Lendy’s administrators have extended the deadline for investors to provide documents for money laundering checks, and announced a new disbursement of £818,058 from three loans.
Administrators RSM said the team will continue liaising with investors who currently have not fulfilled the anti- money laundering (AML) checks and have agreed a full open extension in providing any outstanding know your customer/AML certified copies of documents.
£2,087,047 is expected to be recovered from the loans in Liverpool, North Yorkshire and Clitheroe, £415,364 of which will go to third-party costs, including agent, legal and auction fees. Lendy is contractually entitled to £735,480 while investors who pass the money laundering checks will be able to withdraw £818,058.
However, RSM said these are interim distributions and it is anticipated that there may be further distributions in respect of these loans.
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“The Lendy team will continue liaising with individuals who currently have not fulfilled the money laundering checks,” RSM said in an update to investors.
“Please assist the team as this will accelerate the process. Regrettably these final checks are a manual exercise, hence it will take some time to complete these processes.
“To confirm, the email address that investors will receive an email from requesting further documentation from the verification team is email@example.com.”