The House Crowd administration set to drag on
Administrators for The House Crowd have admitted that the administration process will not be complete until February 2024 at the earliest, while telling investors that they must wait another six to 12 months for disbursements.
Quantuma had previously extended the administration deadline to February 2023.
In the latest administration update, Quantuma said that realisations from the bridging and development loanbook will take at least another six to 12 months due to the “incredibly complex” administration process. This means that no distributions are expected to be made until all assets have been realised by Quantuma.
The peer-to-peer property lending platform entered into administration February 2021, due to “ongoing financial issues”.
Quantuma was appointed to manage the platform’s wind-down, with administrator fees estimated to top £800,000.
Between March and September 2022, Quantuma incurred time costs of £172,547, made up of 618 hours at an average hourly rate of £279.
Over the summer, a court ruled that Quantuma’s fees would be fixed at a set rate and taken from the value of the realised funds from the platform’s the bridging and development loanbook.
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During the most recent reporting period, £6,222 was repatriated back to investors from monies held by a third-party payments provider pre-administration.
The administrators also recovered £64,601 which was being held in The House Crowd bank accounts before the platform’s administration.
£97,000 has also been recovered from monies held by the company’s former solicitor Jane Hartley Associates.