Between 24 May 2019 and 23 November 2019, RSM said it has incurred time costs totaling £1,736,829, working on the administration of the collapsed peer-to-peer property lender.
As of 23 November 2019, RSM has logged £926,377.94 of expenses, including more than £50,000 on legal fees and more than £6,700 on stationery and books.
RSM said in a 19 December update:
“The loanbook has proved to be in a significantly worse state than was immediately ascertainable on our appointment.
“Negotiations with borrowers and overseeing both the realisation of property assets and the performance of receivers/administrators to realise secured assets have been complex, difficult and time-consuming.”
Other issues that took longer than expected included the analysis of the legal position of ‘model 2’ loans – a different structure that Lendy implemented for investors in 2015 – and compliance with anti-money laundering regulations.
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