Geoffrey Bouchier and Robert Armstrong of Kroll (a trading name of Duff & Phelps Ltd.) have been appointed Administrators of Business Loan Network Limited (“the Company”) at 11.10am on 15 April 2021 by order of the Court following an application by the directors.
The sealed Court Order will be posted on the Company’s website and circulated when available.
The directors of the Company took this decision, having regard to the Company’s present and likely future financial position, in order to protect the interests of its creditors as a whole. The application to Court was made because in the circumstances directions of the Court were required to assist the Administrators in carrying out their functions.
On 9 December 2019 the Company made the decision to close to new business and, following consultation with the FCA, commenced a managed run off plan in relation to loan recovery and distribution to lenders.
The wind-down of the remaining loan book will continue during the Administration process. The Administrators have appointed ESF Capital Limited (“ESF”), the Company’s parent which has been providing services to support the managed run off plan prior to the Administration, as wind down servicer to assist in this process. The Administrators will assume responsibility for managing the Company’s affairs.
Lenders will continue to have access to the Company’s online Portal as well as have access to the internal messaging system within the Portal. Questions from lenders submitted via the internal messaging system or via [email protected]
will continue to be answered in the usual way. Lenders will also continue to receive updates on loans for which they are invested by email in the usual way.
The Administrators will be formally notifying creditors of the Company of the Administration. This will contain further information about the Administration process and what to expect, to include details of how to register claims in the Administration.
Further information has been provided in the FAQ document, which can be accessed by clicking on the below link.
BLN Administration FAQs
In the event that you have a specific query for the Administrators, a dedicated email address to contact the Administration team has been set up. The address is [email protected]
Alternatively, you may write to us at: BLN Case Team, c/o Kroll, 32 London Bridge Street, London, SE1 9SG.
The affairs, business and assets of the Company are being managed by the Joint Administrators, Geoffrey Bouchier and Robert Armstrong who act as agents of the Company and without personal liability. Geoffrey Bouchier and Robert Armstrong are licensed as insolvency practitioners in the United Kingdom by the Insolvency Practitioners Association.
It is important to understand that by investing through Business Loan Network your capital is at risk. You have made direct loans to corporate businesses, and if for some reason they fail to repay, there is a chance your money will be lost or there will be a delay in repayment. Additionally, your money is not covered for compensation in the event of loss by the Financial Services Compensation Scheme.