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 May 25, 2019 8:44:39 GMT
It's just the P2P entities on FCA site, not the wider group entities. This is the rundown plan, whether Lendy as whole has appointed administrators will show up on Gazette. If that were the case, would that mean that the loans can't be sold off as junk purchase? The wind down plan lists different people ("A key part of this plan is our appointment of a back-up service provider (Baker Tilly Creditor Services LLP)" [https://support.lendy.co.uk/hc/en-us/articles/115002020969-What-happens-to-my-lending-if-Lendy-goes-out-of-business-or-closes-]), to the names on the website now (Damian Webb, Phillip Sykes and Mark Wilson, all of RSM Restructuring Advisory LLP). Same company AIUI, Baker Tilly rebranded as part of RSM Group. Potentially, there are two elements to this ... the winding down of the P2P loanbook & the winding up of the actual company. However, how it will go is unknown ...
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Balder
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Post by Balder on May 25, 2019 8:46:52 GMT
I'd imagine that Liam won't be enjoying his time with Mark Wilson at RSM. I'd assume if any Director has operated incorrectly then the FCA will be able to get their hands on any "hidden" assets that may or may not be sunning itself in a wealth fund in Malta.
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invester
P2P Blogger
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Post by invester on May 25, 2019 8:49:56 GMT
Anyone know how Lendy pays for the backup service? Is it via some kind of retainer or an insurance policy?
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zlb
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Post by zlb on May 25, 2019 9:06:41 GMT
If that were the case, would that mean that the loans can't be sold off as junk purchase? The wind down plan lists different people ("A key part of this plan is our appointment of a back-up service provider (Baker Tilly Creditor Services LLP)" [https://support.lendy.co.uk/hc/en-us/articles/115002020969-What-happens-to-my-lending-if-Lendy-goes-out-of-business-or-closes-]), to the names on the website now (Damian Webb, Phillip Sykes and Mark Wilson, all of RSM Restructuring Advisory LLP). Same company AIUI, Baker Tilly rebranded as part of RSM Group. Potentially, there are two elements to this ... the winding down of the P2P loanbook & the winding up of the actual company. However, how it will go is unknown ... Ok, thanks. for others: www.rsmuk.com/news/baker-tilly-becomes-rsm-as-new-global-brand-rolls-out-in-110-countriesPresume just one branch as there are many companies baker tilly at the same address on ch.
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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
Posts: 11,315
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Post by ilmoro on May 25, 2019 9:08:18 GMT
Everyone has noted that Lendy have a standing relationship with the administrators. They aren't some random people parachuted in with no ties ... they've been working with Lendy on PBL056/064 for some time.
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averageguy
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Post by averageguy on May 25, 2019 9:17:18 GMT
Everyone has noted that Lendy have a standing relationship with the administrators. They aren't some random people parachuted in with no ties ... they've been working with Lendy on PBL056/064 for some time. Who started the ball rolling to get them appointed over Lendy?
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on May 25, 2019 9:34:18 GMT
Do you not have any compassion for pence ? What are you trying to achieve by spamming this thread? Sorry for honestly answering questions people have here. I feel sorry for anyone who lost money in this endeavour. I did as well, I am ending up most probably on net loss. I just feel lucky I managed to get my exposition down to 1/6th before they put the loans on suspended and I couldn't sell the rest. But no point to lie each other in the face in the name of compassion. This is a blunder and we don't get all our money back. This is the hard cold truth and it's better to brace ourselves than keep unfounded hopes and be in stress for all the time. Sorry but who are you that we should take what you are saying as meaning anything of note. There are many on here with fantastic detective and deductive skills with thousands of meaningful and insightful posts that I will wait and see their analysis before making any judgments before that of a relatively new poster. However were you to provide your valid credentials to show you actually have merit with you opinion then I will of course take that into consideration.
