The administrators’ of the failed peer-to-peer firm Lendy have had their proposals on how to deal with various issues resulting from its insolvency approved by the High Court.
The company collapsed in May 2019 following action taken by the Financial Conduct Authority and RSM Restructuring Advisory LLP were appointed as administrators.
Lendy acted as an agent to facilitate the crowd funding of investments secured against property.
When the firm entered administration various issues arose, broadly speaking, concerning how money should be distributed.
The issues affect some 10,000 members of the public who used the platform and who are awaiting the return of their funds.
The June 2021 Trial
In June 2021 a 4-day-trial was held at the High Court in Birmingham. The mouseinthecourt provided extensive coverage, including the publication of key hearing documents and daily transcripts.
“Lendy Directions – The Background“
“Lendy Directions Hearing Day 1”
“Lendy Directions Hearing Day 2“
“Lendy Directions Hearing Day 3”
“Lendy Directions Hearing Day 4”
And handed down some six weeks after the trial: Read the Judgment
The July 2023 hearing
On 23rd July 2023, following a hearing a few weeks prior which was adjourned, the court approved a set of decisions which were formally recorded in a court order.
Unfortunately, both hearings had not been shown on the website displaying court listings making it impossible for any non-party to know about the hearings and then observe.
This meant that any oral submissions made by barristers Matthew Weaver KC & Carmine Conte, and indeed the decision making process of HHJ Rawlings, were all heard completely in secret.
The court blamed a “miscommunication between staff” on the error.
The result
Without access to the hearing, either the written or oral submissions, it’s difficult to provide any kind of commentary on the process. It’s impossible for this site to provide a public watchdog role on the process.
In the interests of transparency we are publishing the full 83-page-order for those who are interested in the matter to read more.
The joint administrators’ made this communication to investors following the courts decision.
Mouse in the Court 