Aviation and Tech Capital Ltd, trading as Ablrate, enters administration

On 15 January 2024, Aviation and Tech Capital Ltd t/a Ablrate (Ablrate), a regulated Peer-to Peer (P2P) firm entered administration. Sean Bucknall, Brian Burke and Andrew Hosking of Quantuma Advisory Limited were appointed joint administrators.

Ablrate operated a Peer to Peer (P2P) lending platform and facilitated crowdfunded loans which are used to finance onward lending to small and medium-sized enterprises (SMEs).

The directors of the firm concluded that the firm was insolvent and applied to Court for an administration order.

The joint administrators are now responsible for the firm’s affairs and must act in the interest of the firm’s creditors.

The administrators will contact all customers in due course. For more information about the administration please use the following contact details:

Website: www.ablrate.co.uk[1]
Email: [email protected]
Post: Quantuma Advisory Limited, 20 St Andrew Street, London EC4A 3AG

What should investors do now?

There is no need for investors to do anything. We understand that investors should shortly receive an update from the joint administrators via the Ablrate platform with further information.

The joint administrators are now responsible for the business of Ablrate. They will seek to maintain the Ablrate platform, manage loans as normal and make repayments to investors after deductions for their costs. Information on the progress of the administration will be posted on the Ablrate platform as it becomes available.

I invested with Ablrate – who can I contact?

The joint administrators, Sean Bucknall, Brian Burke, and Andrew Hosking are now responsible for the affairs of Ablrate. Among other things, this means that they will seek to operate the P2P platform and credit investors with return of capital and interest. Updates on how matters are progressing will be available on their website on the Ablrate platform.

I have invested in an Innovative Finance ISA (IFISA) on Ablrate’s platform – will the administration impact the tax-free status?

The tax status is a matter for HMRC. If customers have questions regarding tax on their investments they may wish to contact HMRC or seek independent financial advice.

As a borrower, do I have to continue to repay my loan(s)?

Yes. Borrowers continue to be bound by the terms of the loan agreement facilitated by Ablrate. If you have any questions please contact the joint administrators.

Do I need to use a third party to get my money back?

We are aware that some companies may approach customers of Ablrate, offering to help them bring claims against the company. Be cautious if you are approached by one of these companies. For the vast majority of Ablrate’s clients, there is no benefit in involving a third party in making a claim. Any customer who believes they have a complaint against the firm should contact the joint administrators in the first instance.

Will investors be able to get compensation from the Financial Services Compensation Scheme (FSCS)?

The activities of P2P firms are not covered by the FSCS[2].

The FCA is in close contact with the firm and the joint administrators with regard to the fair treatment of customers. All existing loan agreements remain in place and will not be affected by the administration. Customers who are struggling financially can get free and impartial guidance from Money Helper[3].

Being alert to scams

All customers should remain alert to the possibility of fraud. If you are cold called by someone claiming to be from the joint administrators or the FCA, please end the call and contact them directly using the contact details provided by us.

Find out more about protecting yourself from scams here[4].

17/01/2024 : Editorial amendment Website update. No content amended.

First published: 16/01/2024 Last updated: 17/01/2024 See all updates