P2P online loan clearing rivers and lakes: the routine is constantly destroying the last retreat of the authorities.

In the winter of 20 18, the online loan rivers and lakes that experienced the painful period of "thunder" gradually returned to calm. Clearing exit is becoming the last channel for practitioners to leave safely, and it is also the last bottom line for investors to believe in the platform. However, another good play "fancy liquidation" is quietly staged, which is destroying the last exit channel of the industry.

Online loan liquidation is chaotic.

20 18 On the last day of July, it was a hot summer in Hangzhou. On a hot night, a news made the whole city more restless-the grassroots investment in Hangzhou's largest P2P online lending platform was exposed to difficulties, and most employees retired overnight and the office was emptied.

In the early morning of the same day, some investors close to home rushed to the office of Grassroots Investment in Dream Town, Yuhang District, Hangzhou overnight, and the police also intervened in the investigation. At the end of July, the official service number of grassroots investment "Grassroots Observatory" also announced that its D round of financing has reached 500 million yuan.

A few days after the exposure was overdue, hundreds of anxious investors from all over the country flocked to Hangzhou and went to the dream town. Finally, investors chose to report the case. After the coordination of relevant departments, investors gave the grassroots three months to save themselves. During the period, in order to appease investors' emotions, grassroots investment invited a third-party law firm to liquidate the platform assets. Jin Zhongyu, the actual controller of the platform, also promised through live broadcast that the platform will not be closed and will not run away, so that investors can rest assured. In the same period, Jin Zhongyu was exposed to divorce.

After more than two months' uneasy waiting, on June 65438+1October 18, Grassroots Investment released the investor's interest protection mechanism, announcing that Grassroots Investment will mainly pay in cash, supplemented by various payment methods such as the transfer of property and vehicles of listed companies and stock payment, so as to ensure the interests of all lenders, and promised to fully purchase the remaining creditor's rights of the remaining lenders when the scheme expires. Investors who thought they saw hope didn't wait for a penny to pay back the money, but the next day they waited for the news of Kim Jong-sik's surrender.

According to public information, grassroots investment is operated by Zhejiang Grassroots Network Technology Co., Ltd. and was incorporated in Hangzhou in June 20 13 with a registered capital of over 200 million yuan. By the end of 2065438+June 30, 2008, the total investment of grassroots investment reached 8665438+86 million yuan, with 9038943 registered users and 948700 loans. At present, the case of grassroots investment suspected of illegally absorbing public deposits is under further investigation.

Announced a benign withdrawal the day before, issued a redemption plan and promised to pay in full. The next day, the actual controller surrendered to the grassroots investment, which made the online loan platform investors' confidence in the "liquidation" rhetoric collapse.

If grassroots investment has a plan for benign liquidation, then some online lending platforms are actually delaying the plan and delaying the time of running.

On July 18, Shanghai online lending platform Jucai Cat announced that the platform business had to be suspended due to the overdue of a number of assets, and explained that the detailed repayment plan for overdue projects was being negotiated with various assets and would be announced at the end of August, 20 18, and promised to "not run away, not lose contact."

However, on July 25th, the Economic Investigation Detachment of Fengxian Branch of Shanghai Public Security Bureau responded in official website that a case had been filed and the founder Liang Xue had been controlled by the police for trying to escape.

It is worth noting that just the day before Jucai Cat announced its closure, the platform also held a large-scale event to celebrate its fourth birthday, and announced a rate hike at the birthday party to attract investment. "Now I don't know if I am preparing for' fake liquidation and really running'." An investor said.

In mid-August, the Office of the National Leading Group for P2P Lending Risk Remediation issued a list of P2P compliance inspection questions. It is reported that more than 300 online lending platforms have submitted self-inspection reports and have now entered the self-inspection stage.

According to the data of online loan home, as of 20 18 and 10, there are 6422 online loan platforms, and the normal operating platforms are 123 1 home. According to incomplete statistics of the media, at present, 357 platforms have completed self-inspection reports and submitted them, accounting for less than 30% of the normal operating platforms, and nearly 1 1,000 platforms have failed to submit reports as scheduled. Online lending platforms that have not submitted self-inspection reports may know that compliance is hopeless and choose liquidation with a view to benign exit.

Under the double influence of 20 18 thunder storm and compliance filing, how to quit safely has become an urgent problem for P2P online lending industry. "In the early years, the industry was better and there were many exit channels. Mergers and acquisitions between industries, finding listed companies and finding state-owned shareholders are all channels for practitioners to quit. There is only one way now, liquidation and exit. " A long-term observer of the industry told Wemoney in Phoenix.com.

The reality is that the final outlet of liquidation will also be destroyed.

