Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
Passerella di legno al porticciolo
December 21 2020

No end in sight for Lendy administration

Kathryn Gaw Industry News, News, Top 3 Lendy, Liam Brooke, RSM, Tim Gordon

The Lendy administration process could extend beyond its 2023 deadline, administrators RSM have warned in a new update to investors.

The peer-to-peer lending platform went into administration in May 2019, and RSM recently won a 36-month extension to carry out checks and investigations.

However, in an update covering the six months to 23 November 2020, the administrator said that “it is not possible to ascertain at present when the administration will end.”

The update also confirmed that approximately £9m was recovered from Lendy’s loan book during the six month period.

£8.4m was recovered from six development finance loans, while £980,000 was realised from four property bridging loans. Since the beginning of the administration proves, £11.2m has been recovered via development finance loans, and £5.6m has been realised from property bridging loans.

The total value of the Lendy loan book was approximately £152m when the firm went into administration.

The administrator’s update also stated that a 10-day trial will commence on 28 June 2021 to clarify the legal position of the ‘distribution waterfall’ employed by RSM. The proposed ‘distribution waterfall’ sees former Lendy investors split into two groups: model 1 and model 2, which impacts how they receive funds.

RSM was unable to update investors on the status of its investigations into Lendy’s former directors Liam Brooke and Tim Gordon, saying that “this has involved a significant amount of work”.

During the six months to 23 November 2020, RSM presented a winding up petition against Lendy Properties based on sums alleged to be due to it from the sale of a boat. The petition was subsequently withdrawn after a settlement was reached with Lendy Properties and the boat’s owner.

Read more: How P2P lending administrations are progressing

New pawnbroker P2P platform to launch next year P2P platforms renew calls for stamp duty holiday extension

Related Posts

Model Houses Hanging By Strings

Industry News, News, Top 3

LendInvest bond value lost £5.8m during pandemic

Sonnenuntergang hinter den modernen Wolkenkratzern der Skyline von London, Großbritannien

Industry News, News, Top 3

Everything we know about the CBILS successor scheme (so far)

businessman working data document graph chart report marketing research development  planning management strategy analysis financial accounting. Business  office concept.

Industry News, News, Top 3

Losses narrowed at Lending Works before Intriva takeover

Popular posts:

  • Government responds to P2P fraud query
  • FCA lumps P2P lending in with higher risk products again
  • The alternative lenders accredited for CBILS
  • 4th Way gives its views on Zopa and Funding Circle returns
  • Funding Circle to offer first and second draw PPP loans
  • SME lender warns many companies will not survive
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by