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Post by dualinvestor on Jan 18, 2018 17:46:35 GMT
“The attitude of keep quiet and I might be alright is one of pure self interest.”
I was making no bones about that when I said “ is not necessarily in my own best interest.” Apparently it is a poor show that my best interest in Lendy is my primary concern. It didn't cross my mind that everyone else might only be thinking of others. If it is in my best interest however, there is no reason why it should be contrary to the best interests of everyone else in the same boat. If people feel a need to sink the boat out of a sense of indignation rather than opt for survival, that’s their choice and we’re all stuck with it. In a broad sense I have more concern for those in the boat, than any who might opt to get in in the future. Boarding will be their choice as it was mine. Spoken like a true supporter of the likes of Mssrs Ponzi, Madoff and Savundra etc. who were allowed to take deposits right up to the day they were arrested.
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Post by dualinvestor on Jan 27, 2018 12:43:45 GMT
Only three working days to another overdue, this time 123 days, self imposed dealine, bringing it to a total of of x failed promises, where x is a very large number tending towards infinity. Nail biting time ...... NOT  |
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mikes1531
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Post by mikes1531 on Jan 30, 2018 15:56:57 GMT
Only three working days to another overdue, this time 123 days, self imposed dealine, bringing it to a total of of x failed promises, where x is a very large number tending towards infinity. Nail biting time ...... NOT Did Lendy commit to submitting their accounts by the end of January? The response quoted by @leopardcat above said "accounts will be filled [sic] in early 2018" and "accounts will be filled [sic] in due course". The former could mean some time before 30/Jun, and the latter could mean 'when we get around to it'. I won't ask why Lendy made both of those statements in the same response.
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Post by dualinvestor on Jan 30, 2018 22:57:50 GMT
Doesn't really matter whether it is January they committed to or early 2018, although I clearly recall seeing January somewhere. Most people would not agree with the preposition early 2018 means before 30th June , anyway if you mean in the first half of the year that is 2 July, but all that is nit picking. The fact is in the two months since their last posting on the board 30 November, when they were already significantly overdue, they have not managed to publish audited accounts, for a company of this size holding a nine figure sum of the public's money it is more nthan lamentable, it is disgraceful and IMO action should be taken against them.
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Post by dualinvestor on Feb 9, 2018 18:02:44 GMT
130 days late, perhasps the new head of finance will sort it out, after all the directors a-have committed a criminaal offence and it should be regularised |
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reinvestor
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Post by reinvestor on Feb 9, 2018 21:58:27 GMT
I am now now more and more convinced that whoever Lendy have appointed as their accountants (assuming that they have appointed accountants) are just as unhappy as their previous accountants were about signing off on the accounts and putting their name to the figures and stating that they are happy with them.
What other reason could there possibly be for accounts to take so long to be filed?
I’ve worked in consumer finance for 22 years and have been regulated by the OFT and now the FCA for all of those years. The FCA requirements for filing are strict. Even for a firm that is pending authorisation trading under interim permission as I believe Lendy are should have filed their figures for the year ended 31st December 2016.
Look at this logically folks, we are invested with a firm that hasn’t given an update on its financial health since December 2015. It is is now February 2018.
I only found this forum out of concern when I was googling for information.
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Post by dualinvestor on Feb 10, 2018 8:39:45 GMT
I understand (although I cannot recall from where) that the new auditors (sic) are Moore Stephens, a top 10 firm. However, legally, Lendy Ltd, is not subject to an audit unless requested by a member (shareholder) as it is a small company within the meaning of the Compaies Act 2006. The same act provides for criminal penalties (s.426) for failure to produce accounts on time. The last statement from Lendy Support was on 30 November 2017 (already two months after the last legal filing date) "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" |
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bugs4me
Member of DD Central
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Post by bugs4me on Feb 10, 2018 9:47:21 GMT
I understand (although I cannot recall from where) that the new auditors (sic) are Moore Stephens, a top 10 firm. However, legally, Lendy Ltd, is not subject to an audit unless requested by a member (shareholder) as it is a small company within the meaning of the Compaies Act 2006. The same act provides for criminal penalties (s.426) for failure to produce accounts on time. The last statement from Lendy Support was on 30 November 2017 (already two months after the last legal filing date) "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" IIRC - under FCA rules they are required an audit.
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Post by dualinvestor on Feb 10, 2018 10:05:39 GMT
FCA requires client money to be audited, not the company's financial statements, unless they meet the same criteria as the Companies Act.
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Post by dualinvestor on Feb 10, 2018 13:20:55 GMT
............... Look at this logically folks, we are invested with a firm that hasn’t given an update on its financial health since December 2015. It is is now February 2018. ................. They did publish summary unaudited figures on 29 September 2017, over four months later they are yet to appear at Companies House, notwithstang whether they have been, or required to be, audited. PS It is in that article that they state they have appointed Moore Stephens as "auditors"
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Post by dualinvestor on Feb 14, 2018 21:35:26 GMT
Oh and the accounts for the company that holds the provision fund are more than three months late. I wonder what in the"reorganisation" has prevented them looking at he bank statement of 31 January 2017 and enter the corresponding liability? Lendy Support |
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Post by Paul64 on Feb 15, 2018 8:20:07 GMT
Hi all, just to let you know that we expect to be filing our 2016 Report and Accounts to Companies House this week. All the best, Paul64 |
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Post by dualinvestor on Feb 15, 2018 8:30:38 GMT
Hi all, just to let you know that we expect to be filing our 2016 Report and Accounts to Companies House this week. All the best, Paul64 Why has is taken 4 and a half months since draft accounts were published on your web site? Please do not insult our intellligence by saying it was becaause you changed auditors, the old ones resigned on 28th July and the press release of 29 September said you had appointed new ones, it simply should not take that long for a company of your size unless there was a problem.
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Post by Paul64 on Feb 15, 2018 9:22:14 GMT
Hi all, we had hoped to have filed earlier but a combination of a change auditors - we appointed top 10 accountancy firm Moore Stephens as our auditor, for its experience in working for fast-growing financial services businesses - and some restructurings, delayed our submission. As we knew we were going to be file late, we published our unaudited accounts in September. We regularly updated both Companies House and the FCA on our progress. Regards, Paul
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Post by dualinvestor on Feb 15, 2018 9:45:34 GMT
Hi all, we had hoped to have filed earlier but a combination of a change auditors - we appointed top 10 accountancy firm Moore Stephens as our auditor, for its experience in working for fast-growing financial services businesses - and some restructurings, delayed our submission. As we knew we were going to be file late, we published our unaudited accounts in September. We regularly updated both Companies House and the FCA on our progress. Regards, Paul I said please do not insult our intelligence, Moore Stephens could have completed the work within two weeks, a month at the outside, not four and a half months (or possibly six and a half months counting from the resignation of the previous auditors). Before you gainsay me you should note that I was a partner in a "top 10" accountancy firm and know this type of delay only occurs if there is a problem. Also why has it taken two and a half months for you to notiify us of these "reasons" for the delay?
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