FundingSecure’s administration has been extended until 22 October 2025, adding at least another year to the already protracted insolvency proceedings.

According to documents filed on Companies House, administrators CG&Co have been authorised by the High Court of Justice, Business and Property Courts in Manchester to extend the administration process again.

The peer-to-peer pawnbroker and property lender went into administration in October 2019 amid mounting concerns about defaults in its loan book. The administration was originally extended in 2020 for three years, with an end date set for October 2023.

Read more: FundingSecure administration delayed again

According to the latest administrators progress report, published on 31 May, total gross loan realisations amounted to £1,495,750.06 in the period 23 October 2023 to 22 April 2024. Total gross loan realisations to date were £50,248,679.75.

At the time of the report, there were 52 remaining defaulted loans, representing outstanding capital of £10,661,054.46 The joint administrators said they were continuing to realise the loans but could not provide a timescale for when each of the remaining loans would be realised.

During the reporting period investors had been able to withdraw a total of £2,852,281.08, taking total investor withdrawals to £33,518,961.20.

Read more: P2P administration costs rack up

When it went into administration in 2019, FundingSecure’s loan book stood at £80m, representing approximately 486 loans from around 3,500 investors.

Since then, the administration process has been delayed by a series of legal interventions. In May 2021, payments to investors were halted due to a claim from an unnamed creditor who invoked a legal term called a ‘quistclose trust’.

As of April 2024, the administrators’ fees totalled £968,848.58.