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At iuvo, we continue to work with all legal means to protect the receivables of our clients in BBG loans. The lawsuit against the originator with which we ceased work earlier this year is in motion but unfortunately, due to the COVID-19 pandemic, it is taking more time than usual. All legal actions are coordinated and managed by the Legal Department of Management Financial Group (MFG) – the holding behind our portal, with the assistance of our international legal consultants and partners – leading Georgian and Estonian law firms. Meanwhile, an out-of-court agreement has been sent to BBG, which could significantly speed up the collecting process of the due funds.
In February this year, iuvo announced that it ceases work with the originator BBG due to delay in payments on behalf of the Georgian company. Our team will keep informing you in a timely manner about the progress of the case and all further actions and measures taken by us. Protecting the expected annual return of our users is the main focus of our work and our daily efforts are in order for iuvo to keep being the best place for your funds.
Iuvo is the P2P portal with the strictest rules for adding new loan originators on its market. As a leading portal in Europe, we initiate the structuring and implementation of unified best practice in P2P lending around which we would like to unify the rest of the branch on European and even Global level. Our goal is to establish standardized requirements in the business, which will be followed by all portals. With this initiative, we will help the current and future users in our type of assets to identify the trustworthy participants in the market and to diversify their receivables right.
