On 24 May 2019, following action taken by the FCA, Lendy Ltd, a regulated Peer-to Peer (P2P) firm, appointed Damian Webb, Phillip Rodney Sykes and Mark John Wilson of RSM Restructuring Advisory LLP as administrators. The same administrators have been appointed for two further related, but unregulated, firms: Lendy Provision Reserve Ltd; and Saving Stream Security Holding Limited. These appointments have been made by the firms, in respect of Lendy Ltd, with the consent of the FCA.
The administrators’ function is generally to act in the interest of the company’s creditors as a whole, and this must be done as quickly and efficiently as is reasonably practicable.
There is an ongoing FCA investigation into the circumstances that have led to this action.
Lendy operates a P2P lending platform through a website (https://lendy.co.uk) facilitating crowdfunded loans which are used to fund the purchase and development of property.
The joint administrators will contact all affected parties in due course.
For more information about the administration please: