Investors in the failed P2P firm Collateral UK Limited are awaiting their first payment of funds, almost four and a half years since the firm collapsed in early 2018.
At a court hearing on 13th June, the mouseinthecourt exclusively reported that Collateral investors had been given the green light to receive payments of ÂŁ5.5m. This amount included ÂŁ429k that had been held in cash at the time of the collapse.
The court had ordered that the liquidators should send a so-called ‘Detailed Exposure Schedule’ to each of the investors by 4th July 2022. This schedule was expected to state the investors entitlement to money held in the Client Account and their exposure to one or more of the various loans on the platform.
Investors were given 35 days from receipt of the statement to challenge the courts decision, which gave a long-stop bar date of 8th August 2022.
With this date having long since passed, and investors on the P2P Independent Forum reporting a lack of communications from the liquidators, the mouseinthecourt approached the firm for comment.
Earlier today a BDO spokesperson said: “In accordance with the Court’s directions, we have resent all the Detailed Exposure Schedules to individual investors, together with details of any applicable cash balances held on the client account. While no party has sought to challenge or modify the Court’s Order, as anticipated we have received a number of queries from investors in relation to their individual exposures, the vast majority of which have now been resolved.
“In the meantime, we are undertaking the work necessary to pay an interim distribution to investors. A further investor communication will be issued once the timing is more certain.”
Mouse in the Court 