Tudigo in judicial liquidation: what investors must decide now
According to press reports, the Bordeaux commercial court placed Tudigo in judicial liquidation on 12 October 2026, after rejecting every takeover offer, including Blast's proposal to manage the investment vehicles free of charge[4][5][6][7]. For investors, the short answer is this: your securities do not disappear with the platform, but managing them now costs money, and it is up to you to decide, vehicle by vehicle and loan by loan, whether that cost is worth paying. For bondholders, a deadline falls as early as 29 October[4][6].
On 21 September, in our article on Tudigo's receivership, we described three possible outcomes, one of which was a liquidation followed by a hand-over of portfolio management to outside providers. That is the scenario that has now played out. The continuity plan, whose list of triggers includes judicial liquidation but not receivership[10], now comes into play[3], and investors must decide whether to fund an arrangement whose fee schedule is known[4][9]. This article sets out what was decided, what you actually hold, what the plan costs and what it is sensible to do now.
What was decided, and what is still unknown
Tudigo SAS, registered in Bordeaux under RCS number 788 438 406, entered receivership (redressement judiciaire) by a judgment of 5 August 2026, with the date of cessation of payments set at 31 July 2026[1][8]. The court-appointed administrator is Selarl FHBX, and the creditors' representative (mandataire judiciaire) is Selarl Laura Lafon, in Bordeaux[1]. One local legal publication dates the start of the receivership to September[3]. That is incorrect: the notice published in the BODACC, France's official register of commercial notices, is authoritative[1].
| Date | Event |
|---|---|
| 31 July 2026 | Date set for the cessation of payments[1] |
| 5 August 2026 | Receivership opened by the Bordeaux commercial court[1][6] |
| 7 August 2026 | Version of Tudigo's continuity plan analysed by the law firm Kohen Avocats[10] |
| 16 August 2026 | BODACC notice published, starting the two-month period for filing claims[1] |
| 14 September 2026 | Deadline to find a buyer, according to MoneyVox/AFP[8] |
| 30 September 2026 | Court hearing to examine the offers[8] |
| 11 October 2026 | Bondholder vote on the continuity plan closes, result not public[4][6] |
| 12 October 2026 | Judicial liquidation ordered, all offers rejected, according to the press[4][6][7] |
| 16 October 2026 | End of the claims-filing period, as calculated by Kohen Avocats (16 December for creditors based outside metropolitan France)[9] |
| 20 October 2026 | The liquidation judgment still does not appear in the BODACC[1] |
| 29 October 2026 | Deadline for volunteer bondholders to advance 7,300 euros of fees, a condition for the plan to start on the bond side[4][6] |
Three offers, all rejected
The court received three offers, including one from Blast, Anthony Bourbon's investment club, and one from Overlord Group[3]. Aqui.media also names Magellim, the parent company of the Baltis platform, among the bidders[4], and Zero Bullshit likewise mentions Baltis and Magellim[5]. All the offers were rejected[4][6][7], with Échos Judiciaires describing them as "insufficient"[3].
Aqui.media describes Blast's offer as "the most fully built"[4]. According to Zero Bullshit, it consisted of a price of 100,000 euros, the rehiring of 5 of the 24 staff, and a commitment of 1.39 million euros of its own funds to run the 116 vehicles free of charge[5]. Aqui.media adds that Blast had Lemonway's agreement and a favourable letter from the AMF, the French financial markets regulator[4]. The court nevertheless found the price too low[5]: according to Le Brief Patrimonial, it set the offer against Tudigo's 4.5 million euros of debts[6], and according to Zero Bullshit it also weighed the 100,000 euros against the roughly 1 million euros of EBITDA Blast expected over three years[5].
A word of caution on sources: Aqui.media, which we cite often in this article, states that the majority shareholder of its publishing company, which has no editorial role, is in litigation with Tudigo[4]. We use its figures only as those of a media outlet, attributed as such.
The exact size of the liabilities varies by source. Échos Judiciaires, citing Les Echos, reports 4.6 million euros declared, plus 2 million euros of further claims announced by the creditors' representative at the hearing[3]. Aqui.media gives a range of 3.5 to 4.5 million euros[4]. The same outlet reports revenue falling from 6.82 million euros in 2024 to 4.08 million euros in 2025[4]. On the causes of the failure, the only published explanation comes from Échos Judiciaires: "the conflict between partners and economic difficulties got the better of it"[3]. We have no primary source on this point and assign blame to no one.
