Thanks for all of your input @jeremydouglass.
I had a look at my toxiclibs installation and it seems I had a really old version installed. The folder structure now looks like you described.
I’ve tested the code folder and realised that there is currently an issue with the extension. The unzipper was not working properly for large zip files and the extension doesn’t yet wait until it’s all unzipped. Once this is solved I can get back to the convenience installation of libraries.
Thanks again for all of your input and enthusiasm also on Github!