Peer-to-peer lending platform placed into administration
Business Loan Network, a peer-to-peer business lending platform has been placed into administration.
The company was incorporated and commenced trading in 2010 operating an electronic peer-to-peer platform, with retail and institutional lenders investing in secured business loans.
In December 2019 the company took the decision to close the platform to new business and following consultation with the FCA, started a managed run-off plan in relation to loan recovery and distribution to lenders.
Geoff Bouchier and Robert Armstrong, both of Kroll, have been appointed joint administrators of Business Loan Network. ESF Capital will continue to be the primary contact with borrowers and lenders on behalf of the Business Loan Network.
Lenders will continue to have access to the company’s online Portal as well as have access to the internal messaging system within the Portal. Questions from lenders submitted via the internal messaging system or via firstname.lastname@example.org will continue to be answered in the usual way. Lenders will also continue to receive updates on loans for which they are invested by email in the usual way.
All other entities in the ESF Group will continue to trade as normal. ESF Capital, trading as ThinCats, also remains as a going concern and is continuing to trade.
Thincats is unaffected by the process.
Joint administrator, Bouchier said “The directors of the Company took this decision, having regard to the Company’s present and likely future financial position, in order to protect the interests of its creditors as a whole. ‘
“it is the intention of the Joint Administrators to continue to wind-down the remaining loan book during the Administration process. The Administrators have appointed ESF Capital, the Company’s parent which has been providing services to support the managed run-off plan prior to the Administration, as wind down servicer to assist in this process.”