cwah
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Post by cwah on Oct 20, 2018 17:03:11 GMT
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elliotn
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Post by elliotn on Oct 21, 2018 0:42:54 GMT
Did you see who the charge was in favour of? Looks like someone protecting their position. Possibly a director’s loan, may be money to pay a departing director? Try Lendy support  . |
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mikeh
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Post by mikeh on Oct 21, 2018 10:29:16 GMT
As I read it, Liam is providing a loan facility to Lendy secured on all of Lendy's assets. Couldn't find any figures though.
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cwah
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Post by cwah on Oct 21, 2018 10:39:00 GMT
As I read it, Liam is providing a loan facility to Lendy secured on all of Lendy's assets. Couldn't find any figures though. Yes I was also under this impression.... Lendy needing cash to survive and Liam is a rich man trying to save it?
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Mousey
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Post by Mousey on Oct 21, 2018 11:29:32 GMT
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mikeh
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Post by mikeh on Oct 21, 2018 11:50:25 GMT
A charge against a Provision Fund? You couldn't make it up. 
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 21, 2018 12:04:18 GMT
A charge against a Provision Fund? You couldn't make it up. Im not sure this charge is what it seems at first glance. I think its there to protect the provision fund.
I have a theory why these charges against Lendy Group entities have appeared when they have but I may be getting 5.
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Mousey
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Post by Mousey on Oct 21, 2018 12:09:11 GMT
I have a theory about why a director might protect the assets of the main company but the charge against the provision fund is specifically for a £1,000,000 loan. Perhaps the loan is to fund certain legal action being taken on behalf of the lenders?  |
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debaura
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Post by debaura on Oct 21, 2018 12:12:33 GMT
I have a theory about why a director might protect the assets of the main company but the charge against the provision fund is specifically for a £1,000,000 loan. Perhaps the loan is to fund certain legal action being taken on behalf of the lenders? Staking the family silver eh Let's hope this wins.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 21, 2018 12:56:31 GMT
I have a theory about why a director might protect the assets of the main company but the charge against the provision fund is specifically for a £1,000,000 loan. Perhaps the loan is to fund certain legal action being taken on behalf of the lenders? The charge needs to be read very carefully but it seems to imply the £1,000,000 is a minimum deposit to be held in the provision fund account with MB, not a loan from MB.
See section 3 on the deposit 'The chargor (LendyPR) shall pay the initial deposit (£1,000,000 as per definitions) into the Security Account immediately on execution of this deed'
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Jeepers
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Post by Jeepers on Oct 21, 2018 13:28:09 GMT
If Lendy goes under, what happens to the PF?
I don't see Lendy ever using it in any case, with the usual can kicking but if placed in the administrators hands, they'd have no reason not to distribute it??
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Mousey
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Post by Mousey on Oct 21, 2018 20:13:21 GMT
I have a theory about why a director might protect the assets of the main company but the charge against the provision fund is specifically for a £1,000,000 loan. Perhaps the loan is to fund certain legal action being taken on behalf of the lenders? The charge needs to be read very carefully but it seems to imply the £1,000,000 is a minimum deposit to be held in the provision fund account with MB, not a loan from MB.
See section 3 on the deposit 'The chargor (LendyPR) shall pay the initial deposit (£1,000,000 as per definitions) into the Security Account immediately on execution of this deed'
Ah ok. I'm confused as to what the purpose of the charge is then? Surely this could be withdrawn as at anytime at request from LendyPR?
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