In the context of Freetrade shares only, not a great deal. All that truly matters in my opinion is the content of my shareholder register. In this way, we do not utilise the Crowdcube nominee system (which incidentally I don’t know much about).
This has been covered elsewhere but if a B shareholder was to sell their holding, it wouldn’t have any legal effect unless it was notified to the company and we approved of it (as governed by the company Articles). For the same reasons, CC folding would not affect our internal register which is the source of truth as to share ownership.
The above is not to say CC going out of business wouldn’t affect you or other holdings in another way. Struggling to identify any of the top of my head, though.