MOORFIELDS ADVISORY APPOINTED ADMINISTRATORS OVER PEER TO PEER LENDER MONEYTHING CAPITAL LIMITED
- Administrators to continue orderly wind-down
- Lender and borrower FAQ’s are available on the moneything.com website
Directors have appointed Tom Straw and Milan Vuceljic of Moorfields Advisory Ltd as Joint Administrators of MoneyThing Capital Limited and MoneyThing Security Trustee Limited effective today, 21st December 2020.
MoneyThing Capital Limited is a FCA regulated Peer-to Peer firm and operates a Peer to Peer lending platform through the website www.moneything.com, facilitating crowdfunded loans which are used to fund the business loans secured against assets such as property, as well as pawn-broking style loans secured on items of value.
MoneyThing has been undertaking an orderly wind-down of its Peer to Peer loan book but, taking into account the tougher trading conditions experienced in 2020 and litigation against the firm which has not been possible to settle to date, the directors considered it necessary to place the Company into Administration.
The Joint Administrators will continue to manage the orderly wind-down of the remaining MoneyThing Peer to Peer loan book. The rights of MoneyThing lenders and borrowers will not be affected.
Further information has been provided to MoneyThing’s lenders in the support area of the website including FAQ’s (https://www.moneything.com/). Lenders’ and borrowers’ questions should be directed to email@example.com and will be answered in the usual way.
Tom Straw, Joint Administrator, says “MoneyThing’s existing Directors will continue to work with the Joint Administrators to ensure a smooth continuation of the wind-down.
Sophie Pearce, Moneything Director, “I would like to thank all of our lenders for their messages of support at this difficult time for the business. We have always aimed to do the right thing for our stakeholders, including our lenders. Appointing Joint Administrators is the right thing to do protect the platform from further litigation. We have every confidence that the Joint Administrators are the right people to continue with the orderly wind-down of the loan-book and they have our full support.”
In the event that lenders have a specific query for the Joint Administrators, they should first review the FAQs set out at www.moorfieldscr.com/moneything
The Administrators can be contacted as follows:
write Moorfields Advisory, 88 Wood Street, London EC2V 7QF.
For media enquiries, please contact:
Tel: +44 (0)20 7186 1144
Moorfields is one of the UK's leading independent firms of restructuring and insolvency specialists. Our highly skilled teams include restructuring professionals and licensed insolvency practitioners who provide leadership, experience and high quality advice to companies and their stakeholders in financially distressed situations.View all Our News