Lendy In Administration

No & yes. Baker Tilly took over an RSM entity, changed their name & joined the RSM network. 

That is being investigated in the very near future.

What strikes me, is that LB did not seem this wealthy when he started SS, and since them, on his salary alone, he seems to have amassed a fair amount. Maybe he was running other well paying investments in his own private portfolio? Who knows. What is certain, time will tell, and time will reveal.

Not yet........

It took me two months to unravel IS dealings DFL16+17. Off-shore takes forever to track piece by piece.

I need some free time in between the other day jobs(!), and I assure you this is on my list and will be done. If anything comes to light, it will be passed to HMRC firstly, then RSM, then FCA.

This is semi-good news.

Seems RSM are classifying stakeholders, a predominately USA term to simplify the process, and us lenders as investors (not stakeholders).

So, they are looking at the stakeholders (stakeholders will include shareholders and anyone who has a vested interest in Lendy – this includes Liam), to help in repaying the loans facilitated [arranged] by the Lendy Group.

They also state that their job is to maximise returns to the creditors of the company, which is not us lenders. This is where some slicing and dicing might occur. From what is publicly available, there are little in the way of assets available to the company, so the creditors will receive little, if anything. Unless RSM decide to slice off some of the lenders assets to repay the creditors. This they might do under the pretext of owed fees or similar.

How RSM handle their administration according to their mission statements can be construed as semi-good news as not only it will speed up the process, but it will likely set a precedence for any other implosion of a P2P entity.

Now, if only RSM can achieve their statement in quick order and without exorbitant fees, we will all be very, very grateful to them.


Zlb – creditors can be shareholders and this might mean that Liam is owed monies. The caveat here is that RSM have to investigate if the owed monies are legally owed.

"  We are well-capitalised   " still seems to be there, as should have been one of the items to have been removed.

RSM have previously reviewed the Companies’ systems as part of a stand by contingency planning

service. Accordingly, RSM are well placed to facilitate an orderly wind-down of the book. We have

taken legal advice on the existing relationship and discussed the position with the Financial Conduct

Authority (“FCA”). The FCA and RSM are comfortable that adequate safeguards have been put in

place to manage any potential conflict issues.

Changed to

RSM have previously reviewed the Companies’ systems as part of a stand by contingency planning

service. Accordingly, RSM are well placed to facilitate an orderly wind-down of the book. We have

taken legal advice on the existing relationship and are comfortable that adequate safeguards have

been put in place to manage any potential conflict issues.

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The Administrators will be contacting all borrowers directly and are assessing their ability to repay, at

the appropriate maturity dates, or earlier, the monies loaned to them by the Companies.

Changed to

The Administrators will be contacting all borrowers directly and are assessing their ability to repay, at

the appropriate maturity dates, or earlier, the monies loaned facilitated by the Companies. 

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We have set up a dedicated telephone line for all creditors to call which currently has recorded basic information, however, this will be manned during next week to receive creditor calls. The number is 0203 858 9653.

Changed to

We have set up a dedicated telephone line which currently has recorded basic information, however,
this will be manned during next week to receive creditor calls. The number is 0203 858 9653.

unless they are indicating that there has actually been (enough) money set aside for this, as in the orderly wind down if the platform fails.