Flolend, Mahana Capital, Tudigo: three platforms failed this summer, what investors must do and by when

Between 22 July and 5 August 2026, three AMF-licensed crowdfunding platforms entered collective insolvency proceedings: Flolend (judicial liquidation on 22 July)^[1][5], Mahana Capital (judicial liquidation on 30 July)^[6][9] and Tudigo (judicial reorganisation, or redressement judiciaire, on 5 August)^[11][12]. The deadlines for filing a claim run out this month: 5 October for Mahana, already passed, 7 October for Flolend and 16 October for Tudigo^[5][9]. On top of these comes Horizon Oblig, a bond issuer rather than a platform, whose deadline runs until 27 October^[5][17].

The short answer: if you lent through one of these platforms, your claim is in principle on the company behind the project, not on the platform, and the intermediary's failure does not wipe it out. The real risk lies elsewhere: weaker monitoring of repayments, slower collections and servicing fees deducted from what you are owed. Filing a claim (déclaration de créance) against the platform is only useful for sums the platform itself owes you. Horizon Oblig bondholders are in a different position: they are direct creditors of the company in proceedings and must make sure their claim is filed. For background on the Tudigo case, see our article on Tudigo's receivership.

This article is not legal advice. It brings together what the registers, the platforms and the lawyers following these cases say, and it flags what remains uncertain.

The calendar of the four proceedings

The table below sets out, for each entity, the procedure, the court, the key dates and the officer to whom any claim should be sent. The BODACC (official gazette) publication dates come from the law firm Kohen Avocats and the Pappers register: we were unable to consult the BODACC notices directly.

Flolend

Flolend presented itself as a way to invest in renewable-energy production projects, by lending to project companies or subscribing to their bonds or shares, according to Kohen Avocats^[4]. It held crowdfunding service provider (PSFP) licence FP-2024-14, granted on 20 November 2024, covering loans and the placement of shares and bonds^[3]. According to the Pappers register, the date of cessation of payments was set at 28 June 2026^[1]. The website says Flolend has stopped operating and that repayments can be followed on a run-off management platform called Run Off^[2], a service published by the company Capsens^[4]. Kohen notes that Capsens acts as a "tied payment agent" of Mangopay and Lemonway and is licensed by neither the AMF nor the ACPR^[4]. The page title, "Cession d'activité", suggests a takeover, but we found no trace of a buyer. The amounts raised, the number of investors and the number of live projects are not known.

Mahana Capital

Mahana Capital, a real-estate crowdfunding platform based in Saint-Raphaël, had held licence FP-2024-10 since 28 March 2024^[6][8][9]. Its home page says it "no longer offers financing solutions or account openings" and that investors can follow their repayments from their account, without mentioning the liquidation^[7]. According to data published by the platform as of 19 September 2026, as reported by Kohen Avocats, Mahana financed 55 projects for 25,849,500 euros, of which 20 have been repaid and 35 are ongoing. Of those, 23 are more than six months late, for 13,349,037 euros, roughly 52% of the amount financed. No definitive loss had yet been recorded^[9]. According to Kohen, Mahana's terms and conditions provide that ongoing operations are to be "placed in run-off until maturity, under an agreement with the payment institution"^[9]. We have not found who actually handles this servicing today, since the company itself is in liquidation.

Tudigo

Tudigo reported more than 200 million euros invested, 300 campaigns and 25,000 investors^[11][12]. The cessation of payments was set at 31 July, and takeover offers, due by 14 September at the latest, were examined on 30 September^[11][13]. According to the regional outlet Aqui.Media, Tudigo's 17 August communication to investors stated that a reorganisation plan was "not envisaged at this stage", hence its summary: "Cession ou liquidation. Rien d'autre." (sale or liquidation, nothing else)^[16]. As of 3 October, no decision following the hearing had been published in the BODACC^[15], and we had not found one in our latest searches, on 6 October. Le Brief Patrimonial presents Blast as the front-runner, with a significant caveat: Blast's licence covers shares, not bonds, so servicing of the bond book would fall outside the bidder's licence scope^[13].

In passing: Automata France, the company that operated the Vancelian crypto-asset service, placed in judicial liquidation by the Antibes commercial court on 28 July, also has a claim deadline of 7 October^[5]. It is not a crowdfunding platform and we do not cover it here.

