The House Crowd is moving into creditors’ voluntary liquidation, after an administration process that lasted more than three years.
Administrator Quantuma said that it is moving the collapsed peer-to-peer lending platform from administration to creditors’ voluntary liquidation, to enable a dividend to be paid to unsecured creditors, which is estimated to be 24p in the pound.
It said it will continue to pursue the remaining assets.
Read more: Rehan Ahmed appointed to The House Crowd administration
Quantuma has returned £97,408 of funds to investors during the administration, according to the document filed with Companies House, and will look to distribute the final £4,872 during the liquidation process.
Quantuma’s time costs incurred in the administration come to £1,127,797.
The House Crowd entered into administration in February 2021, having collapsed due to “ongoing financial issues”.
The end date of the administration has been pushed back a number of times since then, with a series of court-ordered six-month extensions put into place.
Quantuma said at the time that it was “essential” that the firm’s ISA manager status was dealt with before entering into liquidation.
The latest report from Quantuma revealed that the platform’s Innovative Finance ISA (IFISA) accounts were transferred to ShareIn on 8 January 2024 and as such, it is now taking steps to close the administration and move to creditors’ voluntary liquidation.
And last October, Quantuma said that the administration process faced “unavoidable significant increases in cost” and extended the end-date to 23 February 2024.
