Mon, 28 Dec 2020 | ADMINISTRATION
Peer-to-peer (P2P) lender MoneyThing has fallen into administration, citing the unaffordable costs of litigation by a borrower.
The company said: “The directors of MoneyThing have taken this decision in order to protect the interests of the companies’ creditors as a whole. “We have taken into account the tougher trading conditions experienced in 2020 as well as litigation by a MoneyThing borrower.
“The joint administrators will assume responsibility for managing the companies’ affairs. They will continue the orderly wind-down of the remaining MoneyThing P2P loanbook, return monies to lenders and conclude the firm’s business activities.”
“The appointment is not expected to have a material impact on lenders or borrowers. MoneyThing’s existing directors will continue to provide full support to ensure a smooth handover and will remain involved in the business’s operational activities, reporting to the joint administrators.”
Moorfields Advisory’s Tom Straw and Milan Vuceljic have been appointed as joint administrators for the company.
MoneyThing investors will continue to receive capital and interest according to the terms they have agreed. The lender had pledged to continue providing updates, but said that specific questions about the administration should be directed to Moorfields.
The Financial Conduct Authority (FCA) has warned MoneyThing clients against involving third parties in their claims against the company and instead advised them to contact the joint administrators.
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