adrianc
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Post by adrianc on Jun 10, 2022 9:32:37 GMT
The administrators believed that Lendy was entitled to a) receive any default interest accrued, b) receive all money due to it in equal priority to sums due to lenders. Payouts were therefore made on a pro rata basis. This was disputed by lenders so the Court was asked to decide the correct interpretation of the various contracts. The Court determined that a) lenders were entitled to default interest, b) took priority over Lendy for repayment. That is indeed a good result for us... ...but... And therein lies the rub. Of course the administrators need to be paid a fair rate for their professional services. Without their work, there would be zero to pay to us. Nobody would be chasing the lenders or the PI. The question is how much that fair rate is...
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toffeeboy
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Post by toffeeboy on Jun 14, 2022 15:16:54 GMT
Doesn't each loan have it's own administrators which as you would expect are paid out from the proceeds before the lenders get any money.
I thought the whole court case was brought by the administrators of the Lendy the company so they aren't involved in recovering the loans, they are some but I would assume separately from LEndy admin, only distributing the funds once they arrive.
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ilmoro
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Post by ilmoro on Jun 14, 2022 16:46:57 GMT
Doesn't each loan have it's own administrators which as you would expect are paid out from the proceeds before the lenders get any money. I thought the whole court case was brought by the administrators of the Lendy the company so they aren't involved in recovering the loans, they are some but I would assume separately from LEndy admin, only distributing the funds once they arrive. Any loans that are in recovery, most but not all, have their own insolvency practitioner appointed (receivers or administrators) to effect the recovery under the security charge and they will deduct their fees and costs from realisations before these are sent to Lendy. However, somebody has to manage the process on behalf of lenders/Lendy, the security trustee has no resources so Lendy does it (which to some extent means the administrators) and their fees/costs are paid from the realisations. The current discussions are how much Lendy is entitled to charge for this work (originally this was the 3% pa SLA fee) and what costs can it reclaim ... this will include loan specific costs but also a share of any general costs like operating the platform. If loans are not in formal recovery then Lendy will be undertaking the recovery themselves (again that is the administrators to some extent doing the work) Any claims that are not in relation to the security charges ie guarantees & PI claims will be pursued by Lendy (ie the administrators)
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Post by davefoz on Jun 23, 2022 14:15:25 GMT
Any idea in round terms what recovery is likely to be 10p I’m the £; 50p ?
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jhamster
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Post by jhamster on Jun 23, 2022 14:33:22 GMT
It's just a big long receipt showing everyone who gets paid before us, with us at the very end of it.
I would be surprised with 5p in the £1 at this point.
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TitoPuente
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Post by TitoPuente on Jun 23, 2022 15:08:11 GMT
Recovery rates are/will be different for each loan.
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jcb208
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Post by jcb208 on Jun 23, 2022 15:12:59 GMT
Must cost us 1 million a year for the administrators to work out how much they can screw us for, what a farce,my return wil be hardly worth bothering with.Should of handed all the properties to a charity and let them get back what they can.No way was we expecting such a poor administration
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ilmoro
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Post by ilmoro on Jun 23, 2022 18:49:54 GMT
Must cost us 1 million a year for the administrators to work out how much they can screw us for, what a farce,my return wil be hardly worth bothering with.Should of handed all the properties to a charity and let them get back what they can.No way was we expecting such a poor administration Who are you Bill Gates? There is about £27m in the client account due to lenders. Some will go to fees & costs under the 'protocol' but that's still a fair wedge for lenders ... dependent on which loans they are in. Incidentally admin haven't received any fees this year, nor all of the fees for the previous year. (They will get some at some point) The actual fees incurred has decreased year on year ... under a million last year.
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travolta
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Post by travolta on Jun 23, 2022 19:42:34 GMT
When will we get some more back please?
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Post by davefoz on Jun 24, 2022 9:02:56 GMT
Must cost us 1 million a year for the administrators to work out how much they can screw us for, what a farce,my return wil be hardly worth bothering with.Should of handed all the properties to a charity and let them get back what they can.No way was we expecting such a poor administration Who are you Bill Gates? There is about £27m in the client account due to lenders. Some will go to fees & costs under the 'protocol' but that's still a fair wedge for lenders ... dependent on which loans they are in. Incidentally admin haven't received any fees this year, nor all of the fees for the previous year. (They will get some at some point) The actual fees incurred has decreased year on year ... under a million last year. Looking like circa 20p in the £ ??
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jhamster
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Post by jhamster on Jun 28, 2022 2:17:14 GMT
When will we get some more back please? The twenty twelfth of Nevtember
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merlin99
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Post by merlin99 on Jun 28, 2022 7:50:55 GMT
Who are you Bill Gates? There is about £27m in the client account due to lenders. Some will go to fees & costs under the 'protocol' but that's still a fair wedge for lenders ... dependent on which loans they are in. Incidentally admin haven't received any fees this year, nor all of the fees for the previous year. (They will get some at some point) The actual fees incurred has decreased year on year ... under a million last year. Looking like circa 20p in the £ ?? You are an optimist aren't you? The way things are currently going don't be surprised if they ask us to chip in, in order to wind things up!
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rocky1
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Post by rocky1 on Jun 28, 2022 8:31:23 GMT
how are lendy the company/people who created all this mess likely to come out of this.there must be a fair whack of lendy fees /entitlement to be syphoned off to somewhere/some one.wind down plans eh. i really hope these two do not come out of this laughing and rubbing their hands together.
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ilmoro
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Post by ilmoro on Jun 28, 2022 10:12:21 GMT
how are lendy the company/people who created all this mess likely to come out of this.there must be a fair whack of lendy fees /entitlement to be syphoned off to somewhere/some one.wind down plans eh. i really hope these two do not come out of this laughing and rubbing their hands together. The company wont, it will be liquidated and unlikely shareholders will get any return after the directions hearing result. As for the people, for the directors that will depend on a) the outcome of the case relating to alleged misappropriated funds b) the outcome of the FCA investigation and whether that results in further action c) any further action resulting from the companies collapse For anyone else involved ... no impact, theyve gone on to other things and life continues as normal.
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Post by rooster on Jun 28, 2022 17:07:08 GMT
how are lendy the company/people who created all this mess likely to come out of this.there must be a fair whack of lendy fees /entitlement to be syphoned off to somewhere/some one.wind down plans eh. i really hope these two do not come out of this laughing and rubbing their hands together. The company wont, it will be liquidated and unlikely shareholders will get any return after the directions hearing result. As for the people, for the directors that will depend on a) the outcome of the case relating to alleged misappropriated funds b) the outcome of the FCA investigation and whether that results in further action c) any further action resulting from the companies collapse For anyone else involved ... no impact, theyve gone on to other things and life continues as normal. So let's cheer ourselves up a bit and perhaps others with more judicial/regulatory experience can speculate on the three worst-case scenarios a director could find themselves in... - What's the worst case scenario for a director found by the court to have entirely 'misappropriated funds' and shown no remorse, contempt in fact?
- What's the worst case scenario for a director found to have entirely failed in their duty by the FCA and shown no remorse, contempt in fact?
- What's the worst case scenario for a director found, aggressively targeted 'for all they're worth' following a company's collapse?
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