Administrators of collapsed bridging lender recover nearly £9m

Administrators of collapsed bridging lender recover nearly £9m


A joint administrators’ report for the now-defunct bridging loan company, Link Lending, has revealed that £8,854,330 has been redeemed on the Watford-based lender’s loans.

Administrators have also recovered £3,391 from refunds and £1,568 from interest on credit balances.

The report, filed by joint administrators David Chubb and Colin Haig, of PricewaterhouseCoopers, was designed to provide Link’s creditors with details of the administration process, six months on from the lender’s liquidation.

Link Lending was put into administration at the beginning of October 2009 by Barclays Bank. The bank had decided to exit the bridging loan market in April, and appointed administrators to the bridging firm, deeming it a necessary move in order for it to protect the value of its security.

So far, over £5.25 million has been paid to Barclays, as Link Lending’s main secured creditor, although the administrators stated that “the level of future recoveries is currently uncertain and is dependent upon revised property valuations, as well as levels of future recovery and repossession costs”.

Further updates will be given in the next report, but for now the estimated dividend for the collapsed company’s unsecured creditors is labelled “unlikely”.

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