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Peer-to-peer lender Funding Secure goes into administration

Peer-to-peer pawnbroker Funding Secure has collapsed, leaving thousands of investors at risk of major losses.

Funding Secure is the second peer-to-peer player to go into administration in a matter of months. The property lender Lendy collapsed in May after a rise in borrower defaults.

Discussion started by canythould43 , on 23 days ago
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runted
On FundingSecure home page:

Important UpdateFundingSecure Limited ("the Company")
Jonathan Avery-Gee, Edward Avery-Gee and Daniel Richardson (‘the Administrators’) of CG & Co (‘CG’) were appointed Administrators of the Company on 23rd October 2019. The administrators are working closely with the FCA who consented to their appointment over the Companies.
The Company was placed into administration on 23rd October 2019 by a resolution of the board of directors of the Company. As a result of the administration no legal proceedings may be commenced or continued with against the Company without the consent of the Administrators or leave of the Court. The Company is now protected from any third party actions by virtue of a statutory moratorium.
The administrators have set up a dedicated email address for creditors to contact the administration team.
fundingsecure@cg-recovery.com
We will only be able to respond to urgent queries. However, key updates on loans will be ongoing and accessable on the investor platform.
Due to the early stages of the administrations, the information we have is limited, we therefore request that creditors continue to consult the website and historic investor updates in the first instance. We will continue to update investors and creditors as additional information becomes available so please watch this website for updates.
The business and affairs of the Company are now controlled by the Administrators who act as agents of the Company and act without personal liability.
Jonathan Avery-Gee, Edward Avery-Gee and Daniel Richardson are licensed as insolvency practitioners in the United Kingdom by the Institute of Chartered Accountants In England and Wales and the Insolvency Practitioners Association.
23 days ago