On 26.08.2020, iuvo submitted a letter of claim to the court in Poland to collect the due amount on behalf of CBC. After the negotiated due to COVID-19 grace period ended, CBC stopped fulfilling their main contractual obligations. This includes buyback guarantee activation, transactions for received payments from borrowers, fee payments to the platform. On behalf of iuvo, an out-of-court summons was sent, inviting them to voluntarily fulfil their contractual obligations for payments to the platform and its investors. Such payments were never made in the defined period of 14 days after receiving the summons. This forced us to submit a letter of claim in the Polish court this week.
We continue being in active collaboration with a Polish law firm for the unfulfillment of obligations on behalf of the originator, as the work on the case is being managed by the legal department of the Management Financial Group holding, which is the majority owner of iuvo, and it also incorporates leading nonbank financial institutions in Central and Eastern Europe in its structure.
Our team will keep informing you about the progress of the case and all further actions on our behalf. Our investors’ interest is the main focus of our work, and our efforts on daily basis are directed in maintaining iuvo as the best place for your funds.
We are reminding you that iuvo is the P2P platform with strictest rules for adding new loan originators, and as a result, similar cases are limited to a minimum. For only four years, the company proved itself as a trustworthy partner to over 21 000 investors from over 147 countries, which have generated over 130 million euros turnover on the platform’s market.