Mucho P2P
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Post by Mucho P2P on Jul 10, 2019 9:04:46 GMT
Our ovine friend at the purple place has posted the final figures from the administration and it doesn't make for pretty reading. Thx locutus. It was always going to be a crew cut once we were charged by the hour. Lets hope it does not turn into a scalping.
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locutus
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Post by locutus on Jul 10, 2019 9:09:40 GMT
it doesn't make for pretty reading. I've got plenty of defaulted loans with a worse return rate!
Have I read the report correctly. £140k in administrators costs for selling the building (didn't need to go to court to reposses or anything). That would make BDO look cheap(ish)
I have no issue with the administration costs. Rather the return to Lendy investors is the problem. How have unsecured creditors fared so much better than a secured first charge holder - it makes no sense. I have asked for an explanation but don't hold your breath.
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Post by billy169 on Jul 10, 2019 9:16:55 GMT
We've been stitched up !!
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jomantha
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Post by jomantha on Jul 10, 2019 9:52:04 GMT
Our ovine friend at the purple place has posted the final figures from the administration and it doesn't make for pretty reading. where can I find it.
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Jul 10, 2019 10:04:17 GMT
Our ovine friend at the purple place has posted the final figures from the administration and it doesn't make for pretty reading. where can I find it. It's on Frank under the H.Q. thread.
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djay
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Post by djay on Jul 10, 2019 12:57:41 GMT
Suspiciously heavy on expensive partner level hours relative to other staffing levels for a relatively straightforward case
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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 Jul 10, 2019 13:29:14 GMT
Suspiciously heavy on expensive partner level hours relative to other staffing levels for a relatively straightforward case Not straightfowrd according to the report 'unexpected complexities' The fee for realising the security was capped by Lendy at £80k so doesnt matter how many how many hours they did selling the building. The unclained fees now become a creditor the of the liquidation, (possibly unsecured)
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Post by ladywhitenap on Jul 10, 2019 13:41:12 GMT
It's on Frank under the H.Q. thread. Who or what is "frank" ? google has not helped me. LW
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mikeh
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Post by mikeh on Jul 10, 2019 14:00:33 GMT
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Post by Deleted on Jul 10, 2019 15:58:56 GMT
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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 Jul 11, 2019 9:16:05 GMT
Now officially available for the unFranked to read, along with doc shifting company to liquidation (same content)
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markm
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Post by markm on Jul 11, 2019 9:31:02 GMT
where can I find this without registering on Frank?
Thanks
Mark
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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
Posts: 11,334
Likes: 11,557
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Post by ilmoro on Jul 11, 2019 10:43:00 GMT
where can I find this without registering on Frank? Thanks Mark companies house, search first word of building name with co attached.
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markm
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Post by markm on Jul 11, 2019 11:58:01 GMT
where can I find this without registering on Frank? Thanks Mark companies house, search first word of building name with co attached. Thanks... Painful reading!
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Post by investorni on Jul 11, 2019 13:20:08 GMT
where can I find this without registering on Frank? Thanks Mark companies house, search first word of building name with co attached. Am I missing something here? 7.073M to Lendy as interm re-payment, ignoring bonus and interest payments, the loan value is currently 10.7M so surely that means that > 50% of capital should be repayed to investors pretty soon?
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