Asset class
Crowdinvesting and platform debt: where investor claims come from
Crowdinvesting positions are usually recorded as claims against a platform or an SPV, not as direct securities in the underlying issuer. Ownership sits in a ledger the platform controls, sometimes behind a nominee or custodian. When a platform stops paying, investors face refusal to redeem, refusal to wind up the SPV, or refusal to disclose the loan book behind their tranche.
How ownership is actually recorded
Most crowdinvesting platforms do not put investors directly on a share or loan register. The platform itself, or a special purpose vehicle it sponsors, holds the underlying asset. Investors hold a contractual claim against that vehicle, recorded in the platform's own internal ledger rather than in any public registry.
A custodian or nominee sometimes sits between the investor and the SPV, holding the position in its own name for the benefit of a pool of investors. This adds a layer that has to be traced before a claim can be framed correctly. The chain can run through several jurisdictions: the platform's home country, the SPV's country of incorporation, and the country where the underlying loan or project sits. How ownership in crowdinvesting structures is actually recorded sets out this chain in more detail.
Refusal types this class produces
This asset class produces several distinct refusal patterns. A platform can stop processing redemption requests while continuing to describe the fund as solvent. An SPV can refuse to distribute recovered proceeds from a defaulted loan while it winds down. A nominee can refuse to confirm the underlying position at all, citing internal policy rather than any stated legal obstacle.
Payment and redemption default disputes covers the general mechanics of refusal to pay out on maturity or on request, which is the pattern most crowdinvesting cases fall into.
What investors usually failed to keep
Investors in this class typically hold a subscription agreement and a platform dashboard screenshot, and little else. What is usually missing is the custody or nominee agreement describing how the position is actually held, the SPV's constitutional documents, and any statement showing the loan book behind the specific tranche subscribed to.
Correspondence with the platform is often kept as chat messages or support tickets rather than as dated, exportable records. Crowdinvesting and platform debt sets out the fuller pattern of what a file in this class tends to contain and lack.
What to do first
The first step is not to contact the platform again or sign anything it sends. It is to assemble what already exists, the subscription agreement, any custody or nominee documentation, and every payment or non-payment record, before deciding what, if anything, to send.
A paid initial assessment reviews that file, identifies which entity in the chain actually refused performance, and sets out what is and is not established before any claim is framed. Other asset classes with the same mechanics are covered separately.