Is my money at risk? It depends on what you hold

In crowdlending and bond crowdfunding, the platform is an intermediary. Your loan or bond is a debt of the company behind the project, and that company does not enter proceedings just because the platform has failed. Your claim still exists^[4]. What changes is the quality of servicing: who chases a late borrower, who negotiates an extension, who represents you if the project goes wrong.

Funds waiting on your account are a separate matter. At Tudigo, according to MoneyVox, they sit in segregated accounts, either those of the investment vehicles or accounts held in the books of the payment provider Lemonway^[11]. In principle, therefore, they are not part of the platform's assets. They are not lost, but, MoneyVox adds, any payout requires prior authorisation from the court-appointed administrator, which may delay them^[11].

One last point, specific to takeovers: in a sale plan (plan de cession), "the buyer acquires a set of assets, not the company itself or its debts", Kohen Avocats points out^[15]. If Tudigo is taken over, whatever the platform owed you directly remains owed by the failed company, not by the buyer. And a takeover is not guaranteed: Tudigo wrote on 14 August that "no takeover is guaranteed at this stage"^[15].

Horizon Oblig, the counter-example

Horizon Oblig is a public limited company (SA) in the Horizon group whose declared business is buying property and shares in property companies for resale^[17]. Its bondholders and lenders lent directly to the company in proceedings: they are direct creditors. For bonds grouped in a masse, Kohen advises checking that the masse representative has actually filed for the bonds^[5]. The judicial reorganisation of 18 August followed an accelerated safeguard procedure opened on 26 March 2026, and the date of cessation of payments was set at 25 August 2025^[17]. An important point made by Kohen: in the firm's words, "no statute exempts the creditor of a failed accelerated safeguard from this new filing". Having filed during the safeguard is therefore not enough, and a new claim must be filed in the reorganisation^[17]. On the MoneyVox forum, investors mention around 63 million euros raised across 29 projects and coupons suspended in 2025^[23]. On the Finary community forum, one participant puts the "loss on our claims at an estimated 65%"^[22]. These forum figures are unverified.

Should you file a claim, and against whom?

The mechanism is the same in all four cases. Claims that arose before the opening judgment are filed with the creditors' representative (mandataire judiciaire) or the liquidator, either by the creditor personally or through a representative (article L.622-24 of the Commercial Code)^[21]. The deadline is two months from publication in the BODACC (article R.622-24)^[17][20], extended to four months in total for creditors domiciled outside metropolitan France, as the gap between 27 October and 27 December for Horizon Oblig illustrates^[17][18]. The claim is sent to the creditors' representative or liquidator by registered letter with acknowledgement of receipt^[20].

Then comes the practical question: do you need to file against the platform? The statutes do not address crowdlending specifically, but Kohen's analyses of Flolend and Mahana draw a clear line between two situations^[4][9]:

• Your loan or bond on a project binds the investor to the project company. "The intermediary's failure does not make the borrower's debt disappear", Kohen writes^[4]. This claim is not a debt of the platform. It is only filed in collective proceedings if the borrowing company is itself in proceedings.
• Sums the platform owes you in its own right do call for a claim filed with the liquidator or creditors' representative. Kohen cites instalments collected by the platform and never credited to your account, fees paid for a service not provided^[4], sums the platform collected in its own name without passing them on, or possible compensation for a failure in selecting or monitoring projects, which would still have to be established^[9].
• If in doubt, ask the creditors' representative or liquidator directly before the deadline. A protective filing costs a registered letter, while being time-barred can cost you the claim.

Keep the relevant paperwork (contracts, account statements, repayment schedules), as you will need it to quantify your claim. For Tudigo, the deadline runs until 16 October^[5]. For Flolend, it expires on 7 October^[5].

