An additional administrator has been working on the MoneyThing administration, looking at the costs of operating the platform while it is formally wound down.
Both MoneyThing Capital, the peer-to-peer lending platform, and MoneyThing (Security Trustee), which acted as the platform’s security trustee on behalf of the P2P investors, entered into administration in December 2020 after the platform revealed it was unable to defend itself against future ligation from a borrower.
Tom Straw and Milan Vuceljic of Moorfields Advisory were appointed as joint administrators.
James Money, joint administrator at Rollings Butt, was appointed as joint administrator of MoneyThing (Security Trustee) in February.
His role is to look at the charges set by MoneyThing Capital to cover the costs of operating the platform while the company is in administration, including administration fees.
Money said he has had discussions with the MoneyThing Capital administrators and “helpful input” from some MoneyThing lenders.
“The discussions with the MoneyThing Capital administrators have not yet concluded, so I’m afraid that I’m not able to discuss this with you,” he said.
“One point, however, that I think is worth noting, is that my role is not to look at the fees of the MoneyThing administrators per se, but at the charges set by MoneyThing Capital to cover the costs of operating the platform while the company is in administration. The fees will be part of those costs.
“I’ve had some helpful input from some MoneyThing investors.”
In October last year, a spokesperson from Moorfields Advisory said MoneyThing’s administration had been extended until 20 December 2022.
In August, the MoneyThing joint administrators said that so far the administration fees had totalled £300,000 more than previously expected.