Lendy enters administration

Lendy Ltd has appointed RSM Restructuring Advisory LLP as administrators, following action taken by the FCA.

There is an ongoing FCA investigation into the circumstances that have led to this action.

The regulated P2P firm operated a lending platform that facilitated crowdfunded loans which were used to fund the purchase and development of property.

The news comes nearly a year after the FCA granted Lendy full authorisation, following a detailed end-to-end assessment of its business and operating model.

Damian Webb, Phillip Rodney Sykes and Mark John Wilson of RSM Restructuring Advisory LLP have been appointed as administrators.

The same administrators have also been appointed to Lendy Provision Reserve Ltd and Saving Stream Security Holding Limited.

The appointments have been made by the firms, in respect of Lendy Ltd, with the consent of the FCA.

In an update on Lendy’s website, it stated that the site would be used to provide investors and creditors with information and would be updated when information becomes available on the administrations of the companies.

The administrators have set up a dedicated email address and phone number for creditors to contact the administration team, at [email protected] and 020 3858 9653.

The update read: “Due to the early stages of the administrations, the information we have is limited, we therefore request that creditors continue to consult the website in the first instance.

“Due to the volume of enquiries we expect to receive, we will only be able to respond to urgent queries.”

The regulator said that the joint administrators would contact all affected parties in due course.

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