Litigation involving Peer-to-peer lending platform Ablrate was given the green light to proceed to trial this afternoon at the Manchester County Court.
At a hearing earlier today, District Judge Paul Richmond explained he understood the case between the Joint Liquidators of Shawhouse Energy Centre Limited and Ablrate to be: “have [Ablrate] got security, if they have security what order should the security be.”
Companies House records reveal Shawhouse Energy Centre Limited has two ‘outstanding charges’ registered in favour of Ablrate, both dated November 2019.
The peer-to-peer industry has seen no shortage of borrowers disputing security held over their charged assets.
The exact details of what amounts are in dispute, what assets are said to be affected, and description of any of the live issues were not revealed during this 6-minute-hearing.
After first confirming how Ablrate is supposed to be pronounced*, the judge directed that the trial, with a time estimate of 4 hours, should be listed in-person on the first available date after 25th October 2022.
The parties were told to have their paperwork filed 5-days-prior to the trial.
*able-rate explained Ablrate director Mr David Bradley -Ward
In April 2022 the mouseinthecourt reported that the platform had temporarily suspended their so-called Loan Exchange facility citing “a disagreement between ourselves and the FCA on the interpretation of rules around secondary markets and the interpretation and application of those rules“.
“This appears to be connected to a wider, more aggressive strategy aimed at the P2P industry and other industry classed as ‘high risk’ by the regulator” said director David Bradley-Ward in a statement.
In July 2022 Ablrate informed platform investors of their “decision to execute the orderly wind down of the Ablrate loan book and its P2P activities“.
Case Details
Tuesday, 6 September 2022 @ 15.15pm
In the County Court at Manchester
Before District Judge Richmond
CR-2022-MAN-000408
Alan Brian Coleman and James Fish, (The joint liquidators of Shawhouse Energy Centre Limited (in liquidation)) & 3 others v (1) Ablrate Assets Limited & other
Joint Liquidators were represented by David Williams
Ablrate were represented by director David Bradley-Ward
Mouse in the Court 