Ashby de la Zouch-based Business Loan Network, the peer-to-peer lending firm, has entered administration.
Geoffrey Bouchier and Robert Armstrong of Kroll (a trading name of Duff & Phelps) have been appointed administrators of the company.
A statement says that 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.”
In December 2019 the company made the decision to close to new business and, following consultation with the FCA, commenced a managed run off plan in relation to loan recovery and distribution to lenders.
The wind-down of the remaining loan book will continue during the administration process. The administrators have appointed ESF Capital Limited (ESF), 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. The administrators will assume responsibility for managing the company’s affairs.
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.