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Post by picanto on Jun 12, 2019 19:29:04 GMT
is it just me or is the latest batch of updates a bit more informative than the usual cut and paste it seems they have actually gone to the trouble of putting something relevant in each update I don't know, I thought they were pretty standard Lendy updates to be honest. Especially the ones which say they have added new information to the private portal and there is nothing there...
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ilmoro
Member of DD Central
'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 12, 2019 20:42:44 GMT
Sigh! Has anything been added to the private portal in the last month which is the period that this update covers? Yes on 21/5, therefore update correct in its assertion.
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Post by rooster on Jun 12, 2019 21:04:55 GMT
" anything in default with an offer has been accepted".... that's worrying and breaks terms. If offers are unrealistically low, the "outsourcing company that has stepped in to run the business as if they were fully operating" should be taking the security and selling it to recover the >LTV. Additionally, if the property doesn't achieve LTV, they should then be seeking damages from the RICS valuers. 1) Anybody know why they've deviated from either the first or definitely the second terms of Lendy's stated insolvency strategy please? 2) Anybody know why the FCA aren't holding the administrators to account for 1) please? Sorry you're talking rubbish. The loan is already in the hands of receivers. The reason the offer has been accepted is in the update ie its the only offer, therefore the IP, who is required to seek market price, has fulfilled their obligations. There may well be a claim raised against the valuers. Lendy is in administration so t&C's & the insolvency strategy are moot points, the Lendy IP strategy is to secure the best outcome for creditors & unfortunately this is it So you're saying that Lendy's terms of business and strategy for the unfortunate event of them becoming insolvent became redundant/moot at the event Lendy became insolvent?
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Post by rooster on Jun 12, 2019 21:07:39 GMT
is it just me or is the latest batch of updates a bit more informative than the usual cut and paste it seems they have actually gone to the trouble of putting something relevant in each update I don't know, I thought they were pretty standard Lendy updates to be honest. Especially the ones which say they have added new information to the private portal and there is nothing there... I couldn't agree with you more
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TitoPuente
Member of DD Central
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Post by TitoPuente on Jun 13, 2019 7:36:05 GMT
Sorry you're talking rubbish. The loan is already in the hands of receivers. The reason the offer has been accepted is in the update ie its the only offer, therefore the IP, who is required to seek market price, has fulfilled their obligations. There may well be a claim raised against the valuers. Lendy is in administration so t&C's & the insolvency strategy are moot points, the Lendy IP strategy is to secure the best outcome for creditors & unfortunately this is it So you're saying that Lendy's terms of business and strategy for the unfortunate event of them becoming insolvent became redundant/moot at the event Lendy became insolvent? Sadly yes. Lendy is in administration and there is no sign of any type of living will process being executed. The exact reasons for this have not been stated. Speculative analysis indicate that the living will needed to be funded with a ring fenced budget to cover its costs. This may not have happened and that's why Lendy went directly into administration.
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sl75
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Post by sl75 on Jun 13, 2019 11:13:53 GMT
So you're saying that Lendy's terms of business and strategy for the unfortunate event of them becoming insolvent became redundant/moot at the event Lendy became insolvent? Sadly yes. Lendy is in administration and there is no sign of any type of living will process being executed. The exact reasons for this have not been stated. Speculative analysis indicate that the living will needed to be funded with a ring fenced budget to cover its costs. This may not have happened and that's why Lendy went directly into administration. There are plenty of signs of a "living will process being executed". Not least that the Lendy website itself is still running and letting you log in, and that the transition was so smooth that it could initially have gone completely unnoticed to anyone who logs in via a bookmark rather than navigating to the front page first. Indeed, the fact that updates have been posted to various loans is also an extremely good sign of the wind-down arrangements being in place and operating already.
(In a wider context, I've previously seen a company's ENTIRE WEBSITE initially replaced with the notice of administration/liquidation/etc., with customer logins and similar functionality completely disabled until the administrators have completed their initial investigations, only brought back in any form if that proves the most efficient way to handle the ongoing administration/liquidation/etc.)
I understand from other comments on this forum that the back-up service provider and the administrator are part of the same group, so would assume they're working closely together during this initial investigation, and once they've completed the initial administrative tasks of verifying exactly what money is held where, and who owes what to whom, the wind-down operation of the loan book can, as planned, be operated separately from the administration of Lendy itself. I'm sure they won't rule out the possibility of other better plans emerging in the meantime.
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TitoPuente
Member of DD Central
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Post by TitoPuente on Jun 14, 2019 7:29:12 GMT
Sadly yes. Lendy is in administration and there is no sign of any type of living will process being executed. The exact reasons for this have not been stated. Speculative analysis indicate that the living will needed to be funded with a ring fenced budget to cover its costs. This may not have happened and that's why Lendy went directly into administration. There are plenty of signs of a "living will process being executed". Not least that the Lendy website itself is still running and letting you log in, and that the transition was so smooth that it could initially have gone completely unnoticed to anyone who logs in via a bookmark rather than navigating to the front page first. Indeed, the fact that updates have been posted to various loans is also an extremely good sign of the wind-down arrangements being in place and operating already.
(In a wider context, I've previously seen a company's ENTIRE WEBSITE initially replaced with the notice of administration/liquidation/etc., with customer logins and similar functionality completely disabled until the administrators have completed their initial investigations, only brought back in any form if that proves the most efficient way to handle the ongoing administration/liquidation/etc.)