Tudigo: vote in the bondholder consultations

Tudigo bondholders are being consulted bond issue by bond issue (each "masse") on the continuity arrangement: appointing a new representative and deductions from repayments, by a two-thirds majority of votes cast^[14]. These votes carry a concrete cost. On the bond side, the technical provider would take 1.8% including VAT on all repayment flows received, and the collection provider would charge 6,000 euros excluding VAT per year per bond issue^[14]. Aqui.Media, drawing on Tudigo's 17 August communication, details this scenario in the event of liquidation: 6,000 euros excluding VAT per year per outstanding bond issue, 10,000 euros if in litigation, plus the fees of Covalt as masse representative. For equity investment vehicles, the collection firm 1563 would cost 8,400 euros including VAT per year per vehicle, paid in advance by investors, plus 2% for Capsens on those collections^[16]. These amounts remain subject to a vote by the investors concerned. With the majority calculated on votes cast, not voting means letting others decide.

Missed the deadline (Mahana): the relevé de forclusion

For Mahana Capital, the deadline expired on 5 October^[9]. What remains is the relevé de forclusion, a request to be relieved of the time bar, which must be made within six months of the BODACC publication (article L.622-26 of the Commercial Code)^[20], that is by 4 February 2027 at the latest for Mahana, according to Kohen^[9]. The creditor must then prove that the failure to file was not their fault, or was due to a deliberate omission by the debtor when drawing up the list of creditors^[20]. The judge decides, and a lawyer can tell you whether your situation qualifies. Kohen also points to a possible revendication (recovery) action until 4 November 2026, limited to assets still held "in kind" by the platform^[9]. If you only hold loans on Mahana projects, remember that these claims are on the borrowing companies, 23 of which were more than six months late as of 19 September^[9]. Their servicing, more than a claim against Mahana's estate, will determine what you recover.

If a claim is ultimately lost, the tax treatment of losses is covered in our guide to crowdlending taxation in France in 2026.

The AMF mediator can no longer help, the insurer perhaps can

The AMF mediator received 117 crowdfunding-related files in 2025, compared with 32 in 2024, according to Kohen Avocats and the comparison site Selectra, an affiliate site^[18][19]. Of 93 closed files, 48 led to a favourable recommendation, 26 of which were accepted, with a median amount of 1,320 euros^[18].

But this route closes as soon as collective proceedings open. As Kohen puts it, "a platform in reorganisation or judicial liquidation can no longer engage in an amicable process" (article L.622-7), and mediation does not suspend the claim deadline^[18]. Another avenue exists: a direct action against the platform's liability insurer (article L.124-3 of the Insurance Code), which does not require a claim filing^[18]. It presupposes a fault by the platform covered by the policy, which no source has shown so far in these three cases.

Selectra sums up the position of investors in a closed platform: without an appointed collective representative, they risk "finding themselves alone facing the project owner"^[19]. The precedent of October and its run-off shows what this means over time.

What these failures had in common

No primary source establishes the causes of these failures. For Flolend, Kohen speaks of cessation of payments, not fault^[4]. For Tudigo, Aqui.Media describes competing narratives among the people involved^[16]. We therefore do not claim to explain why they failed. Several signals, however, were visible from the outside.

An AMF licence was not enough

Flolend and Mahana obtained their PSFP licences in 2024^[3][8], and Tudigo held a licence covering shares and bonds^[13]. Neither of them, nor Tudigo, appeared on the AMF list of withdrawn PSFPs at the time of our checks, and Flolend and Mahana were still listed on the AMF white list^[3][8][10]. In our database of 663 projects across 23 platforms, almost every French platform we track gets the maximum 8/8 on the regulatory criterion. A licence is a necessary condition. It says nothing about the platform's financial strength.

The signals that mattered

• Age and track record. Flolend was created on 28 August 2023 and licensed in November 2024^[1][3].
• Thin capital. 25,000 euros for Flolend, after an increase from 9,990 euros in November 2024^[1], 50,000 euros for Mahana^[6]. On its own, share capital is a weak signal, but it adds to the others.
• Accounts hard to read. According to Pappers, Flolend filed its 2023 and 2024 accounts, but both with a confidentiality declaration, which limits what an investor can see. The register shows no employees^[1].
• Collapsing fundraising. According to Le Brief Patrimonial, Tudigo's fundraising more than halved in two years, with 2025 revenue of 4 million euros, of which 1.1 million was recurring^[13].
• A backlog of late projects. At Mahana, 23 of 55 projects were more than six months late^[9]. Our analysis of delay rates by platform shows why this indicator deserves attention.

