gustapher
Member of DD Central
Posts: 144 
Likes: 267
|
Post by gustapher on Oct 29, 2017 19:02:54 GMT
Oh for goodness sake. Stop stirring.
|
|
gustapher
Member of DD Central
Posts: 144
Likes: 267
|
Post by gustapher on Oct 30, 2017 8:13:42 GMT
Oh for goodness sake. Stop stirring. isn't just some bum who decided to post on a whim. He is a professional within the industry he discusses and he knows his lemons, so when he comments on such subjects he isn't stirring, he is sharing his very knowledgeable insight. So if I was you I would take note when he posts
Back to the subject matter - Companies get 9 months to submit thier accounts; LY has failed to do so during this very generous grace period and is now 1-month overdue - the fact that a business that handles £100m+ of other peoples money is so lax with there own accounts is, IMO, a concern Lendy Support - could you explain why you have yet to submit your accounts to CH please? I run a company too and know all about the above. I wasn't calling him a bum. Given the likelihood that after a few reminders they would let it get to the point of prosecution is pretty much zero I figured he was stirring. I'll confess I haven't read his posting history and wrote what I did based on the general hysteria and speculation that is all over these boards at the moment. I think some people on these forums post with an agenda and so when I read someone speculatively tie late accounts to prosecution and then to the FCA I'll call them out on it. Not sure what you are hoping to achieve messaging their support about this. Flag it up to the forum as a risk sure, but they don't owe us an explanation because they are 1 month late. We aren't shareholders.
|
|
|
|
Post by dan1 on Oct 30, 2017 8:43:41 GMT
dualinvestor isn't just some bum who decided to post on a whim. He is a professional within the industry he discusses and he knows his lemons, so when he comments on such subjects he isn't stirring, he is sharing his very knowledgeable insight. So if I was you I would take note when he posts
Back to the subject matter - Companies get 9 months to submit thier accounts; LY has failed to do so during this very generous grace period and is now 1-month overdue - the fact that a business that handles £100m+ of other peoples money is so lax with there own accounts is, IMO, a concern Lendy Support - could you explain why you have yet to submit your accounts to CH please? I run a company too and know all about the above. I wasn't calling him a bum. Given the likelihood that after a few reminders they would let it get to the point of prosecution is pretty much zero I figured he was stirring. I'll confess I haven't read his posting history and wrote what I did based on the general hysteria and speculation that is all over these boards at the moment. I think some people on these forums post with an agenda and so when I read someone speculatively tie late accounts to prosecution and then to the FCA I'll call them out on it. Not sure what you are hoping to achieve messaging their support about this. Flag it up to the forum as a risk sure, but they don't owe us an explanation because they are 1 month late. We aren't shareholders. Lendy are not the only platform to fail to submit their own accounts on time - see here
|
|
|
|
Post by dualinvestor on Oct 30, 2017 9:21:57 GMT
........................ Lendy are not the only platform to fail to submit their own accounts on time - see hereQuite, it seems the norm rather than the exception. It is lamentable that companies handling hundreds of millions of other peoples money ignore their obligations at will. IMO the Companies Acts exemptions that these companies rely on to publish abridged accounts should not apply to businesses with FCA authorisation to handle money and they should be required to file yjeir full accounts.
|
|
Liz
Member of DD Central
Posts: 2,426
Likes: 1,297
|
Post by Liz on Oct 30, 2017 12:29:58 GMT
I run a company too and know all about the above. I wasn't calling him a bum. Given the likelihood that after a few reminders they would let it get to the point of prosecution is pretty much zero I figured he was stirring. I'll confess I haven't read his posting history and wrote what I did based on the general hysteria and speculation that is all over these boards at the moment. I think some people on these forums post with an agenda and so when I read someone speculatively tie late accounts to prosecution and then to the FCA I'll call them out on it. Not sure what you are hoping to achieve messaging their support about this. Flag it up to the forum as a risk sure, but they don't owe us an explanation because they are 1 month late. We aren't shareholders. Lendy are not the only platform to fail to submit their own accounts on time - see hereTwo wrongs don't make a right.
|
|
|
|
Post by dualinvestor on Nov 2, 2017 17:43:41 GMT
If they do manage to publish them in that timeframe it is the most shamefaced arrogance of people handling £180million of other peoples money. It is more than 10 months after the year end, more than one month after the legal deadline and nearly four months after the resignation of the previous auditors. The lawful period is plenty of time to sort out any problem, indeed under stock exchange rules a listed company has only 90 days and there are plenty of those larger and more complicated than Lendy. Despite some posters believing it is none of our business this is breaking the law whilst handling large sums of money not their own. There can be no excuse for this delay and the FCA should requiire a full explanation and consider the matter when deciding on full authorisation
|
|
withnell
Member of DD Central
Posts: 550
Likes: 491
|
Post by withnell on Nov 3, 2017 7:38:29 GMT
it is possible that due to the size that Lendy has grown to, the previous auditors found they were not of sufficient size to carry out the audit and resigned. The new auditors would then commence an audit - but there's no way that can be turned around in the time elapsed.
