FUNDINGSECURE’S administrator has established a committee made up of creditors and investors to assist with the process.
CG & Co, which is managing the administration of the collapsed peer-to-peer lender, has named Marc Mason, Paul Mundy and Spencer Tarring as members of the new creditors committee, according to a document filed with Companies House.
The administrator produced a report in November 2019 which proposed the formation of a creditors committee. Members were to be nominated and chosen based on the value of their investment of claim.
At a meeting with creditors in Manchester subsequent to the administrator’s report, the proposal to set up a creditors committee was approved, according to another Companies House document.
The creditors committee will play an important part in approving the administrator’s advice and will also be asked to approve the administrator’s remuneration.
FundingSecure started life as a P2P pawnbroking platform in 2012 and later expanded into property lending. The firm went into administration in October 2019 with a current loanbook of £80m.
Creditors committees were also been set up for two other P2P platforms that have gone into administration – Lendy and Collateral. In both these cases, there were five committee members rather than three.