diff --git a/src/sweep.rs b/src/sweep.rs
index 15da689..decaca0 100644
--- a/src/sweep.rs
+++ b/src/sweep.rs
@@ -1,5 +1,5 @@
 use std::io::{Read, Seek, SeekFrom};
-use std::path::PathBuf;
+use std::path::{Path, PathBuf};
 use std::sync::Arc;
 use std::{fs, io};
 
@@ -28,6 +28,14 @@ pub(crate) async fn migrate_deprecated_spendable_outputs(
 	let processing_spendables_dir = format!("{}/processing_spendable_outputs", ldk_data_dir);
 	let spendables_dir = format!("{}/spendable_outputs", ldk_data_dir);
 
+	if !Path::new(&pending_spendables_dir).exists()
+		&& !Path::new(&processing_spendables_dir).exists()
+		&& !Path::new(&spendables_dir).exists()
+	{
+		lightning::log_info!(&*logger, "No deprecated spendable outputs to migrate, returning");
+		return;
+	}
+
 	if let Ok(dir_iter) = fs::read_dir(&pending_spendables_dir) {
 		// Move any spendable descriptors from pending folder so that we don't have any
 		// races with new files being added.