Cancelled

The Cancelled phase is reached when a vault never made it to disbursement — either the funding deadline or the approval deadline passed without the loan going live. It replaces the older behaviour of pushing refunds to every investor in a single call; refunds are now pulled by each investor individually.

How a Vault Gets Cancelled

Path	Trigger
Funding deadline expired	RaisingFunds → Cancelled, via check_funding_expiry()
Approval deadline expired	AwaitingApproval → Cancelled, via check_approval_expiry()

Both calls are permissionless — anyone can trigger them once the relevant deadline has passed.

What Happens

1. The manager's locked collateral is released back to their available balance — once

2. Any borrower collateral pledge is released back to the borrower — once

3. The vault transitions to Cancelled

4. Each investor then calls claim_refund(investor, tranche) for their own position(s) — this burns their own debt tokens and refunds their net deposit (the amount actually credited to the vault, i.e. after the protocol fee already taken at deposit time)

Refunds are pull-based so that a vault with many investors doesn't require a single transaction to loop over all of them — a cost that scales with the investor count would eventually exceed what a single transaction can do. Each claim_refund call costs the same regardless of how many other investors the vault has.

Transition to Finalized

Once junior_raised + senior_raised == 0 — i.e. every investor has claimed their refund — anyone can call finalize(). The vault transitions to Finalized, the terminal state.

Relevant Functions

Function	Caller	Description
check_funding_expiry()	Anyone	Move a stalled RaisingFunds vault to Cancelled
check_approval_expiry()	Anyone	Move a stalled AwaitingApproval vault to Cancelled
claim_refund(investor, tranche)	Investor	Pull your own refund and burn your debt tokens
finalize()	Anyone	Close the vault once every investor has claimed their refund

As of September 2026.