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Mucho P2P
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Post by Mucho P2P on May 25, 2019 9:34:32 GMT
I'd imagine that Liam won't be enjoying his time with Mark Wilson at RSM. I'd assume if any Director has operated incorrectly then the FCA will be able to get their hands on any "hidden" assets that may or may not be sunning itself in a wealth fund in Malta. He definitely won’t be enjoying his time with Wilson. During my investigations for the London Loan, let’s just say, Spanish property, Maltese off-shore companies, and my face to face talks with NS (S*** sister) on the discussions IS and Liam had together are being compiled next week and then forwarded to RSM. Hey Liam, what goes around, comes around………Enjoy it, courtesy from us lenders.
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zccax77
Member of DD Central
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Post by zccax77 on May 25, 2019 9:44:33 GMT
No more BS:
For over 30 years, Mark has provided corporate insolvency and turnaround advice to management teams, lenders, shareholders and creditors. He has considerable experience dealing with cases where there are allegations of fraud, misfeasance, other financial misconduct or improper behaviour.
Mark leads the special investigations team, which focuses on contentious insolvency litigation to successfully recover assets from the UK and overseas. The team also specialises in provisional liquidations, high profile bankruptcies, corporate and personal fraud investigations, and pursuing directors for misfeasance that has caused corporate debts.
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Post by p2plender on May 25, 2019 9:47:17 GMT
His actions are completely reprehensible. Don't forget his last post on here, his youtube video pretending they were 'good at what we do'... The Liam Brooke bullsh=t. He's a foolish man if he thinks he's walking away from this. I walk away with a net gain, others he has put through hell. More than happy to throw a few quid in, if it means karma comes his way. You can contact him via his new farce, paymetoday. The number is on the website.
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picnicman
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Post by picnicman on May 25, 2019 9:51:21 GMT
Everyone has noted that Lendy have a standing relationship with the administrators. They aren't some random people parachuted in with no ties ... they've been working with Lendy on PBL056/064 for some time. or anyone - any thoughts on how Insolvency Practitioners/ Administrators already appointed on certain loans e.g DFL003 are impacted by this - do they step aside and we now have to start again on such loans? I guess we will find out over the coming weeks/in the long haul, but according to the last update, the IP for the above loan was about to decide what to do? Cheers P 
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Post by picanto on May 25, 2019 9:51:24 GMT
This may sound like a stupid question now but will there be anybody at Lendy HQ to do the interest runs/any loan updates/processing withdrawals? There are still some loans which are meant to be in the process of being refinanced or paying interest on account which I'm still hopeful of a full repayment...
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iRobot
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Post by iRobot on May 25, 2019 9:58:09 GMT
This may sound like a stupid question now but will there be anybody at Lendy HQ to do the interest runs/any loan updates/processing withdrawals? There are still some loans which are meant to be in the process of being refinanced or paying interest on account which I'm still hopeful of a full repayment... From the info on Lendy's homepage: " The affairs, business and assets of the Companies are being managed by the joint administrators " I would expect your query to fall within the 'business' aspect of the above statement and should, theoretically, be covered by the fees apportioned by Lendy for the process. (We'll see what the first Adminsitrators report has to say about that in a few weeks time.)
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hazellend
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Post by hazellend on May 25, 2019 10:13:56 GMT
I know this sounds like ok cutting off my nose to spite my face, but I would rather lose my money completely, but see LB lose everything. He is beyond vile in his behaviour.
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sydb
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Post by sydb on May 25, 2019 10:31:33 GMT
Does anyone how much total capital is tied up in Lendy? That's the job of the administrators. Lendy's company accounts deadline was to be August (showing accounts to Dec 2018) but they did not file them.
The problem with P2P is that it is not so much how much capital the P2P agent has, it is lenders getting the lent money back from the borrowers who the P2P agent arranged loans with.
Lots and lots of questions on here and very few of them will be able to be answered by anybody but the administrators. Even if questions are answered on this forum, the validity will usually be questionable. There are a few people who work hard at dispersing good info and I would like to thank them and the admin bods of the forum for all they have done so far.
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