Peer to Peer Lender Moneything Capital Limited
Moorfields were appointed as Joint Administrators over MoneyThing Capital Limited and MoneyThing Security Trustee Limited on 21st December 2020.
MoneyThing Capital Limited was an FCA-regulated Peer-to-Peer (P2P) lending platform operating through www.moneything.com. The platform facilitated crowdfunded loans for businesses, typically secured against property or other valuable assets, including pawn-broking style loans.
The company had been conducting an orderly wind-down of its loan book following challenging market conditions and increased litigation during 2020. However, with mounting operational and legal pressures, the Directors determined that placing the business into Administration was the most appropriate step to protect the interests of lenders and creditors.
Objectives
- Continue the orderly wind-down of the remaining Peer-to-Peer loan book.
- Protect lender and borrower rights, ensuring these remain unaffected during Administration.
- Pursue enforcement action to recover defaulted loan.
- Stabilise the platform’s operations and maintain clear communication with stakeholders.
- Manage litigation risks and preserve value for creditors.
- Work collaboratively with the company’s directors to deliver a smooth transition and ongoing compliance.
Moorfields’ Actions
- Took immediate control of MoneyThing Capital Limited and MoneyThing Security Trustee Limited, ensuring regulatory compliance and operational continuity.
- Continued the orderly wind-down of the loan book, managing repayments, recoveries, and outstanding loans in line with the platform’s existing processes.
- Worked closely with MoneyThing’s directors to ensure continuity of management and communication throughout the Administration.
- Established dedicated information channels, including lender and borrower FAQs on www.moneything.com and updates via www.moorfieldscr.com/moneything
- Provided reassurance to lenders and borrowers that their rights and interests remain protected, with support queries handled through the existing MoneyThing systems.
Results
- Lender and borrower communications have remained transparent through dedicated online resources and support channels.
- Litigation exposure has been effectively managed to protect the company’s stakeholders and assets.
- The value of the remaining loan book is being maximised through structured realisation processes.
- Confidence has been maintained among MoneyThing’s lenders and borrowers, with reassurance that their interests remain safeguarded under the Joint Administrators’ oversight.