On August 3, Qian Nanny, a P2P online lending platform in Hangzhou, issued a benign exit announcement, saying that due to the influence of the market environment and the operation of some borrowers' companies, lenders lacked confidence, resulting in a sharp drop in new investment and a sharp increase in outflow funds. The platform was overwhelmed by a large number of overdue advances, so it decided to conduct benign liquidation and issued a redemption plan.

Later, on August 6th and August 10, Nanny Qian adjusted the redemption plan twice until August 16, and adjusted the redemption plan again, proposing "paying with wine" and "paying with wild ginseng". However, all kinds of "fancy redemption" methods failed to satisfy investors, and several revisions to the plan exhausted investors' patience. On June 23rd, 65438 10, according to the report of Zhejiang Economic Survey, Nanny Qian was put on file for investigation by the police on June 6th, 65438+ 10/0, and the police have taken criminal compulsory measures against the actual controller and some senior executives of Nanny Qian. In other words, on the day of the incident, Nanny Qian was still changing the redemption plan.

In addition to the above situation, according to industry sources, there is still such a situation in online lending. A large amount of bad debts occurred in an online lending platform, which led to a large-scale overdue of the platform. After the investors made a fuss, the platform controller chose to surrender to the Public Security Bureau, and the platform announced the redemption plan, promising a benign retreat, and then the actual controller was released on bail pending trial.

After only three months, the platform will not be able to repay investors according to the redemption plan. "If investors go to the police, the actual controller of the platform may face the risk of being imprisoned again. Then there will be a redemption plan, and no investor will believe it. This platform is now self-destructive. " The insider said.

This is indeed the case in reality. Investors can accept the liquidation plan of the platform, which means the ultimate trust in the platform. If you can't pay according to the plan, investors will completely distrust the platform and further distrust the whole industry, and then there will be a redemption plan for the platform, and no investors will believe it.

In addition, there is another kind of chaos that deserves attention. After the announcement is overdue, individual online lending platforms neither run away nor make redemption plans, but choose to fly away and move away.

10 On June 8th, official website, a P2P online lending platform, issued an overdue notice, announcing that due to business adjustment, the company decided to move its office to Xizang Autonomous Region in order to reduce operating costs. According to public information, An Credit was previously registered in Shijingshan, Beijing.

According to the announcement, "Since June 2008, the online lending environment has deteriorated sharply, and An Credit has withstood the pressure and insisted on normal operation. Due to the convergence of Mid-Autumn Festival and National Day this year, the repayment speed of some offline loans has slowed down. The platform is actively trying to recover the overdue in the previous period to ensure the smooth relocation. I hope that everyone will not believe in rumors, do not spread rumors, and communicate closely with the platform to achieve a win-win situation. "

Li Ya, a partner of Beijing Wen Zhong Law Firm, told Wemoney in Phoenix.com, "Now there are regulations in the State Council, and the platform of online lending institutions is not allowed to make corresponding changes and transfers. If there is a move, it means there is a problem, and the risk of this platform is relatively high. At this stage, everyone should give investors more confidence and move on, which will increase the time and economic cost for investors to defend their rights and claim corresponding interests. "

Why is liquidation difficult?

Why is online loan liquidation chaotic? Li Ya participated in the liquidation cases of three online lending platforms. He believes that "some online lending platforms are doing better and the underlying assets are very clear. In this case, liquidation is relatively simple. After determining the underlying assets, a corresponding working group can be set up to confirm the business, formulate the liquidation plan, and then make the corresponding disposal plan. However, some online lending platform businesses are zoned, involving self-financing businesses, and such platforms will encounter obstacles in liquidation and exit. "

2065438+July 2008, the person in charge of an online lending platform in Shenzhen once analyzed that for many online lending platforms, there are actually only two ways to quit. One is a benign exit, but there is no corresponding exit mechanism and no successful case in the industry. The other one is running. Although it is a statement, it reflects to some extent the dilemma that the online lending platform wanted to retreat at that time.

Now that four months have passed, Internet finance associations in Beijing, Shenzhen, Guangzhou, Shanghai, Zhejiang and other places have issued guidelines for the exit of P2P online lending platforms.