I know we like to Lendy bash on the forum, but there are often legitimate reasons - and Companies House are not always the fastest at uploading documentation so they may have been allowed an extension.
Further worth noting that the auditors are required to inform the members if there are "matters connected with [auditor] ceasing to hold office that A considers need to be brought to the attention of members or creditors of the company" - the resignation letter clearly states no circumstances which should be flagged
|
|
gustapher
Member of DD Central
Posts: 144
Likes: 267
|
Post by gustapher on Nov 3, 2017 9:05:05 GMT
If they do manage to publish them in that timeframe it is the most shamefaced arrogance of people handling £180million of other peoples money. It is more than 10 months after the year end, more than one month after the legal deadline and nearly four months after the resignation of the previous auditors. The lawful period is plenty of time to sort out any problem, indeed under stock exchange rules a listed company has only 90 days and there are plenty of those larger and more complicated than Lendy. Despite some posters believing it is none of our business this is breaking the law whilst handling large sums of money not their own. There can be no excuse for this delay and the FCA should requiire a full explanation and consider the matter when deciding on full authorisation "Shamefaced arrogance" Your opinion based on incomplete information "breaking the law" correct but here are the fines for late filing: Up to 1 month £150; 1 to 3 months £375; 3 to 6 months £750; More than 6 months £1,500 As has been mentioned they could have applied for an extension and even if they haven't it is very unlikely anything would happen beyond the fines above. "indeed under stock exchange rules a listed company has only 90 days" They are not on the stock exchange so this is irrelevant "There can be no excuse for this delay" Actually there can be - you have no idea what is going on within the company. "FCA should require a full explanation" They are working with the FCA so I'm sure this would be discussed if relevant.
|
|
|
|
Post by dualinvestor on Nov 3, 2017 9:57:44 GMT
You obviously take Lendy's side and chose to find excuses. I choose not to respond to your excues except to point out the directors have committed a criminal offence under s.425 of the Companies Act 2006 ( link), the penalty is an unlimited fine, the late filing penalties are against the company. |
|
|
|
Post by dualinvestor on Nov 17, 2017 13:43:52 GMT
Seven weeks late now
|
|
|
|
Post by skint4achange on Nov 29, 2017 12:55:30 GMT
While this may be an innocent oversight (Or even a cock-up by CH themselves!) this does little to quench the flames that are currently roaring away under the a**es of Lendy from their investors.
Lendy will learn one day that things like this are really not good for business, especially when confidence is already severely lacking.
|
|
|
|
Post by dualinvestor on Nov 29, 2017 12:57:46 GMT
This is very odd
Accounts nearly two months late
Draft accounts circulated two months ago non appearance of audited version
Confirmation statement late
Strike off proceedings commenced
No FCA full authorisation
More than a third of the loan book in default
Very poor for a company controlling over £100million of other people's money.
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
|
Post by ozboy on Nov 29, 2017 15:15:55 GMT
Poor indeed, which is why, when the myriad red flags have been flapping for a year now, I scarpered.  |
|
|
|
Post by Lendy Support on Nov 30, 2017 9:52:39 GMT
Hi all, as per our previous announcement, Lendy has appointed new auditors and owing to this the accounts filing has been delayed. The directors of Lendy have provided statutory promises to Companies House that the accounts will be filled in due course. There should be no concerns and the striking off status of the company will be removed shortly. Lendy Support |
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Nov 30, 2017 10:00:33 GMT
Hi all, as per our previous announcement, Lendy has appointed new auditors and owing to this the accounts filing has been delayed. The directors of Lendy have provided statutory promises to Companies House that the accounts will be filled in due course. There should be no concerns and the striking off status of the company will be removed shortly. Oh, good. With what will the accounts be filled? Repayed defaulters' cash I hope. Next year?
|
|