I understand from other comments on this forum that the back-up service provider and the administrator are part of the same group, so would assume they're working closely together during this initial investigation, and once they've completed the initial administrative tasks of verifying exactly what money is held where, and who owes what to whom, the wind-down operation of the loan book can, as planned, be operated separately from the administration of Lendy itself. I'm sure they won't rule out the possibility of other better plans emerging in the meantime.
I truly wish you are right! However, your list of "signs" are speculation. If the companies had actually triggered their living will or any other pre-arranged wind-down process, I struggle to understand why this was not clearly announced in the website notice and all other communications to date. Unfortunately, all what we know officially is that the group of companies are in Administration for insolvency following Companies Act and Insolvency Act guidelines.
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Mucho P2P
Member of DD Central
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Post by Mucho P2P on Jun 14, 2019 7:48:34 GMT
There are plenty of signs of a "living will process being executed". Not least that the Lendy website itself is still running and letting you log in, and that the transition was so smooth that it could initially have gone completely unnoticed to anyone who logs in via a bookmark rather than navigating to the front page first. Indeed, the fact that updates have been posted to various loans is also an extremely good sign of the wind-down arrangements being in place and operating already.
(In a wider context, I've previously seen a company's ENTIRE WEBSITE initially replaced with the notice of administration/liquidation/etc., with customer logins and similar functionality completely disabled until the administrators have completed their initial investigations, only brought back in any form if that proves the most efficient way to handle the ongoing administration/liquidation/etc.)
I understand from other comments on this forum that the back-up service provider and the administrator are part of the same group, so would assume they're working closely together during this initial investigation, and once they've completed the initial administrative tasks of verifying exactly what money is held where, and who owes what to whom, the wind-down operation of the loan book can, as planned, be operated separately from the administration of Lendy itself. I'm sure they won't rule out the possibility of other better plans emerging in the meantime.
I truly wish you are right! However, your list of "signs" are speculation. If the companies had actually triggered their living will or any other pre-arranged wind-down process, I struggle to understand why this was not clearly announced in the website notice and all other communications to date. Unfortunately, all what we know officially is that the group of companies are in Administration for insolvency following Companies Act and Insolvency Act guidelines. There is little sign other than the entire debacle is in Administration, from Lendy, to the majority of projects we had funded. Having said that, RSM are pushing forward at a reasonable speed. For any "living will" evidence, I would like to receive some [any] indication that more than a fire sale is being planned by the Administrator. If the coming major report by RSM does not make mention of action to recoup outstanding amounts for the lenders after the fire sale, then the living will idea from the FCA is sadly a farce and nothing more than a pen-pushing exercise during pre-authorisation and post-authorisation for P2P companies.
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Post by HMS Ardent on Jun 14, 2019 8:24:04 GMT
There are plenty of signs of a "living will process being executed". Not least that the Lendy website itself is still running and letting you log in, and that the transition was so smooth that it could initially have gone completely unnoticed to anyone who logs in via a bookmark rather than navigating to the front page first. Indeed, the fact that updates have been posted to various loans is also an extremely good sign of the wind-down arrangements being in place and operating already.
(In a wider context, I've previously seen a company's ENTIRE WEBSITE initially replaced with the notice of administration/liquidation/etc., with customer logins and similar functionality completely disabled until the administrators have completed their initial investigations, only brought back in any form if that proves the most efficient way to handle the ongoing administration/liquidation/etc.)
I understand from other comments on this forum that the back-up service provider and the administrator are part of the same group, so would assume they're working closely together during this initial investigation, and once they've completed the initial administrative tasks of verifying exactly what money is held where, and who owes what to whom, the wind-down operation of the loan book can, as planned, be operated separately from the administration of Lendy itself. I'm sure they won't rule out the possibility of other better plans emerging in the meantime.
I truly wish you are right! However, your list of "signs" are speculation. If the companies had actually triggered their living will or any other pre-arranged wind-down process, I struggle to understand why this was not clearly announced in the website notice and all other communications to date. Unfortunately, all what we know officially is that the group of companies are in Administration for insolvency following Companies Act and Insolvency Act guidelines.
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Post by HMS Ardent on Jun 14, 2019 8:26:13 GMT
"Not least that the Lendy website itself is still running and letting you log in" sadly that's not entirely true, we cannot log into our Lendy Wealth accounts.
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Post by picanto on Jul 2, 2019 11:32:41 GMT
It's all gone very quiet on the updates... Wonder if they have stopped completely?
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Post by gramsky on Jul 2, 2019 12:44:28 GMT
It's all gone very quiet on the updates... Wonder if they have stopped completely? Update were regularly posted at the beginning of each month until last month which were a week late, but taking into consideration that they had gone into administration and have probably shed staff I was surprised at that. Hopefully they will post updates by end of this week.
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Post by GSV3MIaC on Jul 2, 2019 13:07:12 GMT
The site says next set DURING July, iirc, rather than 'at start of', so delay was planned. I would not be surprised to see the interval increase, maybe driven by actually having something useful to say?
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Post by mot on Jul 2, 2019 15:48:47 GMT
Surely all eyes are on the 19th at this stage ?
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sl75
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Post by sl75 on Jul 3, 2019 9:55:25 GMT
The site says next set DURING July, iirc, rather than 'at start of', so delay was planned. I would not be surprised to see the interval increase, maybe driven by actually having something useful to say? Would seem likely that the next update will be the "within 8 weeks from start of administration" report, by which time they should have a detailed understanding of current position and intended recovery strategy for each loan, and for the loan book as a whole... (together with any other investigations they've concluded, or at least have something to say about in public)
If not, I'll want an explanation of what they've been doing with their time!
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