Tim Alistair Gordon, 43, one of the two former directors of the failed peer-to-peer finance firm Lendy Ltd, has been released from a freezing injunction, the mouseinthecourt can exclusively reveal.
The freezing injunction was imposed after accusations emerged that Mr Gordon, along with fellow director Liam Brooke, 40, had misappropriated company funds worth £6.5m via off-shore entities.
Extensive coverage of the claim can be read in “Lendy v Brooke & Others – The Marshall Island Mystery“.
The defendants have explicitly denied any accusation of wrongdoing throughout.
This site previously reported on the confidential settlement agreement between the directors and the joint administrators of Lendy which brought an end to the civil litigation.
We subsequently reported on a paragraph from the Joint Administrators’ Seventh Progress Report which revealed the amount payable by the defendants was some £3.4m.
Investigations
As noted in the previous report, an all-party mediation was held with the respondents of the claims. Settlement discussions continued during the reporting period, and we can confirm that a settlement agreement was reached between the parties. The headline terms of the settlement is for payment of £3.4m in full settlement of the claims, with the funds expected to be paid in full by the end of 2023.
The first payment under the settlement of £300,000 has been received from the respondents
It is not known how the total of £3.4m has been deduced or how it had been apportioned.
Release
According to court documents, seen by the mouseinthecourt, the High Court has granted permission for the freezing injunction against Mr Gordon and RFP Holdings Limited to be discharged.
The order confirms that the freezing injunction in place against Mr Brooke and LP Alhambra Limited is not affected.
Further information is expected to be contained within the Joint Administrators’ next six monthly progress report, covering the period 24 November 2022 to 23 May 2023, which should be published on or before 23rd June 2023.
Mouse in the Court 