Just a quick note to let everyone know we are patiently wait for RSM to file with the courts. During this time we are preserving cash and limiting our conversations with the admin as we found we were not getting meaningful responses to our quieries.
We have now selected QC and are educating them on the entire Lendy saga so they are prepared to argue on our behalf.
The process continues to be slow going but is progressing.
As we are in a waiting period, I wont be updating for a while as there'll be little new info, however, I thought it would be beneficial to provide detail on what will happen next and while we wait.
Next Steps: will commence once RSM issues the Application to the courts. That means they pay a Court fee and file a document describing the relief (ie. the directions) they seek. They will at the same time (or perhaps soon after) file a witness statement exhibiting a bundle of documents comprising the evidence they consider to be relevant to the Application.
RSM will then serve copies of the Application and the evidence on parties who they consider to have an interest in the outcome. They may or may not include LAG directly.
When issuing the Application, the Court will fix a date at which there will be an initial hearing. Confusingly, that is known as a “directions” hearing. It is not the hearing at which the Application will be determined, but is instead a forum at which the Court will make orders relating to procedural aspects of the matter.
Shortly after “service”, we will provide notice that LAG wishes to be joined as a party and will be a seeking an Order, as a preliminary issue, that its costs are met by the estate. Other parties may make similar or other procedural requests. At present, RSM is “reserving the position” on the question of LAG’s costs. If RSM consents, it is likely that the Court will make the Order without consideration of argument. If, however, RSM continues to sit on the fence, or opposes, we will have to persuade the Court that it is fair that LAG’s costs should be met by the estate. Because only 15 minutes will have been allocated for the initial hearing, that issue will probably have to be adjourned and dealt with separately.
In the meantime, at the initial hearing the Court will set a timetable for the parties (whoever they may be) to file and serve on RSM and each other any evidence on which they wish to rely. Because RSM’s evidence is likely to be voluminous, the other parties will be allowed several weeks.
After that is determined, the timetable will run its course. Any party wishing to amend the terms of RSM’s Application, or to adduce additional evidence will get an opportunity and reasonable time in which to do so. There will be orders as to whether any person, and if so who,
When the Court is content that all procedural issues are resolved and the matter is ready for final determination, counsel for the parties will be asked to estimate the likely duration of the final hearing, and the Court will fix a date; how far in advance will be a function of the estimated duration and the state of the waiting list at the time.
So, you can see how it might take many months before we get to a final hearing; and that it is impossible to predict at this point when that will be.
From fb: Lisa: Happy July 1st. I've been getting a load of questions so I simply wanted to post an update stating there is no update. Unfortunately RSM has yet to file the paperwork with the courts. Our legal representation is ready once they do. Until then we remain on hold.
Q/A Do they have a time limit as to when they need to submit their paperwork by? Otherwise, they could just never do so Lisa: eventually they will but there's no time limit youd think for £150/hour , these super skilled administrators could easily file the paperwork Lisa: it's probably over £500 per hour and the longer they take the higher the fees😟 i thought the base admin staff were on 150/hour Lisa:this is being prepared by their lawyers ahhh well for 500/hour, even worse! am I right in thinking if we lose, we pay their costs out of the main pot of our money ? Lisa:that is not correct if they file
I wanted to advise that RSM has filed the Application with the courts and acknowledged by the courts on 17/07/20. It would not be an understatement, to suggest that the materials are voluminous and will require significant review.
That process has been initiated by our Solicitors and QC. I will add more detail if and as we are able.