Lendy administration extended to 2025
Lendy administrators RSM have successfully applied to extend the administration process for at least another two years.
According to documents filed with Birmingham’s High Court of Justice, business and property courts, the court has agreed to extend Lendy’s administration process until 23 May 2025.
The administration process was previously extended by 36 months, to midnight on 23 May 2023.
The property lending platform entered into administration in 2019 with more than £160m outstanding in its development finance and bridging loan book. At least £90m of those funds were in default at the time of its collapse.
The administration process has been slowed by the complex nature of the Lendy business model, as well as a number of court cases regarding the way in which money should be distributed.
Read more: Lendy administrator announces second round of distributions
Following the resolution of a ‘cost protocol’ court case in January, distributions were recommenced. More than £4.4m has been distributed since then.
In January, RSM revealed that the administration process has incurred £5.2m of costs so far.
Earlier this year, Damien Webb, advisory partner at RSM, said 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.”
Read more: P2P administration costs rack up