Alexandre Laing, a Tudigo co-founder who says he resigned from all his roles on 30 November 2025 and has not been a shareholder since 6 January 2026, cites on his personal website "uncertainty about obtaining the AMF's authorisation quickly" among the reasons the favoured offer was rejected[11]. He is an interested party, and he states that the press figures he relays have not been verified and that he has no access to the court file[11].
What we do not yet know
- The judgment has not been published in the BODACC. As of 20 October 2026, the most recent notice concerning Tudigo is still the one from 16 August[1]. The 12 October date therefore rests on press reports, without primary confirmation. Nor do we know whether this is an ordinary or a simplified liquidation, or whether the court allowed activity to continue temporarily.
- The liquidator has not been officially identified. TourMaG mentions that one exists without naming them[7]. Kohen noted on 14 October that no official source confirmed the liquidator's identity, while expecting the role to go to Selarl Laura Lafon[9].
- The result of the bondholder vote is not public. The continuity plan was put to them until 11 October[4][6].
- The AMF status is unchanged for now. Tudigo holds crowdfunding service provider licence FP-2023-39, granted on 24 November 2023 for equity and bonds, with no EU passport[2]. Its AMF whitelist entry shows no withdrawal or suspension, but the entry is dated 5 March 2026, before the proceedings began[2]. We found no AMF statement on the case.
Your position depends on what you hold
The liquidation hits Tudigo SAS, the company that operated the platform. It does not, by itself, hit the companies you invested in. According to Aqui.media, "116 investment vehicles survive Tudigo's liquidation"[4]. TourMaG, for its part, speaks of "116 investment vehicles left without a pilot", including the one that groups Evoluflor's investors[7]. Kohen counts 160 TUDI HOLDING SAS companies, numbered up to 178[9]. The gap may reflect the difference between active vehicles and all entities including dissolved ones, but we could not verify this.
| What you hold | What happens to your position | Who runs it |
|---|---|---|
| Shares through a TUDI HOLDING | The vehicle survives[4]. You are not a creditor of Tudigo[5]. Any claim against Tudigo belongs to the holding, not to you[11]. | 1563 proposed as legal representative, subject to the partners' approval[9] |
| Bonds | You remain a creditor of the issuing company, not of Tudigo[9][11]. | Covalt proposed as bondholder representative[6][9], 1563 for recovery[6] |
| Cash awaiting payment | Held in segregated accounts at Lemonway, not in Tudigo's own accounts[8][9]. | Withdrawal through Capsens' Run Off space[9], under the oversight of the procedure's officers[8][9] |
| Shares in Tudigo SAS | Lost, according to Aqui.media[4]. | Not applicable |
One point on the money needs clarifying. TourMaG refers to funds awaiting investment and repayments "kept in Tudigo's accounts", which "are said to have been secured"[7]. Tudigo itself said in August that investor funds sit in segregated accounts, either the vehicles' own accounts or at Lemonway, and do not pass through its own accounts, with any payout requiring the administrator's prior approval[8]. Aqui.media and Kohen say the same[4][9]. We follow Tudigo's statement and treat TourMaG's wording as loose.
The hardest case is that of the roughly 700 direct shareholders of Tudigo SAS, who put in nearly 3 million euros in 2022 and 2023[4]. According to Le Brief Patrimonial, co-founder and chairman Stéphane Vromman had warned them before the ruling that they "could expect nothing from it"[6]. In total, Tudigo claimed about 215 million euros raised from 26,000 investors[3][4][7].
The continuity plan: who, how much, and can you say no?
The European crowdfunding regulation (ECSPR) requires licensed platforms to describe their continuity plan (Article 12), with minimum content specified by Delegated Regulation (EU) 2022/2116, according to Kohen's analysis[10]. The same firm notes that, among insolvency procedures, Tudigo's plan lists only judicial liquidation as a trigger, which explains why it only comes into play now, and that the providers act "to the exclusion of any guarantee of repayment"[10].
Three providers share the work:
- Capsens ensures "the technical continuity of portfolios"[3] and the technical and administrative management of flows[10]. It opens a space for each investor on its Run Off technical platform to view their Lemonway e-wallet[9][10].
- 1563, a debt recovery firm, would handle amicable and court-based recovery[10] and would be proposed as legal representative of each vehicle[9].
- Covalt would replace Tudigo as representative of the bondholder groups (masses)[6][9].
