Post by aj on Apr 26, 2023 15:20:47 GMT
"FundingSecure Update
The e-wallet/client account (the Account) is currently frozen due to the claim by JC Starr Holdings Ltd (JC Starr) regarding the payment of £500,000 paid into the Account in April 2019.
Following consultation with the Creditors Committee and the FCA and following legal advice, we have been investigating how we might pay out those monies due to investors on those loans (the Loans) made by FundingSecure prior to April 2019. We have now devised a mechanism to allow payment to be made on the Loans to investors.
There is currently the sum of £795,309.02 (the Frozen Monies), to which sum JC Starr is making a claim, held in the Account. It is intended that the Frozen Monies will be moved from the Account to a separate account, where they will remain frozen. The Account will then be used to make payments to the investors on the Loans.
It is intended that such payments will commence shortly after 3 May 2023.
Please note that during this period of a few days the Platform will be closed to allow the mechanism to be put in place.
FundingSecure Limited - in Administration"
It all sounds pretty positive, I read the above as any loans fully funded before JC Stars April loan have been deemed 'uncontaminated' so payouts on these can resume soon. I think all my loans qualify for this pre Apr 2019 cutoff.
If there is £795K in the client account comprising of returns from post April 2019 loans+whatever client funds were left when FS went under it is a surprisingly high amount. Perhaps Starrs 500k was never missing and the administrators have just been dragging it out for their own gain?
The e-wallet/client account (the Account) is currently frozen due to the claim by JC Starr Holdings Ltd (JC Starr) regarding the payment of £500,000 paid into the Account in April 2019.
Following consultation with the Creditors Committee and the FCA and following legal advice, we have been investigating how we might pay out those monies due to investors on those loans (the Loans) made by FundingSecure prior to April 2019. We have now devised a mechanism to allow payment to be made on the Loans to investors.
There is currently the sum of £795,309.02 (the Frozen Monies), to which sum JC Starr is making a claim, held in the Account. It is intended that the Frozen Monies will be moved from the Account to a separate account, where they will remain frozen. The Account will then be used to make payments to the investors on the Loans.
It is intended that such payments will commence shortly after 3 May 2023.
Please note that during this period of a few days the Platform will be closed to allow the mechanism to be put in place.
FundingSecure Limited - in Administration"
It all sounds pretty positive, I read the above as any loans fully funded before JC Stars April loan have been deemed 'uncontaminated' so payouts on these can resume soon. I think all my loans qualify for this pre Apr 2019 cutoff.
If there is £795K in the client account comprising of returns from post April 2019 loans+whatever client funds were left when FS went under it is a surprisingly high amount. Perhaps Starrs 500k was never missing and the administrators have just been dragging it out for their own gain?
