Iuvo takes new legal action against loan originator
Iuvo Group has appointed a supervisor to press for updates on the restructuring efforts of loan originator CBC.
CBC is a Polish lender which specialises in short-term business loans. In late 2022, it was announced that CBC would restructure and an administrator was appointed to analyse and value CBC’s portfolio of non-performing loans.
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Peer-to-peer lending marketplace Iuvo worked with the administrator to formulate a plan which would allow for the sale of the available movable assets and cash receivables from CBC. The plan would also allow any investor funds which have already been liquidated to be distributed between CBC’s creditors.
This plan was submitted to the courts in May 2023, but has yet to be approved. In an effort to speed up the restructuring division and repay investor funds, Iuvo and other CBC creditors have now appointed a supervisor to oversee proceedings.
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“Actions are taken by Iuvo and the other creditors to bring in the judge chairman of the department for bankruptcy and restructuring proceedings in the trial court as a supervisor in the proceedings due to the unsatisfactory pace at which the administrator and his team are conducting the proceedings,” said an Iuvo Group spokesperson.
“Another main reason for the slower proceedings is the difficulties faced by the administrator in reaching consensus with the separate creditors on the most appropriate approach to cashing in the different types of receivables of CBC, which also additionally delays the definitive approval of the plan for restructuring.”
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