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Peer2Peer Finance News | August 18, 2019

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Lendy administrator reveals creditors committee members

Lendy administrator reveals creditors committee members
Marc Shoffman

TWO founders of the Lendy Action Group (LAG) have been named on the creditors committee for the collapsed peer-to-peer property lending platform.

Lendy’s administrator, RSM, has appointed five people to the committee to help it oversee its work, including Bruce Hattersley and Adam Bunch, co-founders of the LAG.

Bunch is reported to have a six figure sum invested in P2P loans and was also on the creditors committee for Collateral.

They are joined by other Lendy creditors Oliver Linch, Anoop Vasishta and Alan Jones.

It comes as Companies House documents show that Lendy’s auditor signed off its annual accounts in August 2018, at the same time that a significant number of its loans were underperforming.

Lendy’s 2017 accounts were audited by Moore Stephens LLP, which has since merged with BDO.

The accounts showed that Lendy’s profits dropped from £2.6m in 2016 to £605,000 in 2017.

The firm’s co-founder Liam Brooke said in the report that the platform’s balance sheet was “robust” and that growth has been “closely controlled.”

Moore Stephens did not raise any concerns in the report and confirmed that the financial statements gave a “true and fair view” of the state of the company’s affairs as of 31 December 2017.

However, a report by Lendy’s administrator RSM, after the platform’s collapse, found that the level of non-performing loans had “steadily increased” over the period and noted concerns from investors since early 2017. A spokesperson for BDO declined to comment.

Read more: FCA explains reasoning behind Lendy authorisation