FundingSecure administration extended by three years

The administration of collapsed peer-to-peer lender FundingSecure has been extended by three years.

FundingSecure closed in October 2019 and CG&Co was appointed as administrator of the P2P pawnbroking platform.

Court documents, filed this month, show a three-year extension has been approved until 22 October 2023.

The administrator had said in an update earlier this year that more time was needed to realise assets and noted the impact of the coronavirus pandemic on the property market.

The report said that as of the end of May 2020, £11.9m has been recovered out of total investments of £67.5m so far.

At the onset of the administration, CG&Co said, FundingSecure had 470 loans on 242 assets of which 379 had been deemed performing and 91 defaulted.

Since then, 165 are in default and just six are performing.

CG&Co said it had reconciled issues relating to client money accounts and £10.2m of withdrawal requests have been processed.

It is unclear if a progress report will now be released in time for the one-year anniversary of the administration.

CG&Co has been asked for comment.

The extension echoes the situation with collapsed P2P property lending platform Lendy.

Its administrator RSM has been approved a three-year extension until May 2023.