Garage246
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Post by Garage246 on May 25, 2019 10:31:53 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). Baker Tilley are part of RSM...
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travolta
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Post by travolta on May 25, 2019 10:42:27 GMT
I'm suggesting that this process will carry on rubber stamping LB and he may still depart carrying the proverbial bunch of roses. It does no good to erode the public confidence in finance. ( I am very sad at the prospect losing most of £22,000+)
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happy
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Post by happy on May 25, 2019 10:47:05 GMT
Cowes is now sponsored by Rolex it appears. I'm sure LB has got a fair few of them, gold I would think. Probably a premier customer of theirs. You never know, you might even see him in their corporate marquee at Cowes 2019 
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Post by supernumerary on May 25, 2019 11:02:33 GMT
Excuse my ignorance but what period should the tax statement cover? Load the following dates, for the last tax year; 06/04/2018 to 05/04/2019
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Post by supernumerary on May 25, 2019 11:21:48 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. I have only found out about this AWFUL situation this morning.  zccax77, I really do hope that you are right in your assessment. I am reminded by this Trust Pilot review, that was posted on the 10th April 2019; Oh dear it all seemed so great at the beginning.Oh dear it all seemed so great at the beginning,I got 12% interest as promised and was encouraged to invest more- I now have £11000 in a series of defaulted loans.some are outstanding now over two years with little or no action,ludicrously uninformative ‘ updates’ appearing every month to tell us nothing except we are proceeding/ as and when/we expect etc etc.
This has caused me severe difficulties as I have had to borrow on credit cards to make up the deficit,at a period of great totally unexpected expenditure for me.I clearly can’t retire as planned due to these actions.nobodys dead,it’s not Stalingrad- but it is a daily source of worry and anxiety.reading the large number of negative reviews has not relieved this one iota.Avoid avoid avoid.
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Mucho P2P
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Post by Mucho P2P on May 25, 2019 11:28:59 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  Picnicman: That is really up to RSM as to how they will decide to handle it, as they have just about complete authority over the case now. Usually, if enough work has been completed by the existing insolvency practitioner, then the over-riding practitioner [RSM] are likely to let them continue, just reviewing their work. Basis is to save costs for the creditors. if fraud is suspected on any individual projects, then RSM are likely to take over.
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Mucho P2P
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Post by Mucho P2P on May 25, 2019 11:33:32 GMT
Anyone know how Lendy pays for the backup service? Is it via some kind of retainer or an insurance policy? For FCA back-up services such as this case, it is usually done by a monthly contribution/fee to the back-up service provider all the time Lendy were in operation. That means the back-up service provider are ready to step in with virtually no notice, unfortunately, in most cases it will not cover all their fees for doing the work needed.
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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 May 25, 2019 11:42:57 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? They were chosen by Lendy as backup service some time ago and FCA sanctioned. They were appointed as administrators over Lendy at the request of a director, presumably Liam, whether this was as a result of the FCA pushing or merely because FCA action made it impossible to continue operating is unknown. Appointment over SSSH & LPR was at directors discretion as they are not FCA regulated but, given the symbiotic relationship, inevitable.
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zlb
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Post by zlb on May 25, 2019 11:59:45 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? I've wondered whether it was RSM gently suggesting it.
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Post by Ton ⓉⓞⓃ on May 25, 2019 12:49:10 GMT
Who started the ball rolling to get them appointed over Lendy? They were chosen by Lendy as backup service some time ago and FCA sanctioned. They were appointed as administrators over Lendy at the request of a director, presumably Liam, whether this was as a request of the FCA pushing or merely because FCA action made it possible to continue operating is unknown. Appointment over SSSH & LPR was at directors discretion as they are not FCA regulated but, given the symbiotic relationship, inevitable. My bold.
Just checking do you mean impossible?
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nyneil
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Post by nyneil on May 25, 2019 13:16:38 GMT
Phew, what a relief, i've just found this on the lendy website: "Corporate responsibility and sponsorship : At Lendy we recognise the importance of being responsible corporate citizens, and take responsibility for the direct and indirect impact of our activities on various stakeholders, including: customers, suppliers, employees, stakeholders, communities and the environment." Cough, Cough.....  |
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Balder
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Post by Balder on May 25, 2019 14:04:35 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. I imagine HMRC will also be having a close look for any tax avoidance/evasion...............How are you feeling Liam?
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mj
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Post by mj on May 25, 2019 15:20:54 GMT
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Monetus
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Post by Monetus on May 25, 2019 15:50:01 GMT
The actions of Mr Brooke will be closely scrutinised as the Administrators are obliged to investigate and report on the conduct of the company Directors within the first six months of the administration:
"Administrators are also required, under the Company Directors Disqualification Act 1986, to submit a conduct report to the Secretary of State for Trade and Industry on the conduct of each of the directors and/or former directors of the company within six months of the company entering administration."
Some of the things they may look at could include:
- Any conduct of the director that makes him unfit to be concerned in the management of a company
- Incurring further debt when they ought to have reasonably known that the company was insolvent
- Paying some creditors in preference to others, especially associated creditors
- Using monies which should have been set aside for tax to continue trading
- Disposing of assets for less than market value
- Failure to provide goods or services which have been paid for
- Failure to co-operate with the liquidator
- Fraudulent behaviour
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TenKay
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Post by TenKay on May 25, 2019 15:53:32 GMT
so it transpires that the "banking issue and the 2fa" was actually them not having the money in the bank to pay their dues, more BS
ive removed the 2fa from L while the service is still available, not taking the chance it goes off line again
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