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Peer2Peer Finance News | September 16, 2019

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Collateral administrator names creditors committee members

Collateral administrator names creditors committee members
Marc Shoffman

THE MEMBERS of the Collateral creditors committee have now been named by administrator BDO.

Investors were invited to vote for nominees for the committee, which will assist in the wind-up of the collapsed peer-to-peer lender, after 13 people applied for just five places in July.

The committee is made up of BondMason chief investment officer Graham Martin, business analyst Richard Winslow, chartered accountant and licensed insolvency practitioner Peter Lawrence, as well as P2P investors Adam Bunch and Steve Wozniak.

“The purpose of the committee is to represent the interests of investors and creditors as a whole, rather than just the interests of its individual members,” BDO said.

“The role of the committee is to assist the administrators in discharging their functions and obligations, and will include liaising with them in relation to matters of strategy, determining the basis and level of the fees, and generally acting as a sounding board.”

Other nominees who were not selected include Relendex board member and founder of P2P investor 3S Capital Partners Andrei Dikouchine and hedge fund manager Avi Rapaport.

The first meeting will take place on 26 September.

BDO took over the administration of Collateral in April after the Financial Conduct Authority opposed the appointment of Refresh Recovery following the platform’s closure in February.

It has since transpired that Refresh Recovery has also gone into administration.