MoneyThing’s administration has been extended until 20 December next year.
A spokesperson from Moorfields Advisory, the administrators of the peer-to-peer lending platform, said that the administration has been extended until 20 December 2022 to “enable the administrators to continue the wind-down of the MoneyThing loanbook”.
Read more: P2P administration fees hit £5m
In August, the insolvency practitioners said that so far the administration fees have totalled £300,000 more than previously expected and these costs are now anticipated to reach £728,837.50 altogether.
The administrator’s progress report also showed the number of outstanding loans has dropped from 50 to 38 over the administration period to date, which is less of a reduction than the administrators were predicting and requires a longer period of management and oversight.
In December 2019, MoneyThing unveiled plans to wind-down, which it put down to lower investor confidence and strong competition in the lower-risk business loans market.
Then in December 2020 the platform was pushed into administration after revealing that it could not afford to defend itself against future litigation from a borrower.