The House Crowd investors have set up an action group to help them recover funds from the collapsed peer-to-peer lending platform.
The property development lender entered into administration in February, owing investors £52.7m in capital and interest.
The House Crowd Investor Group, whose website is maintained by the investors on a voluntary basis, is made up of The House Crowd Investor Steering Committee (SC) which meets regularly and supports a hub of over 300 investors so far.
The group says that working together significantly improves investors’ chances of a successful outcome and will help reduce administrator fees by channelling the group’s questions via the SC.
The investor action group said it is working to obtain an initial mandate from the investor community to open a dialogue with the administrators as soon as possible and meet with any other bodies that are deemed necessary to assist their claim.
It is also planning to identify relevant experts to provide legal advice and a second opinion on the administrators’ proposed plans, if needed.
It is preparing for a crowdfunding campaign in case it needs to cover any costs.
On behalf of the community of The House Crowd investors, the group has established a protocol for communication with the administrators to raise any concerns and to discuss their proposals.
Following these discussions, it will determine if it is needs to consult with independent lawyers and/or insolvency practitioners.
The House Crowd Investor Group said investors in the platform should register with the group to be added to its online Slack group and receive regular updates from the SC.
They said to register investors should look at its FAQ page for details on sending an email with evidence that they are an investor.
“If you have been affected by the winding up of The House Crowd and its subsequent entry into administration and have outstanding loans/investments with any of the The House Crowd companies in administration with Quantuma Advisory Limited then you are in the right place,” The House Crowd Investor Group said on its website.
Action groups have been set up by investors in a number of failed P2P platforms, including Lendy and FundingSecure.
Affected investors can find out more about the The House Crowd Investor Group and the ongoing administration process by visiting https://thcmoneyrecovery.wixsite.com/website