Tag Archives: lendy

Lendy: 20% of borrowers failed credit policy checks but were still given loans, confidential report reveals

A review of the Lendy loan book by insolvency experts Duff and Phelps, published in February 2018 shortly after the FCA found “vital” failures, has revealed a smorgasbord of weaknesses at the now insolvent peer-to-peer lending firm, with members of the public set to lose millions. The confidential document, which says it “must not beContinue reading “Lendy: 20% of borrowers failed credit policy checks but were still given loans, confidential report reveals”

Lendy: FCA ordered loan book review in 2017 after identifying “vital” failures

A senior associate at the FCA said in a confidential letter that “a number of weaknesses were identified [at Lendy] around the accuracy and quality of information” provided to retail investors some 10 months before the city regulator gave the ultimate seal of approval in the form of full authorisation. It took almost two yearsContinue reading “Lendy: FCA ordered loan book review in 2017 after identifying “vital” failures”

Lendy director ‘borrowed’ £350k from client account, 2016 FCA report reveals

A “strictly private and confidential” letter, exclusively seen by the mouseinthecourt, shows that the city regulator was aware, some 32-months before the FCA shut the platform down, that then co-director Tim Alastair Gordon, 44, had “borrowed” £350k from the company client account.

Lendy: Confidential 2017 FCA report reveals catalogue of concerns

A “confidential” letter sent from a senior associate at the Financial Conduct Authority has revealed that the city regulator was aware of an astonishing number of detailed concerns about failed peer-to-peer lending firm Lendy in June 2017. It took almost two years after the date of this letter before the FCA finally pulled the plugContinue reading “Lendy: Confidential 2017 FCA report reveals catalogue of concerns”

Lendy director released from freezing injunction

Tim Alistair Gordon, 43, one of the two former directors of the failed peer-to-peer finance firm Lendy Ltd, has been released from a freezing injunction, the mouseinthecourt can exclusively reveal. The freezing injunction was imposed after accusations emerged that Mr Gordon, along with fellow director Liam Brooke, 40, had misappropriated company funds worth £6.5m viaContinue reading “Lendy director released from freezing injunction”

Lendy launches breach of contract claim in £7m Homer & Mutton Row loans fiasco

The Joint Administrators’ of the failed peer-to-peer finance firm Lendy Ltd have in the last few days filed a breach of contract claim against Lee Baron Limited, a specialist property management company based in London, the mouseinthecourt can exclusively reveal. Lendy litigation is a lot like a London bus as this site broke the newsContinue reading “Lendy launches breach of contract claim in £7m Homer & Mutton Row loans fiasco”

O’Connor “was responsible for knowingly misleading both the FCA and investors” tribunal hears on 5th day

The Employment Tribunal has heard brief closing submissions in the matter of O’Connor v Brooke & Lendy. The claimant Mr Kieran O’Connor, former CFO, faced an an avalanche of allegations about his credibility “Not only did [he] knowingly mislead the FCA and investors about the prospects of the Homer Row Claim, but the Claimant alsoContinue reading “O’Connor “was responsible for knowingly misleading both the FCA and investors” tribunal hears on 5th day”

Lendy asks court to ‘grasp the nettle’ in multi-million pound loan dispute

In July 2016 the peer-to-peer lending company Lendy Ltd facilitated a loan to Q.E.D. Developments Limited.  Lendy were acting as agent for some 4,900 retail investors who collectively financed a facility of £14.3m, secured by a First Charge against a site known as the former Sunbeam Factory in Wolverhampton.  The loan description on the LendyContinue reading “Lendy asks court to ‘grasp the nettle’ in multi-million pound loan dispute”

Lendy CFO reported ‘serious financial irregularities’ before sacking, tribunal finds

Kieran O’Connor, former Chief Financial Officer of FCA Regulated firm Lendy, is pursuing a claim at the Employment Tribunal for unfair dismissal said to be as a result of disclosures concerning “serious financial irregularities” at the company.

Lendy Administrators seek repayment of so-called ‘Brankesmere Dividend’

The Joint Administrators of Lendy seek repayment of so-called ‘Brankesmere Dividend’ said to be worth over £861k as it is revealed £1.5m of FCA Remediation payments remain outstanding to members of the public involved with failed P2P firm Lendy. The Administrators of Lendy were recently given permission to join Brankesmere Limited as a defendant inContinue reading “Lendy Administrators seek repayment of so-called ‘Brankesmere Dividend’”

3 Day High Court trial adjourned as solicitor omits to find counsel

A three-day High Court trial was due to begin today with Judge Clive Sheldon QC set to consider whether a borrower on the failed P2P platform Lendy, is liable for over £3m of fees and penalties.  In written filings made to the court prior to today, the borrower was expected to argue that she wasContinue reading “3 Day High Court trial adjourned as solicitor omits to find counsel”

Lendy Directions – The Background

Lendy Ltd was a so-called peer-to-peer lending company which facilitated the crowd funding of loans by members of the public secured against property and other assets.  The company collapsed in May 2019 following action taken by the Financial Conduct Authority and RSM Restructuring Advisory LLP were appointed as administrators. The Administrators filed an application forContinue reading “Lendy Directions – The Background”

Lendy v Brooke & Others – The Marshall Island Mystery

In 2020 the former directors of the FCA Regulated peer-to-peer finance firm Lendy faced accusations of the misappropriated of £6.5 million via off-shore accounts in a civil claim at the High Court. The claim settled by means of a confidential agreement in October 2022 and it was subsequently revealed that the total amount repayable toContinue reading “Lendy v Brooke & Others – The Marshall Island Mystery”

Duff & Phelps apply to correct Duff order in Mederco Cardiff case

In September 2016 the peer-to-peer lending company Lendy Ltd facilitated a loan to Mederco (Cardiff) Ltd.  Lendy were acting as agent for some 3600 retail investors who collectively financed a facility of £6.4m, secured by a First Charge against a site with the benefit of planning permission in Mynachdy, Cardiff.  The loan description on theContinue reading “Duff & Phelps apply to correct Duff order in Mederco Cardiff case”

Application by Lendy Ltd struck out as an abuse of process

This was an application by the borrowing companies’ director Des Philips to set aside a Statutory Demand served upon him by Lendy Ltd (In Administration).  The court was told loans advanced by Lendy Ltd had defaulted and they sought to rely upon the Personal Guarantee offered by the director to repay them.

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