MoneyThing administrators recovered more than £550,000 for investors from a non-performing loan in the second half of last year.
In its sixth progress report to 20 December 2023, Moorfields said that a distribution of £950,407 was received relating to an enforced loan where administrators had been appointed.
Out of this sum, £306,093 was drawn by MoneyThing for loan management and enforcement services, while £3,318 was paid for legal and tax advice.
It said these fees were necessary to facilitate the sale of the assets.
As a result, £556,000 was made available on the platform for lenders to withdraw.
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£84,996 has been retained as a provision for future costs associated with the loan.
Former peer-to-peer lending platform MoneyThing Capital, and MoneyThing (Security Trustee), which acted as the platform’s security trustee on behalf of the P2P investors, entered into administration in December 2020 after the platform revealed it was unable to defend itself against future ligation from a borrower.
The cost of the administration has risen to more than £1.2m, as of 20 December 2023.