Lendy Legal Fund

[idontgivea]

I continue to be bewildered that the FCA have both accepted this in the first instance, and continue to accept it by refusing to apply input into the current situation (I assume the first instance of them doing bugger all now means they can't do bugger all)

May I humbly suggest that you ask them the questions via FOI  (perhaps phrased slightly differently ) since Lendy are still regulated by the FCA.  The FCA can't run away and hide wrt Lendy as they did with Col.

[dualinvestor]

I am reminded of thhe prospectus of the South Sea Bubble Company which had words to the effect.

"The purposes for which the money is to be used are so secret it would be detrimental to investors to reveal them in this prospectus"

Seems little has changed in the near 300 years since then.

[timmy]

£72,003 and three days to meet the £75k target! Not too shabby.

[Skint4achange]

I am reminded of thhe prospectus of the South Sea Bubble Company which had words to the effect.

"The purposes for which the money is to be used are so secret it would be detrimental to investors to reveal them in this prospectus"

Seems little has changed in the near 300 years since then.

What's the annual return like?

Sounds like a plan, I'm in!!!! 

[System47]

£75k has been achieved. I hope LB is dragged to Court.

[ozboy]

Fornicate Court, the fornicator needs to do porridge.

Just watch the volte-face and "New Attitude" in P2P Platforms if he does!

[dualinvestor]

The legal fund, as I understand it, is to challenge matters in the Administration not to bring Brooke or Gordon to court, although it might be a step upon that road if successful, in fact without the action contemplated not only would they walk away scot free, through various, quite legal, moves they might end up with sizable sums from the insolvency in their pockets.

[Skint4achange]

If you ever needed a reason to see why the legal fund was required, the latest statement of affairs on DFL020 should be all the evidence you need.

Absolute scam exposed to it's fullest

[ozboy]

It will be interesting to see where and how far the tentacles of complicity stretch.  

I have a feeling there will be no surprises.

[Skint4achange]

So, money has been donated from my account to fight the good fight but yet I seem to have heard nothing since the funds were taken as to what is going on?

Please tell me the fund wasn't set up by Liam B?

[jeffmr2oc]

https://www.facebook.com/groups/lendyact...highlights

[BJN]

Seeing im not on facebook and never will be on facebook... if anyone knows the progress, could they please post some comments to this page. Would be greatly appreciated .. thanks

[shimself]

Seeing im not on facebook and never will be on facebook... if anyone knows the progress, could they please post some comments to this page. Would be greatly appreciated .. thanks

https://lendyactiongroup.co.uk/

[warn]

Seeing im not on facebook and never will be on facebook... if anyone knows the progress, could they please post some comments to this page. Would be greatly appreciated .. thanks

https://lendyactiongroup.co.uk/

I entered my details on that website some weeks ago, but apparently my "account is still pending approval". Short of displaying my bank statement to show my donations, is there a magic shibboleth that might grant me access? Or is everyone there on holiday?

And no, I'm not going anywhere near Facebook.

[BJN]

Exactly the same, i have tried a dozen times with new email addresses... same result
i could have been one big 75,000 pound scam... Will never know

[Whittle]

From the facebook page, 1st July 2020,  "an update stating there is no update"   still waiting and on hold.

Hope that's helpful.

[paul123]

This:
From fb:
Lisa: Happy July 1st. I've been getting a load of questions so I simply wanted to post an update stating there is no update. Unfortunately RSM has yet to file the paperwork with the courts. Our legal representation is ready once they do. Until then we remain on hold.

Stay safe!!!

Q/A
Do they have a time limit as to when they need to submit their paperwork by? Otherwise, they could just never do so
Lisa: eventually they will but there's no time limit
youd think for £150/hour , these super skilled administrators could easily file the paperwork
Lisa: it's probably over £500 per hour and the longer they take the higher the fees?
i thought the base admin staff were on 150/hour
Lisa:this is being prepared by their lawyers
ahhh well for 500/hour, even worse! am I right in thinking if we lose, we pay their costs out of the main pot of our money ?
Lisa:that is not correct if they file
—————————-
I have sent a message to Lisa regarding the pending join request issue.

[dualinvestor]

As I understand it the Administrators are about to request the court for directions on certain matters, primarily to do with the so called "waterfall," as such there is no timescale on it.  Once they have filed the application those entitled to receive notification thereof ("the respondents") will be served with the same papers as those filed at court.  The court in due course will set a date for the hearing, respondents must, before the hearing, submit their papers.

Either "side" may request a formal hearing or leave it for the judge to consider the written arguments.  If the former major costs will be incurred.  I believe neither "side" will be entitled to costs from the other "side", if they win or lose, as it is not a matter of whom is right or wrong as in a normal case, the case rests on the judge deciding on how the law should be applied to the matter under consideration as it applies to Lendy Ltd (in Administration) and is hearing arguments from those affected by the issue.  

The costs of the Adminstrators will be a costs of the Administration and therefore come from the assets of Lendy, I am sure the respondents will make a similar claim about their costs.

"Side" appears in inverted commas as strictly speaking the Administrators who have made, or strictly speaking about to make, the application for directions are, in law, neutral not adversarial in the matter are are therefore not on one side or the other.

[paul123]

@warn and @BJN - The website has been kicked. please try again.

[BJN]

THANKYOU very much 
greatly appreciated .. yes im in 
thank you very much

[warn]

@warn and @BJN - The website has been kicked. please try again.

Yes, now admitted. Thamks.

[BJN]

Seeing the lendy action group website has been dead for months.. anyone know if they are actually dead or are they kicking the can down the road and the never ending legal eagles  going stretch it out for another 50 years

[TitoPuente]

The Facebook group is very active. If you don't use/like Facebook (like me), the suggestion is to join the group using a profile just for this purpose in the same way as in any other forum such as this one.

[Darabont]

Seeing the lendy action group website has been dead for months.. anyone know if they are actually dead or are they kicking the can down the road and the never ending legal eagles  going stretch it out for another 50 years

The court date is in the window end June -Sept. No doubt all sorts of legal eagling is going on behind the scenes.