Administration - State of Play & Significant Information (L)

star dust
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Administration - State of Play & Significant Information (L) May 21, 2020 15:57:26 GMT paul123, boundah, and 1 more like this

Post by star dust on May 21, 2020 15:57:26 GMT

Latest missive from the Administrators sent from support@lendy as usual and timed into my inbox at 15:52 on the 21^st May. On the Lendy website and quoted below for completeness.

Funnily enough I logged in yesterday (website still live) to see whether any of those loans had repaid (not that it will make much difference to me personally) now I know why not.

TO ALL KNOWN INVESTORS

21 May2020

Dear Sir/Madam

Lendy Ltd(“Lendy”), Lendy Provision Reserve Limited and Saving Stream Security Holding Limited –all in Administration (together “the Companies”)

Further to our prior communications I would like to update you on the progress of the Administration.

Please note, the Joint Administrators progress report for the period 24 November 2019 to 23 May 2020 will be issued on or before 19 June 2020. This will provide investors with a detailed update on the progress of the Administration in the period.

Interim distributions

As previously advised, the Joint Administrators anticipate processing interim distributions in respect of following loans, and in this order:-

1.DFL021;

2.PBL095;

3.PBL196 andPBL197; and

4.PBL137.

The Joint Administrators sought legal clarification on a certain point and delayed processing the interim distributions until this was resolved. This is now resolved, and the Joint Administrators will be begin processing the interim distributions in the coming weeks.

Please note, these are interim distributions and it is anticipated that there could be further distributions in respect of these loans.

Money Laundering Checks

The Lendy team will continue liaising with individuals who currently have not fulfilled the money laundering checks. Please assist the team as this will accelerate the process.

Regrettably these final checks are a manual exercise, hence it will take some time to complete these processes. To confirm, the email address that investors will receive an email from requesting further documentation from the Verification team is support@lendy.co.uk.

The Joint Administrators have agreed a full open extension in providing any outstanding KYC / AML certified copies of documents. This will eliminate the need to leave home and get documents certified until after the UK Governments Covid-19 restrictions have been lifted.

Any certified documentation received in the meantime at our offices, will be held securely and processed once the Government restrictions have been further reduced or removed. Scanned copies cannot be accepted.

Thank you for your cooperation in ensuring your details are up-to-date and we will be providing further updates on this revalidation exercise in the near future.

Yours faithfully

for and on behalf of
Lendy Ltd

Damian Webb
RSM Restructuring Advisory LLP Joint Administrator

Last Edit: May 21, 2020 15:58:16 GMT by star dust

star dust
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Administration - State of Play & Significant Information (L) Jun 5, 2020 11:48:00 GMT paul123 and jay2 like this

Post by star dust on Jun 5, 2020 11:48:00 GMT

Latest communication from the Administrators via Lendy Support@, timed into my inbox at 11:59 on 5^th June. On the Lendy website as usual - lendy.co.uk/platform, and repeated here for continuity. Note there should be another progress report within a fortnight by the 19^th June.

TO ALL KNOWN INVESTORS

Dear Sir/Madam

Lendy Ltd(“Lendy”), Lendy Provision Reserve Limited and Saving Stream Security Holding Limited –all in Administration (together “the Companies”)

Further to our prior communications I would like to update you on the progress of the Administration.

Please note, the Joint Administrators progress report for the period 24 November 2019 to 23 May 2020 will be issued on or before 19 June 2020. This will provide investors with a detailed update on the progress of the Administration in the period.

Interim distributions

The Joint Administrators have updated the respective investor accounts for the interim distribution in respect of DFL032. A breakdown is set out in the table below.

Loan	Gross realisation £	Third party costs -£	Costs paid by the Company - £	Lendy service fee –£ (3%)	Lendy contractual entitlement -£	Lenders contractual entitlement -£
DFL032 C*** L*, Southampton	118,969	-	-	N/a	1,113	117,856

Please note, this is an interim distribution and it is anticipated that there could be a further distribution in respect of this loan.

As previously advised, the withdrawal facility is available to investors whom have cleared the anti-money laundering checks.

The Joint Administrators anticipate processing an interim distribution in respect of DFL021 next week.

Money Laundering Checks

The Lendy team will continue liaising with individuals who currently have not fulfilled the money laundering checks. Please assist the team as this will accelerate the process.

Regrettably these final checks are a manual exercise, hence it will take some time to complete these processes.

To confirm, the email address that investors will receive an email from requesting further documentation from the Verification team is support@lendy.co.uk.

The Joint Administrators have agreed a full open extension in providing any outstanding KYC / AML certified copies of documents. This will eliminate the need to leave home and get documents certified until after the UK Governments Covid-19 restrictions have been lifted.

Any certified documentation received in the meantime at our offices, will be held securely and processed once the Government restrictions have been further reduced or removed. Scanned copies cannot be accepted.

Thank you for your cooperation in ensuring your details are up-to-date and we will be providing further updates on this revalidation exercise in the near future.

Yours faithfully
for and on behalf of Lendy Ltd
Damian Webb
RSM Restructuring Advisory LLP
Joint Administrator

Last Edit: Jun 5, 2020 11:52:15 GMT by star dust

star dust
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Administration - State of Play & Significant Information (L) Jun 12, 2020 16:07:21 GMT paul123 and jay2 like this

Post by star dust on Jun 12, 2020 16:07:21 GMT

Another update from the Administrators timed into my in-box at 16:10 on 12^th June, from Lendy support and also on the Lendy website as usual - lendy.co.uk/platform

It seems this one was prompted by the DFL021 repayment, there should be more loan repayments to follow next week together with the six month progress report. Delayed by an Angry Bear, but quoted in full below for consistency and continuity.

TO ALL KNOWN INVESTORS

12 June 2020

Dear Sir/Madam

Lendy Ltd (“Lendy”), Lendy Provision Reserve Limited and Saving Stream Security Holding Limited –all in Administration (together “the Companies”)

Further to our prior communications I would like to update you on the progress of the Administration.

Please note, the Joint Administrators progress report for the period 24 November 2019 to 23 May 2020 will be issued on or before 19 June 2020. This will provide investors with a detailed update on the progress of the Administration in the period.

Interim distributions

The Joint Administrators have updated the respective investor accounts for the interim distribution in respect of DFL021. A breakdown is set out in the table below.

Loan	Gross realisation -£	Third party costs -£	Costs paid by the Company -£	Lendy service fee –£ (3%)	Lendy contractual entitlement -£	Lenders contractual entitlement -£
DFL021J**** L*, Sewerby	532,800	29,462	2,520	11,868	125,634	363,316

Please note, this is an interim distribution and it is anticipated that there could be a further distribution in respect of this loan.

As previously advised, the withdrawal facility is available to investors whom have cleared the anti-money laundering checks.

The Joint Administrators anticipate processing an interim distribution in respect of PBL137, PBL196, and PBL197 next week.

Money Laundering Checks

The Lendy team will continue liaising with individuals who currently have not fulfilled the money laundering checks. Please assist the team as this will accelerate the process.

Regrettably these final checks are a manual exercise, hence it will take some time to complete these processes.

To confirm, the email address that investors will receive an email from requesting further documentation from the Verification team is support@lendy.co.uk.

The Joint Administrators have agreed a full open extension in providing any outstanding KYC / AML certified copies of documents. This will eliminate the need to leave home and get documents certified until after the UK Governments Covid-19 restrictions have been lifted.

Any certified documentation received in the meantime at our offices, will be held securely and processed once the Government restrictions have been further reduced or removed. Scanned copies cannot be accepted.

Thank you for your cooperation in ensuring your details are up-to-date and we will be providing further updates on this revalidation exercise in the near future.

Yours faithfully for and on behalf of Lendy Ltd
Damian Webb
RSM Restructuring Advisory LLP
Joint Administrator

Last Edit: Jun 12, 2020 16:12:16 GMT by star dust

star dust
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Administration - State of Play & Significant Information (L) Jun 19, 2020 16:37:16 GMT jay2 likes this

Post by star dust on Jun 19, 2020 16:37:16 GMT

Arrived in my inbox today (19^th June 2020) at 17:06 from Lendy Support. Latest update repeated here for consistency.

The second progress report was not in their portal at the time of posting, but it is on the Lendy website - Joint Administrators’ second progress report

In Edit: The report is now uploaded on the RSM portal as well.

TO ALL KNOWN INVESTORS

Dear Sir/Madam

Lendy Ltd in Administration(“the Company”)

Further to our prior communications I would like to update you on the progress of the Administration.

Joint Administrators’ second progress report

The Joint Administrators’ second progress report for the period 24 November 2019 to 23 May 2020 has been uploaded to our website today in accordance with the provisions of the relevant legislation. To access the website, you will require the following case code and a password which are specific to this particular matter:

Web address: rsmuk.ips-docs.com/

Case Code:1084885 (select 1084885 ~ RSM Restructuring Advisory LLP when it appears)

Password: <redacted>

The report has also been uploaded to the Lendy website.

Please note that a hard copy of any document uploaded to this website can be requested by telephone, email or in writing at the contact details above.

Interim distributions

The Joint Administrators will process interim distributions in respect of PBL137, PBL196 and PBL197 on Monday 22 June 2020.

Money Laundering Checks

The Lendy team will continue liaising with individuals who currently have not fulfilled the money laundering checks. Please assist the team as this will accelerate the process.

Regrettably these final checks are a manual exercise, hence it will take some time to complete these processes. To confirm, the email address that investors will receive an email from requesting further documentation from the Verification team is support@lendy.co.uk.

The Joint Administrators have agreed a full open extension in providing any outstanding KYC / AML certified copies of documents. This will eliminate the need to leave home and get documents certified until after the UK Governments Covid-19 restrictions have been lifted.

Any certified documentation received in the meantime at our offices, will be held securely and processed once the Government restrictions have been further reduced or removed. Scanned copies cannot be accepted.

Thank you for your cooperation in ensuring your details are up-to-date and we will be providing further updates on this revalidation exercise in the near future.

Yours faithfully
for and on behalf of Lendy Ltd

Damian Webb
RSM Restructuring Advisory LLP
Joint Administrator

Last Edit: Jun 20, 2020 10:57:45 GMT by star dust: To correct link

star dust
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Administration - State of Play & Significant Information (L) Aug 18, 2020 14:21:21 GMT boundah and jay2 like this

Post by star dust on Aug 18, 2020 14:21:21 GMT

A missive from RSM received today, via Lendy Support as usual, timed into my inbox @ 14:43 on 18^th August 2020. Quoted below for continuity.

TO ALL KNOWN INVESTORS

18 August 2020

Dear Sir/Madam

Lendy Ltd in Administration (“the Company”)

Further to our prior communications I would like to update you on the interim distributions processed recently.

Interim distributions

The Joint Administrators have process interim distributions in respect of PBL196, PBL197, PBL137, PBL095 and DFL007since 22 June 2020. If you held live loan parts in these loans, the funds would have been processed onto your platform account.

Money Laundering Checks

The Lendy team will continue liaising with individuals who currently have not fulfilled the money laundering checks. Please assist the team as this will accelerate the process.

Regrettably these final checks are a manual exercise, hence it will take some time to complete these processes.

To confirm, the email address that investors will receive an email from requesting further documentation from the Verification team is support@lendy.co.uk.

The Joint Administrators have agreed a full open extension in providing any outstanding KYC / AML certified copies of documents. This will ensure you do not need to break any COVID 19 Government restrictions in your region.

Any certified documentation received in the meantime at our offices, will be processed within 21 working days. Scanned copies cannot be accepted.

Thank you for your cooperation in ensuring your details are up-to-date and we will be providing further updates on this revalidation exercise in the near future.

Yours faithfully
for and on behalf of
Lendy Ltd
Damian Webb
RSM Restructuring Advisory LLP
Joint Administrator

star dust
Administrator

Posts: 2,994
Likes: 3,496

Administration - State of Play & Significant Information (L) Oct 27, 2020 17:12:37 GMT ozboy, df, and 1 more like this

Post by star dust on Oct 27, 2020 17:12:37 GMT

An after the event missive from RSM received today, via Lendy Support as usual, timed into my inbox @ 15:30 on 27^th October 2020. Quoted below for continuity.

TO ALL KNOWN INVESTORS

27 October2020

Dear Sir/Madam,

Lendy Ltd in Administration (“the Company”)

Further to our prior communications I would like to update you on the interim distribution processed recently.

Interim distribution

The Joint Administrators processed an interim distribution in respect of DFL033 on 26 October 2020. If you held live loan parts in this Loan, the funds would have been processed onto your platform account.

Loan All Values in GBP	Gross realisation	Third party costs	Costs paid by the Company	Lendy service fee (3%)	Lendy contractual entitlement	Lenders contractual entitlement
DFL033 - Hay**** Ya**, Edinburgh	1,620,000	320,000*	9,869	72,168	480,747	737,217

*This is the amount currently being withheld by the Administrators of the borrowing entity until the final costs have been agreed. A further small distribution is expected in due course.

Money Laundering Checks

The Lendy team will continue liaising with individuals who currently have not fulfilled the money laundering checks. Please assist the team as this will accelerate the process.

Regrettably these final checks are a manual exercise, hence it will take some time to complete these processes.

To confirm, the email address that investors will receive an email from requesting further documentation from the Verification team is support@lendy.co.uk.

The Joint Administrators have agreed a full open extension in providing any outstanding KYC / AML certified copies of documents. This will ensure you do not need to break any COVID 19 Government restrictions in your region.

Any certified documentation received in the meantime at our offices, will be processed within 21 working days. Scanned copies cannot be accepted.

Thank you for your cooperation in ensuring your details are up-to-date and we will be providing further updates on this revalidation exercise in the near future.

Yours faithfully
for and on behalf of
Lendy Ltd
Damian Webb
RSM Restructuring Advisory LLP
Joint Administrator

star dust
Administrator

Posts: 2,994
Likes: 3,496

Administration - State of Play & Significant Information (L) Dec 9, 2020 18:52:05 GMT paul123, rooster, and 1 more like this

Post by star dust on Dec 9, 2020 18:52:05 GMT

A communication from RSM received today, via Lendy Support as usual, timed into my inbox @ 18:17 on 9^th December 2020. A promise of more to come in the form of another Administrators Progress Report before Christmas. Quoted below for continuity.

TO ALL KNOWN INVESTORS

9 December 2020

Dear Sir/Madam

Lendy Ltd(“Lendy”)and Saving Stream Security Holding Limited –in Administration(together “the Companies”)

Further to our prior communications I would like to update you on the progress of the Administration.

Please note, the Joint Administrators progress report for the period 24 May 2020 to 23 November 2020 will be issued on or before 19 December 2020. This will provide investors with a detailed update on the progress of the Administration in the period.

Interim distributions

The Joint Administrators have updated the respective investor accounts for the interim distribution in respect of DFL033. A breakdown is set out in the table below.

Loan Ref	Gross realisation £	Third party costs £	Cost paid by Lendy direct - £	Lendy service fee (3%) £	Lendy Contractual entitlement (Incl exit fee + default interest) £	Lenders contractual entitlement
DFL033	106,753.00	0.00	10,284.00	0.00	38,077.63	58,391.37

Please note, this is an interim distribution and it is anticipated that there could be a further distribution in respect of this loan.

As previously advised, the withdrawal facility is available to investors whom have cleared the anti-money laundering checks.

Money Laundering Checks

The Lendy team will continue liaising with individuals who currently have not fulfilled the money laundering checks. Please assist the team as this will accelerate the process.

Regrettably these final checks are a manual exercise, hence it will take some time to complete these processes.

To confirm, the email address that investors will receive an email from requesting further documentation from the Verification team is support@lendy.co.uk.

The Joint Administrators have agreed a full open extension in providing any outstanding KYC / AML certified copies of documents.

The Lendy Customer Support Team

Please note, the support@lendy.co.uk email address should now be use for KYC / AML related queries only. For all other queries please contact the team on lendy.restructuring@rsmuk.com.

Yours faithfully
for and on behalf of
Lendy Ltd
Damian Webb
RSM Restructuring Advisory LLP
Joint Administrator

KYC / AML -support@lendy.co.uk
All other queries –lendy.restructuring@rsmuk.com

Last Edit: Dec 9, 2020 20:36:11 GMT by star dust

star dust
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Administration - State of Play & Significant Information (L) Dec 18, 2020 20:21:55 GMT sydb and jay2 like this

Post by star dust on Dec 18, 2020 20:21:55 GMT

Notification of the Third Progress Report of the Administrators for the period 24 May - 23 November 2020, received into my in-box from Lendy Support (as usual) @ 17:52 today. The notification letter also appears on Lendy’s website as does the report (for those struggling with passwords 😉) which is here at

lendy.co.uk/cms/wp-content/uploads/2020/12/2020-12-18-Lendy-Ltd-Joint-Administrators-Third-progress-report-.pdf

Notification quoted in full below.

TO ALL KNOWN INVESTORS

18 December 2020

Dear Sir/Madam

Lendy Ltd(“Lendy”)and Saving Stream Security Holding Limited – in Administration (together “the Companies”)

Further to our prior communications I would like to update you on the progress of the Administration.

Joint Administrators’ third progress report

I write to advise that a copy of the Joint Administrators’ progress report on the administration for the period 24 May 2020 to 23 November 2020 has today been uploaded to our website in accordance with the provisions of the relevant legislation. Please note that a hard copy of any document uploaded to this website can be requested by telephone, email or in writing at the contact details below.

Web address: rsmuk.ips-docs.com
Case code: 1084885 (select 1084885 ~ RSM Restructuring Advisory LLP when it appears)
Unique ID: <redacted>

The report has also been uploaded to the Lendy website.

Please note that a hard copy of any document uploaded to this website can be requested by telephone, email or in writing at the contact details above.

Money Laundering Checks

The Lendy team will continue liaising with individuals who currently have not fulfilled the money laundering checks. Please assist the team as this will accelerate the process.

Regrettably these final checks are a manual exercise, hence it will take some time to complete these processes.

To confirm, the email address that investors will receive an email from requesting further documentation from the Verification team is support@lendy.co.uk.

The Joint Administrators have agreed a full open extension in providing any outstanding KYC / AML certified copies of documents.

The Lendy Customer Support Team

Please note, the support@lendy.co.uk email address should now be used for KYC / AML related queries only. For all other queries please contact the team on lendy.restructuring@rsmuk.com.

Yours faithfully
for and on behalf of Lendy Ltd
Damian Webb
RSM Restructuring Advisory LLPJoint Administrator

KYC / AML -support@lendy.co.uk
All other queries –lendy.restructuring@rsmuk.com

star dust
Administrator

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Administration - State of Play & Significant Information (L) Jan 19, 2021 17:49:07 GMT paul123, ozboy, and 1 more like this

Post by star dust on Jan 19, 2021 17:49:07 GMT

Someone mentioned a trifling repayment and lo, a communication from RSM received today, via Lendy Support as usual, timed into my inbox @ 17:24 on 19^th January 2021. Also on the Lendy website, but repeated here for the record.

TO ALL KNOWN INVESTORS

19 January 2021

Dear Sir/Madam

Lendy Ltd(“Lendy”)and Saving Stream Security Holding Limited –in Administration(together “the Companies”)

Further to our prior communications I would like to update you on the progress of the Administration.

Interim distributions

The Joint Administrators have updated the respective investor accounts for the interim distribution in respect of PBL106. A breakdown is set out in the table below.

Loan Ref	Gross asset realisation	Third party Costs	Cost paid by Lendy direct	Lendy service fee (3%)	Lendy Contractual entitlement (Incl exit fee + def int)	Lenders contractual entitlement
PBL106	£476,000.00	£84,852.97	£41,787.73	£54,576.99	£163,974.42	£130,807.89

Please note, this is an interim distribution and it is anticipated that there could be a further distribution in respect of this loan.

As previously advised, the withdrawal facility is available to investors whom have cleared the anti-money laundering checks.

Money Laundering Checks

The Lendy team will continue liaising with individuals who currently have not fulfilled the money laundering checks. Please assist the team as this will accelerate the process.

Regrettably these final checks are a manual exercise, hence it will take some time to complete these processes.

To confirm, the email address that investors will receive an email from requesting further documentation from the Verification team is support@lendy.co.uk.

The Joint Administrators have agreed a full open extension in providing any outstanding KYC / AML certified copies of documents.

The Lendy Customer Support Team

Please note, the support@lendy.co.uk email address should now be use for KYC / AML related queries only. For all other queries please contact the team on lendy.restructuring@rsmuk.com.

Yours faithfully
for and on behalf of
Lendy Ltd

Damian Webb
RSM Restructuring Advisory LLP
Joint Administrator

KYC / AML -support@lendy.co.uk
All other queries –lendy.restructuring@rsmuk.com

star dust
Administrator

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Administration - State of Play & Significant Information (L) Jan 26, 2021 18:19:15 GMT benaj and jay2 like this

Post by star dust on Jan 26, 2021 18:19:15 GMT

Beyond trifling this one

, a communication from RSM received today, via Lendy Support as usual, timed into my inbox @ 16:24 on 26^th January 2021. Also on the Lendy website, but repeated here for the record.

TO ALL KNOWN INVESTORS

26 January 2021

Dear Sir/Madam

Lendy Ltd(“Lendy”)and Saving Stream Security Holding Limited – in Administration(together “the Companies”)

Further to our prior communications I would like to update you on the progress of the Administration.

Interim distributions

The Joint Administrators have updated the respective investor accounts for the interim distribution in respect of DFL020. A breakdown is set out in the table below.

Loan Ref	Gross asset realisation £	Third party Costs £	Cost paid by Lendy direct £	Lendy service fee (3%) £	Lendy Contractual entitlement (Incl exit fee + def int) £	Lenders contractual entitlement £
DFL020	16,879.00	0.00	5,609.00	0.00	3,071.00	8,199.00

Please note, this is an interim distribution and it is anticipated that there could be a further distribution in respect of this loan.

As previously advised, the withdrawal facility is available to investors whom have cleared the anti-money laundering checks.

Money Laundering Checks

The Lendy team will continue liaising with individuals who currently have not fulfilled the money laundering checks. Please assist the team as this will accelerate the process.

Regrettably these final checks are a manual exercise, hence it will take some time to complete these processes.

To confirm, the email address that investors will receive an email from requesting further documentation from the Verification team is support@lendy.co.uk.

The Joint Administrators have agreed a full open extension in providing any outstanding KYC / AML certified copies of documents.

The Lendy Customer Support Team

Please note, the support@lendy.co.uk email address should now be use for KYC / AML related queries only. For all other queries please contact the team on lendy.restructuring@rsmuk.com.

Yours faithfully
for and on behalf of
Lendy Ltd

Damian Webb
RSM Restructuring Advisory LLP
Joint Administrator

KYC / AML -support@lendy.co.uk
All other queries –lendy.restructuring@rsmuk.com

Last Edit: Jan 26, 2021 19:44:24 GMT by star dust

star dust
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Administration - State of Play & Significant Information (L) Feb 1, 2021 19:52:06 GMT ozboy and jay2 like this

Post by star dust on Feb 1, 2021 19:52:06 GMT

And again, another cheese-pared payout for investors communicated by RSM today - when's that court case

. Received via Lendy Support as usual, timed into my inbox @ 16:54 on 1^stFebruary 2021. Also on the Lendy website, but repeated here for the record.

TO ALL KNOWN INVESTORS

1 February 2021

Dear Sir/Madam

Lendy Ltd (“Lendy”) and Saving Stream Security Holding Limited – in Administration (together “the Companies”)

Further to our prior communications I would like to update you on the progress of the Administration.

Interim distributions

The Joint Administrators have updated the respective investor accounts for the interim distribution in respect of DFL013. A breakdown is set out in the table below.

Loan Ref	Gross asset realisation £	Third party Costs £	Cost paid by Lendy direct £	Lendy service fee (3%) £	Lendy Contractual entitlement (Incl exit fee + def int) £	Lenders contractual entitlement £
DFL013	300,000.00	114,119.00	18,029.00	25,595.00	83,710.00	58,547.00

Please note, this is an interim distribution and it is anticipated that there could be a further distribution in respect of this loan.

As previously advised, the withdrawal facility is available to investors whom have cleared the anti-money laundering checks.

Money Laundering Checks

The Lendy team will continue liaising with individuals who currently have not fulfilled the money laundering checks. Please assist the team as this will accelerate the process.

Regrettably these final checks are a manual exercise, hence it will take some time to complete these processes.

To confirm, the email address that investors will receive an email from requesting further documentation from the Verification team is support@lendy.co.uk.

The Joint Administrators have agreed a full open extension in providing any outstanding KYC / AML certified copies of documents.

The Lendy Customer Support Team

Please note, the support@lendy.co.uk email address should now be use for KYC / AML related queries only. For all other queries please contact the team on lendy.restructuring@rsmuk.com.

Yours faithfully
for and on behalf of
Lendy Ltd

Damian Webb
RSM Restructuring Advisory LLP
Joint Administrator

KYC / AML -support@lendy.co.uk
All other queries –lendy.restructuring@rsmuk.com

Last Edit: Feb 1, 2021 19:52:58 GMT by star dust

star dust
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Posts: 2,994
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Administration - State of Play & Significant Information (L) Feb 9, 2021 17:45:11 GMT ozboy, neeps, and 1 more like this

Post by star dust on Feb 9, 2021 17:45:11 GMT

More inequitable distributions for investors communicated by RSM today. Email received via Lendy Support as usual, timed into my inbox @ 17:09 on9^thFebruary 2021. Also on the Lendy website, but quoted here for the record.

TO ALL KNOWN INVESTORS

9 February 2021

Dear Sir/Madam

Lendy Ltd (“Lendy”) and Saving Stream Security Holding Limited – in Administration (together “the Companies”)

Further to our prior communications I would like to update you on the progress of the Administration.

Interim distributions

The Joint Administrators have updated the respective investor accounts for the interim distribution in respect of DFL019 and PBL106. A breakdown for each is set out in the table below.

Loan Ref	Gross asset realisation £	Third party Costs £	Cost paid by Lendy direct £	Lendy service fee (3%) £	Lendy Contractual entitlement (Incl exit fee + def int) £	Lenders contractual entitlement £
DFL019	1,700,000.00	572,000.00	84,986.00	80,342.00	400,989.00	561,683.00

Loan Ref	Gross asset realisation £	Third party Costs £	Cost paid by Lendy direct £	Lendy service fee (3%) £	Lendy Contractual entitlement (Incl exit fee + def int) £	Lenders contractual entitlement £
PBL106	6,977.00	0.00	0.00	0.00	3,881.00	3,096.00

The further distribution on PBL106 represents an amendment in respect of the distribution processed previously. The amended position is set out in the table below.

Loan Ref	Gross asset realisation £	Third party Costs £	Cost paid by Lendy direct £	Lendy service fee (3%) £	Lendy Contractual entitlement (Incl exit fee + def int) £	Lenders contractual entitlement £
PBL106	£476,000.00	84,853.00	41,788.00	47,600.00	167,855.00	133,904.00

Please note, these are interim distributions and it is anticipated that there could be a further distributions in respect of these loans.

As previously advised, the withdrawal facility is available to investors whom have cleared the anti-money laundering checks.

Money Laundering Checks

The Lendy team will continue liaising with individuals who currently have not fulfilled the money laundering checks. Please assist the team as this will accelerate the process.

Regrettably these final checks are a manual exercise, hence it will take some time to complete these processes.

To confirm, the email address that investors will receive an email from requesting further documentation from the Verification team is support@lendy.co.uk.

The Joint Administrators have agreed a full open extension in providing any outstanding KYC / AML certified copies of documents.

The Lendy Customer Support Team

Please note, the support@lendy.co.uk email address should now be use for KYC / AML related queries only. For all other queries please contact the team on lendy.restructuring@rsmuk.com.

Yours faithfully
for and on behalf of
Lendy Ltd

Damian Webb
RSM Restructuring Advisory LLP
Joint Administrator

KYC / AML -support@lendy.co.uk
All other queries –lendy.restructuring@rsmuk.com

Last Edit: Feb 9, 2021 19:37:34 GMT by star dust

star dust
Administrator

Posts: 2,994
Likes: 3,496

Administration - State of Play & Significant Information (L) Feb 16, 2021 16:17:10 GMT ozboy and jay2 like this

Post by star dust on Feb 16, 2021 16:17:10 GMT

Another repayment notified by RSM today. Of the 57% loan recovery, investors have received just over half (53%) as an interim payment. Email received via Lendy Support as usual, timed into my inbox @ 15:32 on 16^thFebruary 2021. Also on the Lendy website, but quoted here for the record.

TO ALL KNOWN INVESTORS

16 February 2021

Dear Sir/Madam

Lendy Ltd (“Lendy”) and Saving Stream Security Holding Limited – in Administration (together “the Companies”)

Further to our prior communications I would like to update you on the progress of the Administration.

Interim distributions

The Joint Administrators have updated the respective investor accounts for the interim distribution in respect of DFL014. A breakdown is set out in the table below.

Loan Ref	Gross asset realisation £	Third party Costs £	Cost paid by Lendy direct £	Lendy service fee (3%) £	Lendy Contractual entitlement (Incl exit fee + def int) £	Lenders contractual entitlement £
DFL014	1,475,000.00	0.00	11,403.60	74,921.92	602,093.02	786,581.46

Please note, this is an interim distribution and it is anticipated that there could be a further distribution in respect of this loan.

As previously advised, the withdrawal facility is available to investors whom have cleared the anti-money laundering checks.

Money Laundering Checks

The Lendy team will continue liaising with individuals who currently have not fulfilled the money laundering checks. Please assist the team as this will accelerate the process.

Regrettably these final checks are a manual exercise, hence it will take some time to complete these processes.

To confirm, the email address that investors will receive an email from requesting further documentation from the Verification team is support@lendy.co.uk.

The Joint Administrators have agreed a full open extension in providing any outstanding KYC / AML certified copies of documents.

The Lendy Customer Support Team

Please note, the support@lendy.co.uk email address should now be use for KYC / AML related queries only. For all other queries please contact the team on lendy.restructuring@rsmuk.com.

Yours faithfully
for and on behalf of
Lendy Ltd

Damian Webb
RSM Restructuring Advisory LLP
Joint Administrator

KYC / AML -support@lendy.co.uk
All other queries –lendy.restructuring@rsmuk.com

star dust
Administrator

Posts: 2,994
Likes: 3,496

Administration - State of Play & Significant Information (L) Mar 26, 2021 13:55:21 GMT ozboy likes this

Post by star dust on Mar 26, 2021 13:55:21 GMT

Another update from RSM yesterday - 25^{^th} March. Bit of a non-event, maybe that's why it arrived in my junk mail - thanks to the forum member who pointed it out as missing in action.

Also on the Lendy website, but quoted here for the record.

TO ALL KNOWN INVESTORS

25 March 2021

Dear Sir/Madam

Lendy Ltd (“Lendy”) and Saving Stream Security Holding Limited – in Administration (together “the Companies”)

Further to our prior communications I would like to update you on the progress of the Administration.

Interim distributions

The Joint Administrators have delayed processing further distributions whilst the team are undertaking a review,and subsequent data cleanse, on non-personal investor accounts for Know Your Customer (‘KYC’) / Anti-Money Laundering (‘AML’) purposes.

The Joint Administrators will be writing to all non-personal investors in the coming days and once this process is complete interim distributions will recommence. Please could you therefore assist this process by responding as quickly as possible.

For the purposes of this exercise this will include any investor who has previously added ANY details in to the ‘Company’ field within their Platform Account details. You are no longer able to add/ amend details in the ‘Company’ field and any changes will be made via the Verification Team.

Withdrawal requests

The Joint Administrators have now processed payment for the majority of outstanding requests for personal investors, however recent requests from non-personal investors have been placed on hold, whilst the data cleanse exercise is being completed.

Money Laundering Checks

The Lendy team will continue liaising with individuals who currently have not fulfilled the money laundering checks. Please assist the team as this will accelerate the process.

Regrettably these final checks are a manual exercise, hence it will take some time to complete these processes.

To confirm, the email address that investors will receive an email from requesting further documentation from the Verification team is support@lendy.co.uk.

The Joint Administrators have agreed a full open extension in providing any outstanding KYC / AML certified copies of documents.

The Lendy Customer Support Team

Please note, the support@lendy.co.uk email address should now be use for KYC / AML related queries only. For all other queries please contact the team on lendy.restructuring@rsmuk.com.

Yours faithfully
for and on behalf of
Lendy Ltd

Damian Webb
RSM Restructuring Advisory LLP
Joint Administrator

KYC / AML -support@lendy.co.uk
All other queries –lendy.restructuring@rsmuk.com

star dust
Administrator

Posts: 2,994
Likes: 3,496

Administration - State of Play & Significant Information (L) May 26, 2021 17:56:36 GMT ozboy and jhamster like this

Post by star dust on May 26, 2021 17:56:36 GMT

So finally, another inequitable and rather pitiful payout this time on the infamous London Loans as communicated by RSM today. Email received via Lendy Support as usual, timed into my inbox @ 17:35 on26^th May 2021. Also on the Lendy website, but quoted here for the record.

TO ALL KNOWN INVESTORS

26 May 2021

Dear Sir/Madam

Lendy Ltd (“Lendy”) and Saving Stream Security Holding Limited – in Administration (together “the Companies”)

Further to our prior communications I would like to update you on the progress of the Administration. Please note, the Joint Administrators progress report for the period 24 November2020 to 23 May 2021 will be issued on or before 19 June 2021. This will provide investors with a detailed update on the progress of the Administration in the period.

Interim distributions

The Joint Administrators have updated the respective investor accounts for the interim distribution in respect of DFL016 and DFL017. A breakdown for each is set out in the table below.

Loan Ref	Gross asset realisation £	Third party Costs £	Cost paid by Lendy direct £	Lendy service fee (3%) £	Lendy Contractual entitlement (Incl exit fee + def int) £	Lenders contractual entitlement £
DFL016	380,000.00	98,941.00	216,856.00	20,239.00	20,196.00	23,768.00

Loan Ref	Gross asset realisation £	Third party Costs £	Cost paid by Lendy direct £	Lendy service fee (3%) £	Lendy Contractual entitlement (Incl exit fee + def int) £	Lenders contractual entitlement £
DFL017	4,250,169.00	258,743.00	948,526.00	339,547.00	1,518,783.00	1,184,570.00

Please note, these are interim distributions and it is anticipated that there could be a further distributions in respect of these loans.

As previously advised, the withdrawal facility is available to investors whom have cleared the anti-money laundering checks.

Money Laundering Checks

The Lendy team will continue liaising with individuals who currently have not fulfilled the money laundering checks. Please assist the team as this will accelerate the process.

Regrettably these final checks are a manual exercise, hence it will take some time to complete these processes.

To confirm, the email address that investors will receive an email from requesting further documentation from the Verification team is support@lendy.co.uk.

The Joint Administrators have agreed a full open extension in providing any outstanding KYC / AML certified copies of documents.

The Lendy Customer Support Team

Please note, the support@lendy.co.uk email address should now be use for KYC / AML related queries only. For all other queries please contact the team on lendy.restructuring@rsmuk.com.

Yours faithfully
for and on behalf of
Lendy Ltd

Damian Webb
RSM Restructuring Advisory LLP
Joint Administrator

KYC / AML -support@lendy.co.uk
All other queries –lendy.restructuring@rsmuk.com

Last Edit: May 26, 2021 17:57:35 GMT by star dust