Today Lendy’s Joint Administrator’s second progress report was published. It reveals that they took action against two former directors of the marketplace company.
The relevant part states:
Detailed investigations have been undertaken into the Companyâ€™s affairs during the period covered by this report, with the assistance of the Joint Administratorsâ€™ instructed solicitors Pinsent Masons LLP. The investigations have included carrying out reviews of the Companyâ€™s books and records, performing detailed analysis of the Companyâ€™s bank statements and reviewing the results of key word searches of the c480,000 Company emails held by the Joint Administrators.
The Joint Administrators have now also carried out interviews with both Liam B.. and Tim G.., the former directors of Lendy. The investigations have been concerned with a number of transactions, most significantly payments of approximately Â£6.8million that were paid to entities registered in the Marshall Islands for apparent marketing services carried out for Lendy. It is the Administratorsâ€™ position, however, that these payments were ultimately for the benefit of Liam B.. and Tim G…
As a result of these investigations, on 1st June 2020 the Joint Administrators made an application to Court for a worldwide freezing injunction to be granted over the assets of Liam B.. and Tim G.., as well as proprietary injunctions on the properties owned by companies linked to the directors, RFP Holdings Limited and LP Alhambra Limited. The Order was granted on the 4 June 2020. Proceedings have now been commenced against Liam B.., Tim G.., RFP Holdings Limited and LP Alhambra Limited. Owing to the nature of these claims, the Joint Administrators are unable to provide further information at this time.