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Post by default on Jul 3, 2020 8:40:30 GMT
The actions by RSM in this matter have nothing to do with lenders, they are solely for the benefit of creditors, which lenders are currently not. The alleged alienation of funds was from company assets, not lender assets. It has little relevance to the recovery of lenders money, other than establishing, if proven, the nature of the directors character/willingness to engage in suspect practices, which will be of use in any future action against Lendy. Ahem.........................I think Model 1 lenders may take a slightly different view. Strictly speaking, all lenders are being considered as creditors, as Lendy may have a legal liability to them. But that will be a bit academic if there's nothing left after the cost of administration.
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69m
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Post by 69m on Jul 3, 2020 10:55:31 GMT
hi, yes i am talking about the recovery process/administrators. Lendy administrators (HCRLAW) is charging a huge fee to represent the individual creditors. i was wondering if other investors are representing themselves in arbitration or using other lawyers? il be honest, without a strong lawyer behind the process, zero will eventually be recovered and distributed back to the investors. but it has to make financial sense.... hi there is a group of us looking at separate representation and will be speaking to a lawyer who has all paperwork within days so if interested please let me know Please could you elaborate?
Otherwise this thread will get a reputation for being a place where new members write cryptic posts, then disappear.
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Mousey
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Post by Mousey on Jul 3, 2020 12:17:18 GMT
I suspect it's a scam.
It was the nonsense phrase "all the paperwork".
You'll give them your details and they'll 'refer' you to a no win no fee firm taking a cut of your initial instruction fee.
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Post by ptpwatcher on Jul 13, 2020 15:50:40 GMT
I don't understand why the funders on here haven't simply issued their own proceedings against the directors by way of a class action.
If there's fraudulent activity by directors - which on the balance of probabilities seems likely - then they cannot simply hide behind what’s known as the 'corporate veil'.
Has there been any confirmation how the funds were being held, as I would have thought there was sufficient argument to state the company held and utilised the funds as trustees, for and on behalf of the investors.
Also, is there any explanation as to why Adam Bolger and Stuart Nuttall were appointed CFO and General Counsel, respectively, post liquidation? What was their purpose and how much did they receive in fees? Is it not the case that Bolger was raised in Portsmouth and both he and LB had known one another since childhood...does that sound appropriate? Looking online, it would seem Bolger's own accountancy firm went bust after only two years (https://beta.companieshouse.gov.uk/company/10664218), so how would he be considered for such a post in those circumstances?
Has anyone else here received communications from P1Capital Limited? This is a similar enterprise to Lendy...the accounts were filed by Henry Thomas Advisory Limited, Bolger's new accountancy firm. Then look at the Companies House documents filed for P1C and the other companies owned by the same director/shareholder, Criston Burrows and you'll see a connection to Verisona Law and the same lawyer, who acted for Lendy and its directors. Quite a coincidence really.
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Mousey
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Post by Mousey on Jul 13, 2020 16:04:46 GMT
I don't understand why the funders on here haven't simply(1) issued their own proceedings against the directors by way of a class action(2). If there's fraudulent activity by directors - which on the balance of probabilities seems likely - then they cannot simply hide behind what’s known as the 'corporate veil'.(3) Has there been any confirmation how the funds were being held, as I would have thought there was sufficient argument to state the company held and utilised the funds as trustees, for and on behalf of the investors. Also, is there any explanation as to why Adam Bolger and Stuart Nuttall were appointed CFO and General Counsel, respectively, post liquidation(4)(5)? What was their purpose and how much did they receive in fees? Is it not the case that Bolger was raised in Portsmouth and both he and LB had known one another since childhood...does that sound appropriate? Looking online, it would seem Bolger's own accountancy firm went bust after only two years (https://beta.companieshouse.gov.uk/company/10664218), so how would he be considered for such a post in those circumstances? Has anyone else here received communications from P1Capital Limited?(6) This is a similar enterprise to Lendy...the accounts were filed by Henry Thomas Advisory Limited, Bolger's new accountancy firm. Then look at the Companies House documents filed for P1C and the other companies owned by the same director/shareholder, Criston Burrows and you'll see a connection to Verisona Law and the same lawyer, who acted for Lendy and its directors. Quite a coincidence really. 1) Love your use of the word 'Simply'.
2) We don't have class action in this country 3) Yep, that's why there's a freezing injunction against the two previous directors and companies under their control. 4) Lendy is not in liquidation 5) appointed prior to March '19 (in admin May '19) 6) See thread on here. the verisona link has been mentioned
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Post by ptpwatcher on Jul 13, 2020 19:29:35 GMT
Of course we have class actions here
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Mousey
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Post by Mousey on Jul 13, 2020 19:45:25 GMT
They're called group litigation orders though aren't they.
In a civil environment such action would most likely proceed under CPR19.6 and in the criminal route by CPS.
Tbh it's getting bit tiresome both on here and the LAG facebook group for people passively calling for "simple" legal action without the faintest idea of what claim they would pursue or what remedy they would seek.
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Post by ptpwatcher on Jul 15, 2020 12:21:49 GMT
Sorry for being tiresome...seems like you have everything under control  |
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