Wind-Down Plan Overview

As un unregulated peer-to-peer (P2P) lending platform, SM Funding Limited trading as SC Capital believe it is important to have a clear and structured wind-down plan in place. This plan outlines the steps we would take if we chose to exit the market or if unforeseen circumstances prevented us from continuing to operate the platform.

Our objective is to ensure that, in any wind-down scenario, the interests of our lenders and borrowers are protected and that the process is managed in an orderly and transparent manner.

We have policies in place that would cover both scenarios of either a company-managed wind-down scenario or a wind-down triggered by events beyond our control.

Our wind-down plan is reviewed and approved by our board on an annual basis and remains as a living document.
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In the event of a planned Wind-Down

Our wind-down plan allows us to identify that we have adequate resources (both financial and non-financial) in place to wind down the services in an orderly manner, especially under potentially challenging circumstances.

We consider that we are best placed to manage the wind-down of the services in the best interests of lenders and therefore we will continuously monitor available management information to ensure we monitor for any potential triggers of a wind-down scenario.

In the event of an unplanned Wind-Down

Lenders would still continue to receive repayments on loans originated with SC Capital, because all loan contracts are between borrowers and lenders and would still remain valid.

We have appointed a standby servicing company, JARK 2 Limite to manage and administer the loan book should this situation arise. All lender funds are held in a separate client money bank account and don’t form part of SC Capital assets.

Lenders would be unable to add new funds and no new loans would be issued by SC Capital.

In the event of a wind-down, borrowers would continue to make their repayments as they would have outside of the wind down activities. Failure to do so could lead to recovery action.