taffy
Posts: 148
Likes: 360
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Post by taffy on May 24, 2021 10:20:15 GMT
Two full years today since Lendy entered Administration. Everyone happy with the progress made to date? How long can this farce possibly go on for?
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Post by overcombe1 on May 24, 2021 12:22:56 GMT
The longer they take the money they make. Is any one regulating them. Meanwhile i am going to foobanks.
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cwah
Member of DD Central
Posts: 949 
Likes: 468
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Post by cwah on May 24, 2021 17:59:59 GMT
Thank you FCA!!!
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Post by rooster on May 24, 2021 19:59:36 GMT
Two full years today since Lendy entered Administration. Everyone happy with the progress made to date? How long can this farce possibly go on for? Well speaking personally, I guess it can go on until I am dead.
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ukinvestor
Member of DD Central
Posts: 116
Likes: 34
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Post by ukinvestor on May 24, 2021 20:57:27 GMT
Until the money runs out...even administrators don't work for free...
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Post by pjt1 on May 25, 2021 5:05:09 GMT
Usually the case - but if Lendy aren’t able to take the 50% skim off recoveries in the waterfall then the estate itself won’t have any money. So they would be doing it for free, and would even have to give back some of the fees they have already taken.
Administrators will often write off charges, but actually handing back cash will cause them physical pain I would imagine.
In normal circumstances if you can’t afford an administrator they won’t take the job and the Official Receiver handles it on behalf of the Crown. If RSM took the job thinking it was going to be a good pay day and then it turns out that the cupboards are bare then that is the risk they run.
So whether it’s a happy birthday for RSM will mostly depend on the outcome of the LAG action.
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