Total administration fees for MoneyThing have reached £872,608.50 to date, five months before the administration process is set to end.
According to the latest progress report from administrators Moorfields, costs have risen due to the amount of time that has been spent maintaining case files and recovering funds on behalf of investors.
Additional costs have been incurred due to the appointment of James Money of Rollings Butt, a dedicated conflict administrator, and the court case which led to his appointment.
Between 17 February 2022 and 20 June 2022, Money and his staff spent 73 hours on the MoneyThing wind down, at a total cost of £32,657.50.
Moorfields spent an additional 20.6 hours working on the administration of MoneyThing’s sister company MoneyThing (Security Trustee), at a cost of £8,020. In total, Moorfields has spent 130 hours on the MoneyThing (Security Trustee) case, totalling £48,442.50.
Meanwhile, between 21 December 2021 and 20 June 2022, Moorfields staff spent 479.25 hours working on the MoneyThing case, at a total time cost of £199,684.50. This brings the total cost of the MoneyThing administration so far to £791,508.50.
No fees have yet been drawn by either administrator.
MoneyThing went into administration in December 2020 as it could not afford to defend itself against future litigation from a borrower.
Moorfields initially estimated that the administration fees would amount to £430,367.50, but this figure was revised to £728,837.50 in August 2021.
The administration process is set to end on 20 December 2022.
By June 2022, almost £3.2m had been recovered from MoneyThing borrowers. These funds are being held in a trust for investors, with the first payments to be distributed shortly.
Read more: An update on P2P platform administrations