Abstract

The paper deals with crowdlending, a form of disintermediated financing that operates through technological platforms, to analyze the situation of the retail lenders in case of insolvency of the investee company, generally a micro, small and medium enterprises (MSME). This is not foreseen in the Chilean Fintech Act and could cause an increase in the price of the loans, the refusal of financiers to invest through these platforms and their passivity in case of insolvency of the viable company. The latter would hinder its reorganization and could lead to liquidation, despite its viability. To overcome these obstacles, it is proposed to conduct the creditors' interest through a voluntary delegation by a representative proposed by the platform, using the tools available from blockchains and smart contracts.