The Joint Administrators will continue the orderly wind down of the loan portfolio in order to return monies to the lenders. Prior to Quantuma’s appointment, all ABLRate staff were made redundant, however several former employees kindly continue to provide support and assistance.
Aviation and Tech Capital Limited and ABLRate Assets Limited have operated a Peer to Peer (P2P) lending platform and facilitated crowdfunded loans which were used to finance onward lending to small and medium-sized enterprises (SMEs) since July 2014. The Platform trades and operates under the name ABLRate, through the website www.ablrate.co.uk.
In common with many P2P lending structures, the purpose of the Platform was to connect individuals who wished to lend money on a private basis, with borrowers who were seeking to obtain credit outside of the usual credit institutions. Lenders and borrowers could register their interest in participating in the ABLRate scheme by setting up accounts on the Platform.
At its largest, the Platform hosted loans with a combined value of over £32 million. The current combined value of loans, both performing and non-performing, is in excess of £20 million, with approximately 6,000 lenders.
Brian Burke, Managing Director at Quantuma, said:
“Due to ongoing financial challenges facing the company, the directors resolved that it would be in the best interests of ABLRate and its creditors and loan investors, to appoint administrators. Our focus will now be on securing the best possible outcome for all parties. Wherever possible, this will include the repatriation of client monies, orderly wind down of loan books, and ultimately protecting the interests of investors and creditors.
We would urge all parties affected by this news, in the first instance, to visit the ABLRate website where we have circulated FAQs. We would also invite any parties that may hold an interest in acquiring elements of the business or technology assets to get in contact.”
The administration team will contact all those who have been affected in due course and will be on hand to assist any creditors and loan investors who need support. FAQs containing relevant information and contact details have been circulated to loan investors via the ABLRate platform and further updates will be provided as the administration progresses.
Related Points of Contact
View Frequently Asked Questions (FAQs): FCA website
Please contact the Administrators’ team in the first instance via: