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Post by masquedefer on May 26, 2019 9:17:24 GMT
If any experienced legal people out there can shine some light on the following I would be very grateful.
IMHO it appears to me that on one hand the winding up fees that can be charged to Lendy by the administrator can only be taken from the assets of the company and not any recovered loan money.
On the other hand if the administrator decides to take on the task of loan recovery then all they can charge is the reasonable fees as permitted by our loan agreements with Lendy.
Furthermore any loan money already recovered by Lendy which has not yet been distributed cannot be taken by the administrator to pay their fees for the same reason. Thus there should be an early release of all recovered loan money
A possible exception are the old loans by which our money was lent directly to Lendy. However even on this point my understanding is that those who carried on using Lendy and did not specifically reject the new terms are deemed to have accepted that all the old loans are now under the new terms. Thus the administrators cannot even touch any loan money recovered from the old loans.
I think it might be useful for lenders to agree between themselves what they believe is their legal position such that if there is any attempt by the administrators to illegally sequester loan money then at least we might be able to take some joint action to prevent it happening.
I am not looking for any speculative responses simply anything that might help clarify and establish our legal position
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iRobot
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Post by iRobot on May 26, 2019 9:24:45 GMT
If any experienced legalpeople out there can shine some light on the following I would be very grateful. IMHO it appears to me that on one hand the winding up fees that can be charged to Lendy by the administrator can only be taken from the assets of the company and not any recovered loan money. On the other hand if the administrator decides to take on the task of loan recovery then all they can charge is the reasonable fees as permitted by our loan agreements with Lendy. Furthermore any loan money already recovered by Lendy which has not yet been distributed cannot be taken by the administrator to pay their fees for the same reason. A possible exception is the old loans through which our money was lent directly to Lendy. However even on this point my understanding is that those who carried on using Lendy and did not specifically reject the new terms are deemed to have accepted that all the old loans are now under the new terms. Thus the administrators cannot even use any loan money recovered from the old loans. I'm not an experienced legal person, so can not. I can speculate, but won't and instead await RSMs communication on their proposed route forward. Anyone attempting to 'shine some light' should declare their credentials when doing so. (Sorry to be a party pooper, but it might cut down on some noise.)
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Post by masquedefer on May 26, 2019 9:31:17 GMT
Thanks iRobot. I think it might be useful for lenders to agree between themselves what they believe is their legal position such that if there is any attempt by the administrators to illegally sequester loan money then at least we might be able to take some joint action to prevent it happening.
I am not looking for any speculative responses simply anything that might help clarify and establish our legal position
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adrianc
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Post by adrianc on May 26, 2019 9:50:09 GMT
On the other hand if the administrator decides to take on the task of loan recovery Remember that who manages the loan is already defined in the pre-planned wind-down procedure, part of the FCA approval.
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Post by masquedefer on May 26, 2019 9:55:49 GMT
On the other hand if the administrator decides to take on the task of loan recovery Remember that who manages the loan is already defined in the pre-planned wind-down procedure, part of the FCA approval. Good point and presumably this would be a FCA requirement which administrator cannot choose to ignore.? Is it possible then that Lendy in Administration might return a better outcome to investors compared to the Lendy mismanagement continuing? (Said he hopefully).
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MarkT
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Post by MarkT on May 26, 2019 9:56:40 GMT
Haven't read it through yet but this may help:
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Post by p2plender on May 26, 2019 10:04:10 GMT
Well let's see what was in the PF to go towards administrator's costs ...
My thoughts are Brooke will have left the cupboards bare hence why we need the whole company and its finances forensically examined.
Don't forget we've had months, if not years of Lendy b/s from Brooke so I think I can guess the mess that he's left behind.
This is going to take years to sort out I'd have thought. The question is, how on earth is this person allowed to front paymetoday having left such a financial trail of destruction not once, but twice??
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Post by loftankerman on May 26, 2019 11:34:09 GMT
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Mucho P2P
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Post by Mucho P2P on May 26, 2019 21:16:12 GMT
Well let's see what was in the PF to go towards administrator's costs ... My thoughts are Brooke will have left the cupboards bare hence why we need the whole company and its finances forensically examined.Don't forget we've had months, if not years of Lendy b/s from Brooke so I think I can guess the mess that he's left behind. This is going to take years to sort out I'd have thought. The question is, how on earth is this person allowed to front paymetoday having left such a financial trail of destruction not once, but twice?? Now that all is falling into place, I highly suspect that the recent “banking issues” were not banking issues, but back office issues whereby Lendy were possibly attempting to cover their tracks. I hope that RSM/Wilson manage to forensically check the servers and log-ins that Lendy used for all the accounts, as I suspect that there was a considerable amount of funds shifting going on, and the banking issues were attempts at trying to put the system back together concealing some cash movements before the collapse and future investigation. This “suspicion” is based upon what I was informed by a third party that relayed some conversation to me between Liam and IS. All to be forwarded to RSM/Wilson for their investigation in the very near future.
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Godanubis
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Post by Godanubis on May 27, 2019 0:04:34 GMT
Well let's see what was in the PF to go towards administrator's costs ... My thoughts are Brooke will have left the cupboards bare hence why we need the whole company and its finances forensically examined.Don't forget we've had months, if not years of Lendy b/s from Brooke so I think I can guess the mess that he's left behind. This is going to take years to sort out I'd have thought. The question is, how on earth is this person allowed to front paymetoday having left such a financial trail of destruction not once, but twice?? Now that all is falling into place, I highly suspect that the recent “banking issues” were not banking issues, but back office issues whereby Lendy were possibly attempting to cover their tracks. I hope that RSM/Wilson manage to forensically check the servers and log-ins that Lendy used for all the accounts, as I suspect that there was a considerable amount of funds shifting going on, and the banking issues were attempts at trying to put the system back together concealing some cash movements before the collapse and future investigation. This “suspicion” is based upon what I was informed by a third party that relayed some conversation to me between Liam and IS. All to be forwarded to RSM/Wilson for their investigation in the very near future. The banks themselves said it was their problem . linkNo need to spread more false accusations. We just have to wait and see what the first official reports say .
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invester
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Post by invester on May 27, 2019 0:09:42 GMT
I'm sure that was Lendy claiming the banks had fessed up....not quite the same thing.
Or have I missed something?
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Godanubis
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Post by Godanubis on May 27, 2019 0:10:45 GMT
I'm sure that was Lendy claiming the banks had fessed up....not quite the same thing. Or have I missed something? You missed something just updated my post with link. 
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Mucho P2P
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Post by Mucho P2P on May 27, 2019 7:01:19 GMT
Now that all is falling into place, I highly suspect that the recent “banking issues” were not banking issues, but back office issues whereby Lendy were possibly attempting to cover their tracks. I hope that RSM/Wilson manage to forensically check the servers and log-ins that Lendy used for all the accounts, as I suspect that there was a considerable amount of funds shifting going on, and the banking issues were attempts at trying to put the system back together concealing some cash movements before the collapse and future investigation. This “suspicion” is based upon what I was informed by a third party that relayed some conversation to me between Liam and IS. All to be forwarded to RSM/Wilson for their investigation in the very near future. said it was their problem . linkNo need to spread more false accusations. We just have to wait and see what the first official reports say . I used the words "suspicion" and "possibly". I am not a person to spread false rumours. The info that lead to this suspicion was relayed to me with Liam standing nearby and witnesses, he never blinked an eye. Hence why I am relaying to Wilson what I heard. Whilst it might not be 100% true, in my opinion there is some truth. Unless of course you think it is not worthy to relay to RSM and to believe wholly what you read in the papers. For the benefit of doubt, did Barclays ever confirm this, or do we just have a newspaper reporters account? " The banks themselves " <- which other banks were involved?
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Post by meyerlansky on May 29, 2019 4:03:52 GMT
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Post by GSV3MIaC on May 30, 2019 8:14:39 GMT
You can delete your own posts yourself .. mods have plenty to do trying to spot and remove the libelous stuff. Wish people would just go kick a wall instead....
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