Even with the exit guidelines, in practice, P2P online lending platforms that exit benign will still encounter some difficulties with reference to the exit guidelines. "For example, in the corresponding asset recovery, this piece takes a long time and requires a lot of manpower, material resources and financial resources. However, many platforms that are ready to withdraw from liquidation may face the situation that no one is responsible and no money is invested when claiming these rights. Although the withdrawal plan came out, there was no staff cooperation and no material resources to support the platform to withdraw the order. " Li Ya told Phoenix. com WEMONEY。

Regarding the difficulty of liquidation, Xiao Sa, director of the Bank of China Law Research Association, also said, "Internet financial self-regulatory organizations at all levels have issued standards and suggestions for the benign exit of the online loan industry. However, in practice, the withdrawal of P2P online lending platform is often closely related to local economic investigation, financial office and banking regulatory bureau. , especially local economic surveys, face greater social pressure. "

According to Xiao Sa's observation, there are currently three Internet courts in China that do not accept disputes involving P2P lending. In addition, in order to ensure the "settlement rate", the civil court of the grass-roots court is discouraged from the workload of batch litigation. This has also led to the P2P online lending platform being "difficult to collect". Although it is an information intermediary, the majority of lenders entrust the platform to collect money in a unified way. Once the collection is not in place, the overdue extension will increase, which will seriously affect the reputation of the online lending platform, resulting in a large loss of customers, which will eventually lead to a decline in activity and affect the normal operation of enterprises.

Plan ahead, and then walk away.

Since June, there has been a popular saying in the online lending industry that "confidence is more precious than gold". In the online lending industry, there are also some online lending platforms that realize full payment. According to media reports, Zijin Jubao, a P2P online lending platform, announced its liquidation on 10/9 in official website. 10.2, someone posted in the online loan home community that Zijin Jubao was a conscience platform and completed the full payment in a short time. At present, the platform official website data has been cleared. According to public information, the data disclosed by Zijin Jubao Platform official website is 2065438+April 2008. At that time, the cumulative transaction volume of the platform was about 1 1 10,000 yuan, and the balance to be repaid was about 3 million yuan.

In addition to Zijin Jubao, there were also benign liquidation platforms in the early years, such as Dawang Wealth Management, Monthly Loan, Jincong and Long Investment Online. Among them, Dawang Finance is the earliest platform for liquidation of the online loan industry. When Dawang Wealth Management 20 16 withdrew from the online loan industry, the online loan industry was in a good situation. The withdrawal of King Wealth Management caused an uproar in the industry. Many people think that this is a routine before running, and they will definitely not follow the liquidation plan.

On February 28th, 20 16, Dawang Wealth Management announced that official website would be closed on March 4th, 20 16, and no new business would be provided thereafter. The announcement did not mention the specific reasons for the closure of the website, but the relevant staff revealed that the principal and interest of Dawang Financial Investors had been paid in full. It is understood that the platform also gives investors 1% compensation.

According to incomplete statistics, since 20 16, four online lending platforms have paid in full, and the fastest platform has paid the principal and interest within one week. The benign exit of these platforms provides a good example for the online lending platform that the industry is currently facing "liquidation".

Xiao Sa said that from the current situation, more than half or even a higher proportion of online lending platforms will not be on the final "filing" list, and most P2P online lending institutions are faced with an orderly "benign exit", which is cleaned up by the market, contaminated with criminal risks and forced to go out.

She suggested that "online lending institutions should plan ahead, muddle through, and retain actual controllers and executives. The online lending platform should consider withdrawing when the amount of funds and business are still at a good level, so as to have the opportunity to' retreat' and at the same time do a good job in safeguarding and appeasing the rights and interests of lenders. "

How to liquidate the online lending platform involving self-financing? Li Ya believes that some online lending platforms are only partially self-absorbed, while others still fall into corresponding assets. Lawyers can help them claim the part involving assets, help them formulate corresponding liquidation plan, and pay off investors and lenders in proportion. "For example, if the investor takes out 654.38+10,000 yuan for financial management, the platform may lend 80,000 yuan, and another 20,000 yuan will be raised by itself or used for platform operation. These funds have no corresponding targets, and this part requires the platform to bear the project cost itself. "

Xiao Sa suggested that when the platform is suspected of being self-contained or partially self-contained, regulators and mutual funds associations should give principled opinions. If you are not allowed to bring your own, the part you bring must be repaid in full.

For the online lending platform, it is difficult to meet the shortage of manpower, financial resources and material resources in the withdrawal work. Li Ya suggested that local industry associations, including regulatory authorities, should take the initiative to give enterprises some help and guidance in the withdrawal of online loans. For example, it involves some platforms that are really difficult to operate, or have to be liquidated and withdrawn because of the economic environment, and help them in policy, or actively provide them with lawyers and accountants to help them do some liquidation work.

The above-mentioned insiders pointed out that "liquidation exit" should have been the last bottom line of the online loan industry, but now it has become one of the routines for maintaining stability on some platforms, and even attempts to let investors dispel the idea of alarm or gain time for the transfer of property in this way. Cover the road. The industry is moving towards compliance step by step, but investors' rights protection has not become easy. Not only that, after repeated "failures", investors' trust in online lending platforms began to disappear. If the final retreat is destroyed, then there is no way out for benign exit.