Lendy distributions this month total £4.4m
Lendy’s administrator has distributed £4.4m since recommencing distributions earlier this month, while around 2,400 withdrawals have been processed.
The latest update from RSM said that it would not be processing interim distributions this week and intends to process the next cohort of distributions on 2 February. It said it will update investors if there is any movement on this timeline.
“There have been a significant number of withdrawal requests following the interim distributions processed this month,” RSM said. “There are currently circa 3,700 outstanding requests. As previously communicated, processing withdrawals is time-consuming and limited to 200 per working day.”
Read more: £7.9m recovered from Lendy loans as RSM fees approach £5m
Peer-to-peer lender Lendy entered into administration in 2019, with more than £160m outstanding on its loanbook and at least £90m of those funds in default. The administration process has been lengthy and complex due to the “significant issues in the company’s underwriting and administration process”, according to RSM.
Last month, RSM explained that it was planning to resume distributions after the outcome of a court order.
The court order involved creating a ‘cost protocol’ which worked for both the investors and the administrators.
RSM recently confirmed that the administration process will extend past its May 2023 deadline.
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.”