The fee schedule
| Item | Amount | Paid to |
|---|---|---|
| Presidency of a TUDI HOLDING vehicle | 8,400 euros including VAT per vehicle per year, per year started[4][9] | 1563[9] |
| Bond issue repaying normally | 12,000 euros including VAT per year per loan[4] | Covalt and 1563[4] |
| Bond issue in default | 19,200 euros per year per loan[4] | Plan providers |
| Sums returned to investors | 1.8% including VAT[4][9] | Capsens |
| Sums collected from investors | 2% including VAT, to fund 1563 and Covalt[9] | Capsens |
The 12,000-euro bond fee matches the schedule Kohen presents in the conditional: 6,000 euros excluding VAT per year per loan for recovery, and 2,000 euros excluding VAT per half-year started for the bondholder representative[10]. With 20% VAT, that makes 7,200 plus 4,800 euros, or 12,000 euros including VAT a year (our calculation). For comparison, Aqui.media reports that the fintech Aircap offered, after negotiation with the court-appointed administrator, 4,800 euros including VAT per year per loan, performing or in default[4].
One misunderstanding is circulating and needs correcting. The 8,400 euros are not owed by each investor. As Alexandre Laing puts it, "these fees are owed by the vehicle, for all of its partners, not per partner"[11]. They go to 1563, not to Capsens[9]. By multiplying this fee by the 116 vehicles, Aqui.media arrives at about 975,000 euros a year[4]: that is the outlet's own calculation, not a figure published by the providers. For bonds, Laing cites, based on Les Echos, the Koregraf precedent, where the appointed bondholder representative billed around 20,000 to 24,000 euros over the life of a performing loan[11].
Why small vehicles are the most exposed
The fee is flat, so its weight depends entirely on the size of the vehicle. Here is an illustrative calculation, not drawn from a real case. For a vehicle holding 100,000 euros of shares in a start-up, 8,400 euros a year amounts to 8.4% of the invested value, every year. Over three years of waiting for an exit, that would be 25.2%, more than a quarter of the original stake. For a vehicle of 1 million euros, the same flat fee weighs 0.84% a year. And if the start-up has ceased trading, every year of paid presidency simply reduces what is left to distribute.
Can you refuse?
Yes. According to Aqui.media, "nothing obliges you to approve it"[4]. The plan is put to a vote. With no one paying and no volunteer, the vehicle's presidency falls vacant at the end of three months' notice. The partners can then appoint one of themselves, mandate another provider, or ask the summary-proceedings judge to appoint a mandataire ad hoc[4]. We do not know whether this three-month period comes from the law or only from the terms of the plan. We found no public calendar for the votes at vehicle level.
For bonds, the plan was put to the bondholders' vote until 11 October, and the result is not public[4][6]. According to Le Brief Patrimonial, if they rejected it, bondholders will elect one of their own or another provider as the mass's representative[6]. Above all, the plan only starts if volunteer bondholders advance 7,300 euros of take-over fees by 29 October; these advances earn 15% a year and are repaid first[4][6]. The sources do not say whether this amount is per loan or in total. We covered the role of bondholder masses in our article on platform failures and filing a claim.
What to do now, in practice
- Log into Capsens' Run Off space and check the balance of your Lemonway e-wallet[9][10]. If cash is waiting there, request a transfer to your bank account[9], bearing in mind that the liquidation's officers now oversee the platform's acts[9] and that, during the receivership, every payout required the administrator's approval[8].
- Archive everything: subscription forms, TUDI HOLDING articles of association, bond issue contracts, position statements and correspondence with the platform. You will need these documents to vote, for any legal action and for your tax return.
- Bondholders, decide before 29 October whether to take part in the fee advance on which the plan's start depends[4][6]. The advance earns 15% a year and is repaid first[4][6], but the sources do not say what happens if recoveries fall short. For a performing loan it may be justified; for a loan already in default, weigh it against the 19,200 euros a year that would follow[4].
- TUDI HOLDING partners, decide vehicle by vehicle, comparing the annual fee with what you can reasonably expect to recover. For a start-up that has disappeared, paying 8,400 euros a year can destroy value. For a healthy company that is a candidate for a sale, professional management may be justified.
- Coordinate with the other partners. In a vehicle where a competent investor agrees to take on the presidency, the alternative allowed by the plan becomes realistic[4].
