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Post by billy169 on Jun 28, 2022 17:42:25 GMT
Obviously promotion for everyone.
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p2pfan
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Post by p2pfan on Jun 28, 2022 18:04:02 GMT
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?
The very worst they'll actually get in any such scenario is not being allowed to be a Director for x years. So, as everyone else does in this scenario, they'll simply run their companies with their wife or a family member etc. being used as the Director during the period they are banned. There was a UK property development company I lost of lot of money in, in which, after a long investigation, the Directors were categorised as having operated fraudulently (see report here by The Insolvency Service). These Directors raped the company bank account, with all the money they had borrowed, to buy Lamborghinis, Range Rovers and every designer item under the sun you can think of ( see here). The sentence they received? One of the Directors has been prohibited from operating as a Director for 12 months and the other, who has run off to the UAE, was let off scot-free as it was decided that pursuing him in the UAE would be too complicated.
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rocky1
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Post by rocky1 on Jun 28, 2022 18:14:50 GMT
one director taking out £1million for personal expences just before the administrators were called in.spent some on his jollies in luxury hotels and throwing in a nice little french ski trip.source p2pfn 29th june 21.reminds me of the FCA advert only LB is on the jetski. must have needed the break poor bloke so much stress involved in keeping the scam going.i think there should also be charges of fraud by misrepresentation amongst other things and the FCA and HMRC should come down with full force on all of these directors thinking they are off the hook by using the administration route and scurrying off.
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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 Jun 28, 2022 18:42:53 GMT
one director taking out £1million for personal expences just before the administrators were called in.spent some on his jollies in luxury hotels and throwing in a nice little french ski trip.source p2pfn 29th june 21.reminds me of the FCA advert only LB is on the jetski. must have needed the break poor bloke so much stress involved in keeping the scam going.i think there should also be charges of fraud by misrepresentation amongst other things and the FCA and HMRC should come down with full force on all of these directors thinking they are off the hook by using the administration route and scurrying off. It wasnt £1m taken for personal expenses, it was £30,000 out of a total of £1m spent without authorisation from the FCA under VREQ ( Para 88, DW 2nd witness statement ) P2PFN news is not a reliable source as they regularly get stuff wrong ... look at this weeks article originally claiming £7.9m had been returned to investors in the last 6 months when no-one has received a penny (now corrected but still full of errors)
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rocky1
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Post by rocky1 on Jun 29, 2022 1:23:44 GMT
i stand corrected.you just cant believe anything it seems these days in the shady world of fintech.it seems they can type any old BS and get away with it.  |
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69m
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Post by 69m on Mar 26, 2023 23:55:22 GMT
According to Companies House, LP Alhambra Limited had charge number 1139 5176 0003 registered against it on 8 November 2022 in respect of a freehold property. The 'persons entitled' are listed as Lendy Ltd (In Administration) and the Joint Administrators of Lendy.
Interestingly, the same property has recently appeared on Kuflink, so presumably its disposal is imminent (and the charge will soon be satisfied). Although this could benefit Model 1 lenders, I suppose that most of the proceeds are going to be used to pay RSM's fees?
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Mousey
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Post by Mousey on Mar 27, 2023 8:50:59 GMT
According to Companies House, LP Alhambra Limited had charge number 1139 5176 0003 registered against it on 8 November 2022 in respect of a freehold property. The 'persons entitled' are listed as Lendy Ltd (In Administration) and the Joint Administrators of Lendy.
Interestingly, the same property has recently appeared on Kuflink, so presumably its disposal is imminent (and the charge will soon be satisfied). Although this could benefit Model 1 lenders, I suppose that most of the proceeds are going to be used to pay RSM's fees?
Indeed, you can read about it here
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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 Mar 27, 2023 11:10:46 GMT
According to Companies House, LP Alhambra Limited had charge number 1139 5176 0003 registered against it on 8 November 2022 in respect of a freehold property. The 'persons entitled' are listed as Lendy Ltd (In Administration) and the Joint Administrators of Lendy.
Interestingly, the same property has recently appeared on Kuflink, so presumably its disposal is imminent (and the charge will soon be satisfied). Although this could benefit Model 1 lenders, I suppose that most of the proceeds are going to be used to pay RSM's fees?
It be all lenders, if any, as M2 will be admitted as creditors once the relevant issue is signed off by Court.
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merlin99
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Post by merlin99 on Apr 3, 2023 14:06:13 GMT
Good to see a further distribution today and hope for many more very shortly!
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taffy
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Post by taffy on Apr 3, 2023 16:03:46 GMT
Good to see a further distribution today and hope for many more very shortly! Good to see some repayments coming through, but can this be correct? "Interim distributions – second stage The Joint Administrators have begun processing second interim distributions on loans previously distributed in the Administration. Please note, in line with the agreement with the relevant stakeholders, at this stage the Joint Administrators will not process further interim distributions on loans where the balance held is less than
£100,000, as it would not be cost effective for the investors".
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keitha
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2023 defaults = repayments, Good job I have some recoveries
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Post by keitha on Apr 4, 2023 14:52:07 GMT
Yes given that lets say you have a £100,000 balance and 1,000 investors and they get £10,000 back that's £10 per investor, it probably at RSM rates costs £5 per payment to make it so that means you'd only get £5 from the next £10,000.
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Mousey
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Post by Mousey on Nov 10, 2023 9:17:58 GMT
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keitha
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2023 defaults = repayments, Good job I have some recoveries
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Post by keitha on Nov 10, 2023 15:46:24 GMT
Having waded through that ( it's hard going )
Feels to HH J Rawlings is tying the administrators down as to costs
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michaelc
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Post by michaelc on Nov 10, 2023 17:41:39 GMT
Its people like you we need in the House of Lords - not the usual mates of the PM.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Nov 10, 2023 19:06:57 GMT
Its people like you we need in the House of Lords - not the usual mates of the PM. Yes, the mates of any PM, of any Party, they're ALL at it. Farcical mockery the whole sham.
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