Lendy administrators to extend deadline again

Lendy administrators RSM are expected to request another extension to the administration deadline, as their bills top £5.2m.

In the latest investor update, RSM noted that the administration process was previously extended by 36 months, to midnight on 23 May 2023.

However, RSM said it expects that “a further extension to the administration by court order be will required to enable the joint administrators sufficient time to realise the assets… This will be sought in due course, before the administration ends.

“It is not possible to ascertain at present when the administration will end.”

RSM also revealed that a further £409,315 had been charged during the six months ending 23 November 2022. This compares with bills of £328,080 charged during the previous six month period.

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To date, the Lendy’s administrator fees have reached just over £5.2m. However, just £2.4m has been approved for payment.

Pending the outcome of a court hearing, the joint administrators said that they will recommence interim distributions to investors “early in the new year”.

“The joint administrators will process interim distributions of 65 per cent of net realisations on loans that have been recovered, but not yet distributed,” RSM said.

RSM also used the update to urge all former Lendy investors to verify their accounts, noting that by the end of November, approximately 1,800 of all Lendy investors had not been verified and/or provided valid bank details to enable to joint administrators to process withdrawals. These funds amount to £400,000. 74 investors had more than £1,000 available to withdraw.

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