Saving Stream Security Holding Limited (09736866): administration
- Status
- In administration
- Administration began
- 2019-05-24
- Administrators
- Damian Webb, Christine Mary Laverty, Gordon Thomson
- Administrators' firm
- RSM
- Incorporated
- 2015-08-17
- Location
- London
- Industry
- 64929 Other credit granting n.e.c.
Why it went into administration
- Regulatory change or action
- Parent or group failure
- Rising costs / inflation
From the administrators' statement
2.1 Brief Background
In October 2012 Liam Brooke and Tim Gordon (‘the Directors } set up Lendy Ltd ( Lendy ) Lendy was subsequently an FCA regulated peer-to-peer lender which acted for individual investors ( Investors ) to lend funds to companies ( Borrower Companies ){ Model 1 Loans )
The Company was incorporated on 17 August 2015 by the Directors set up as a security trustee vehicle for the benefit of the Investors under Model 2 Loans where Lendy was acting as agent for the Investors lending to Borrower Companies The Borrower Companies granted security for the Modei 2 Loans to the Company as security trustee which was the responsible for distributing the proceeds to investors on repayment Lendy was the operational entity carrying out all the administrative tasks for the platform However there does not appear to be a formal service level agreement in place between the Company
Administrators' statement of proposals (2019-08-07) · Companies House register