How CrowdPickr scores these signals

CrowdPickr did not track Flolend, Mahana Capital, Tudigo or Horizon Oblig. We do not claim our framework would have predicted these failures. But these signals are exactly what our platform financial-health criterion (A4, scored out of 4) looks at, and it is an analyst's judgement, not a model. Two examples from our data. WiSEED scores 1/4: our justification notes an accelerated reorganisation in October 2025, proceedings closed on 11 December 2025 and a takeover by Advenis, with less than twelve months of stability under the new owner. At the other end, Homunity scores 4/4 in our latest rating, as a subsidiary of Tikehau Capital.

Finally, on continuity, business-continuity plans are near-universal: 559 of our 663 projects mention a continuity plan in the justification for the investor-protection criterion. The Tudigo case shows what such a plan costs in practice: fees deducted from repayments and bondholder votes to organise^[14][16]. A continuity plan limits the damage, it does not prevent it.

A checklist for any platform

• How long has the company existed, and are its annual accounts published, or filed confidentially?
• What is its share capital, and does it have an institutional shareholder?
• Is its fundraising growing or shrinking year on year?
• What share of its live projects is more than six months late?
• Who would handle run-off servicing, and at what cost to investors?

To go further on project analysis, see our method for reading a crowdlending project file.

Sources

1. FLOLEND, company extract, Pappers, consulted 6 October 2026.
2. Flolend, Cession d'activité (site notice), Flolend, consulted 6 October 2026.
3. White list of crowdfunding service providers: Flolend, AMF, consulted October 2026.
4. Flolend : liquidation judiciaire, remboursements, gestion extinctive, déclarer sa créance avant le 7 octobre 2026, Cabinet Kohen Avocats, 28 September 2026.
5. Vancelian, Flolend, Tudigo, Horizon Oblig : le calendrier d'octobre et novembre 2026 pour déclarer votre créance, Cabinet Kohen Avocats, 5 October 2026.
6. MAHANA CAPITAL, company extract, Pappers, consulted 6 October 2026.
7. Mahana Capital, home page, Mahana Capital, consulted 6 October 2026.
8. PSFP white lists: Mahana Capital, AMF, consulted October 2026.
9. Mahana Capital liquidation: filing by 5 October 2026, relevé de forclusion, late projects, Cabinet Kohen Avocats, 5 October 2026.
10. List of withdrawn PSFPs (Liste des PSFP radiés), AMF, consulted October 2026.
11. Crowdfunding : la plateforme de financement participatif Tudigo placée en redressement judiciaire, MoneyVox, 17 August 2026.
12. La plateforme de financement participatif Tudigo placé en redressement judiciaire, Boursorama (AFP), 17 August 2026.
13. Blast favori pour reprendre Tudigo, Le Brief Patrimonial, 17 September 2026, updated 22 September.
14. Tudigo : si vous êtes consulté sur le plan de continuité de vos obligations, Cabinet Kohen Avocats, 2 October 2026.
15. Plateforme en faillite reprise par un repreneur : que deviennent vos placements et votre créance avec le plan de cession, Cabinet Kohen Avocats, 3 October 2026.
16. Tudigo : après le tribunal, la guerre des récits, Aqui.Media (Jacques Froissant), 22 August 2026.
17. Sauvegarde accélérée qui échoue, puis redressement judiciaire : dans quel délai l'épargnant doit-il déclarer sa créance ?, Cabinet Kohen Avocats, 27 September 2026.
18. Crowdfunding : plateforme en faillite, médiateur AMF, déclaration de créance, assureur, Cabinet Kohen Avocats, 24 September 2026.
19. Crowdfunding immobilier : litiges et médiateur AMF, Selectra (affiliate comparison site), September 2026.
20. REC, Procédures amiables et procédures collectives de règlement du passif, La déclaration de créances (BOI-REC-EVTS-10-30), DGFiP, BOFiP, version published 18 March 2013, archived.
21. Article L622-24 du Code de commerce, Baumann Avocats (reproduced statute), undated.
22. HORIZON OBLIG (discussion thread), Finary community, forum, July-August 2026.
23. Obligation immobilière Horizon Oblig / Horizon AM (discussion thread), MoneyVox forum, posts from 2025 and 2026.

CrowdPickr data as of 6 October 2026. This article is an independent analysis and does not constitute investment advice.