingSecure realisations reach £43.8m
Administrators have recovered nearly £43.8m from FundingSecure’s loan book, three years after the peer-to-peer lending platform collapsed.
During the six months between 23 April 2022 and 23 October 2022, administrators CG&Co recovered a further £3.8m, bringing the total up to almost £43.8m, according to the latest update filed with Companies House.
As of 23 October 2022, there were still 51 loans in default, with a total value of just over £25.7m.
Read more: FundingSecure’s administrator recoups director’s loan account funds
“The joint administrators are continuing with their efforts to realise each loan,” the report said. “As previously reported, it is difficult to advise anticipated timescales for recovery loans remain problematic [sic].”
During the six-month period there have been no further investor withdrawals. To date, total investor withdrawals equate to £24.4m.
There has been a recent amount deposited by an investor in error, the report said, which administrators are unable to return as the account is frozen due to the trust claim.
Former FundingSecure director and stakeholder Raj Kumar, who stepped down from CrowdLords last month, has a fixed and floating charge over the company’s assets, valued at just under £1.6m. There have been no payments made to date.
Read more: FundingSecure faces fresh ‘secret commission’ claim
EZ Invest also has a fixed and floating charge over the company’s assets, valued at £1.2m, which has not been repaid.
The security held by Raj Kumar ranks in priority to EZ Invest, the update said.
Administrators’ fees totalled £72,531.31 over the six-month period, bringing the total up to £808,353.30 to date.