- If you are a direct creditor of Tudigo, the claims-filing period calculated by Kohen expired on 16 October 2026, or will expire on 16 December if you are based outside metropolitan France[9]. According to the firm, a claim filed during the receivership remains valid for the rest of the same proceedings[9]. If you missed the deadline, a request to be relieved from the time bar (relevé de forclusion) may be possible: consult a lawyer or contact the mandataire judiciaire.
For another run-off case, this time at a lending platform, our article on the closure of October offers a useful comparison.
What our data say about platform risk
CrowdPickr never tracked Tudigo: none of its projects is in our database. What we can measure, across the platforms we do follow, is what the continuity-plan argument is worth.
Of the 718 projects we have scored, 613 (85%) mention a continuity plan under the investor-protection criterion, usually to note that it is mandatory. That is to be expected: for an ECSPR-licensed platform the plan is required. Its existence therefore sets no one apart. What does set platforms apart is knowing who would run it and at what price. Yet only 40 projects name the provider, Capsens in every case, across three platforms, and none documents the cost.
| Platform | Projects scored | Capsens mentioned | Investor protection (out of 3) | Financial health (out of 4) |
|---|---|---|---|---|
| Bricks | 47 | 34 | 1.79 | 2.30 |
| Homunity | 15 | 5 | 1.67 | 3.67 |
| Lita | 16 | 1 | 1.94 | 3.00 |
For investors on Bricks and Homunity (see our Homunity review), Tudigo's fee schedule gives a concrete preview of what a run-off entrusted to the same provider can cost. A word of caution, though: the price another platform negotiated with Capsens may differ, and we have not seen those contracts. There is also a method caveat: these figures come from keyword searches of the justifications written by our analysts, not from a structured field.
The practical advice that follows applies to every platform: ask for the continuity plan's fee schedule, not just confirmation that a plan exists. Our guide on how to read a crowdlending project file shows where to look for this information.
The CrowdPickr verdict
No need to panic, but a decision to make vehicle by vehicle and loan by loan. According to the press, Tudigo was liquidated on 12 October 2026 and no takeover offer was accepted, but the TUDI HOLDING vehicles survive and bondholders remain creditors of the issuing companies, not of the platform. Cash awaiting payment is segregated at Lemonway: recover it through the Run Off space. The real issue is cost. The management offered by Capsens, 1563 and Covalt is optional, and its flat fee of 8,400 euros per vehicle per year can absorb most of the value of a small vehicle or a struggling start-up. Bondholders, the first deadline is 29 October, the cut-off for the fee advance on which the plan's start depends. Decide by comparing these fees with a realistic recovery, and coordinate with your fellow investors. Since the judgment is not yet published in the BODACC and the liquidator is not yet officially identified, watch for official notices. For every other investor, the lesson is simple: a continuity plan is a regulatory box ticked, not a protection, until you know who runs it and at what price.
Sources
- Annonces commerciales, Tudigo, avis n°1894, BODACC / DILA, 16 August 2026.
- Liste blanche des PSFP : Tudigo, AMF, 5 March 2026.
- Bordeaux : liquidation judiciaire prononcée pour Tudigo, Échos Judiciaires Girondins, 19 October 2026.
- Tudigo liquidée : le tribunal enterre l'offre gratuite de Blast, les épargnants lésés vont payer 2 fois, Aqui.media (Jacques Froissant), 15 October 2026.
- Tudigo liquidée : la reprise écartée, Zero Bullshit, 13 October 2026, updated 16 October 2026.
- Tudigo : le tribunal écarte Blast et liquide la plateforme, Le Brief Patrimonial, 13 October 2026, updated 16 October 2026.
- Liquidation de Tudigo : un coup dur pour le financement des start-up ?, TourMaG, 16 October 2026.
- Crowdfunding : la plateforme de financement participatif Tudigo placée en redressement judiciaire, MoneyVox (with AFP), 17 August 2026.
- Tudigo en liquidation judiciaire : obligations, actions détenues via une TUDI HOLDING, fonds chez Lemonway et date limite du 16 octobre 2026, Kohen Avocats (law-firm content, AI-generated according to the firm), 14 October 2026.
- Tudigo : si vous êtes consulté sur le plan de continuité de vos obligations, ce que la loi permet de prélever sur vos remboursements (2026), Kohen Avocats (law-firm content), 2 October 2026.
- Tudigo en liquidation judiciaire : ce que cela change pour les investisseurs, Alexandre Laing, personal website of a Tudigo co-founder (interested party), updated 14 October 2026.
CrowdPickr data as of 20 October 2026. This article is an independent analysis and does not constitute investment advice.