LENDY’S administrator has named the five investors that have been appointed as representatives of a new ‘consultancy liaison body’ (CLB).
As Peer2Peer Finance News reported earlier this month, Lendy’s administrator RSM is making a distinction between two types of investors in the collapsed platform.
Lendy initially operated a structure whereby investors lent to Lendy itself, which then gave the money to borrowers, known as model 1. However, this was not deemed as a P2P arrangement and a new structure – model 2 – was set up from 2015, meaning that investors began funding the P2P loans directly.
RSM invited ‘model 2’ investors to set up a new group to represent their interests.
Investors were invited to nominate representative to form part of the CLB.
The five investors who received the most votes and will, therefore, form the CLB are: Craig Goodfelow, Renata Kosova, Jake Turnbull, Mike Powell and Marc Mason.
RSM said that the CLB members have been contacted separately and a meeting will be arranged shortly to discuss their role and what is required of them.
Lendy fell into administration in May, after months of speculation about mounting defaults in its loanbook. The City watchdog has come under scrutiny since then, for authorising the property development lender just 10 months before its collapse.