The hearing about setting up a framework to administer interim investor pay-outs to Collateral investors has been rescheduled to 13 June.
On 30 March, the peer-to-peer lending platform’s administrator BDO said it had applied for court permission to set up the framework, including a deadline for appeals. The administrator filed the application with the High Court of Justice Business and Property Court on 22 March and the initial hearing was listed for 17 May.
However, the court hearing has been delayed to 13 June, according to a fresh update this month on BDO’s website.
In a letter to the High Court of Justice, BDO’s lawyers Stevens & Bolton said they were requesting a longer listing because of the volume of documents filed in their support and the complexity of the directions they are seeking.
“The applicants are of the view that a longer listing will be required for the substantive hearing of the application and that it will not be possible to deal with this during the 30-minute listing which has been allocated on 17 May,” they said in the letter.
“This is largely due to the volume of documents filed in support of the application (in excess of 400 pages) and the complexity of the specific directions being sought from the court in relation to this matter.
“The applicants therefore respectfully request that the court vacate the hearing and re-list the substantive hearing of the application for two hours as soon as practicable thereafter.”
BDO is proposing a framework to administer investor distributions, including how the claims will be adjudicated and a plan for how it will deal with any appeals from investors over its claims assessment.
This comes after the administrator had spoken with a representative of creditors about the possibility of making interim distributions to investors from the client money account and loan accounts, and said it could not confirm the value of the final pay-outs yet as it is needs to realise the remaining assets of the collapsed platform and confirm the final costs of the liquidation.