ASMX (ABL)

Call me a sceptic, but hasn't ASMX been about to launch for a very long time now?

It seems reminiscent of the new ABLrate exchange where the announcement of new platforms joining was imminent for the whole of its existence. Right up until it was shut down by the FCA!

Dear Lenders,



With a heavy heart and deep regret, I must share the news that Aviation and Tech Capital Limited, the owner and operator of Ablrate, is being into administration. This decision was not made lightly, and I want to extend my heartfelt apologies to each and every one of you who have supported us through thick and thin.



Over the years, Ablrate has faced its share of challenges, and we have always strived to navigate through them while keeping the best interests of our lenders in mind. However, the recent requirement from the Financial Conduct Authority (FCA) to close our secondary market and the subsequent restriction on being able to generate new business has placed us in a precarious financial position.



We want to express our gratitude to all those who have been patient with us and have sent messages of support during these trying times, we are genuinely grateful for your understanding.



It is with humility that we address concerns that have arisen regarding the aggressiveness of our recovery actions in certain cases. We want to reiterate that our primary concern has always been the protection of our lenders' investments. Given that these concerns have escalated to the Financial Ombudsman Service, we are compelled to take proactive steps to address them.



The dwindling revenues, the inability to pursue new business opportunities, the time-consuming process of addressing FOS complaints, and the escalating costs associated with recovery efforts have left us with no alternative but to place the company into administration. This decision was not made lightly, and it comes with the intention of safeguarding the interests of our lenders.



Moving forward, we are committed to working closely with our administrators, Quantuma, to recover as much of the outstanding loan book as possible. Lenders who wish to participate will have the opportunity to join a lenders committee, ensuring transparency and collaboration in this crucial phase.



I deeply regret not updating you all sooner; the FCA restrictions prevented us from discussing administrators until their authorization was granted. However, transparency remains a core value for us, and we believe in sharing the full story with you. Quantuma and, where they are already appointed, Griffin, will now take the lead in this process, but rest assured that our team will continue to work tirelessly in support of the recovery efforts.



In each loan document section, we will include approved correspondence from Quantuma, as per their request. We understand that this may result in multiple emails for those invested in numerous loans, and we appreciate your understanding during this process. This correspondence will include essential information such as messages from Quantuma, draft orders, FAQs, and direct contact details for reaching out to them.



I want to convey my deepest apologies for the situation we find ourselves in, and I genuinely believe that placing the company into administration is the best course of action for our lenders. The legal obligations of administrators require them to report back to lenders and diligently work to recover funds to the fullest extent possible.



Once again, I want to express my sincere gratitude for your support, patience, and understanding during these challenging times. We remain committed to serving your best interests throughout this process and beyond.



Regards



David