star dust
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Post by star dust on Jul 8, 2020 16:04:12 GMT
I have today received by email the "Collateral Companies - Liquidators' Annual Report" this landed in my in-box at 15:40 today 8 th July. The report is on their website - www.bdo.co.uk/en-gb/collateral-companies-in-liquidation but the report does not yet appear there. The report was sent from INVESTORCOLLATERAL @ bdo.co.uk who it is suggested you should contact/email with your details if you have not received your "personal loan exposure schedule" mentioned in the post above.
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star dust
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Post by star dust on Jul 8, 2021 22:20:25 GMT
Rather ominously(?) I haven't received any notification about this at all, but I believe the latest report from the Administrators - BDO was uploaded to their COL specific website today. It can be found here: www.bdo.co.uk/en-gb/collateral-companies-in-liquidationand attached to this post as a special exemption to our attachment policy - enjoy In Edit: Somewhat late, email received from BDO timed into my in-box at 10:42 9th July 2021
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star dust
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Post by star dust on Jan 7, 2022 16:59:42 GMT
Posting here just in case anyone's missed it or has bookmarked this thread. Thanks to duck (the 'lings) and to Mousey . My bolding. ***Important Note: Now criminal proceedings are considered 'Active' it is a Criminal Offence to publish anything which may create "a substantial risk of serious prejudice" to the proceedings.***
The FCA have announced criminal proceedings in relation to Collateral (UK) LtdThe FCA has commenced criminal proceedings against the 2 former directors of Collateral (UK) Ltd (Collateral), Peter Currie and Andrew Currie, who each face 2 charges under the Fraud Act 2006 and 1 charge under the Proceeds of Crime Act 2002. The FCA alleges that the Curries, who are brothers, dishonestly represented to investors that Collateral was authorised and regulated by the FCA to operate as a peer-to-peer lender knowing this was untrue. It is further alleged that shortly after Collateral was asked by the FCA to cease conduct of all regulated activities in January 2018 and shortly before the company ceased trading, the brothers dishonestly abused their positions by transferring funds to a separate company and, in addition, transferred further sums that they knew or suspected were the proceeds of crime into the bank accounts of Andrew Currie. Collateral is insolvent and is now in liquidation. Peter and Andrew Currie are due to appear at Westminster Magistrates Court on 26 January 2022. Notes to editors Peter Currie (DOB 14/04/1964); Andrew Currie (DOB 29/07/1965). On 28 February 2018, Collateral purported to appoint an administrator. On 27 April 2018, on the FCA’s application, the High Court ruled that this appointment was invalid and appointed alternative administrators proposed by the FCA. Collateral has subsequently been put into liquidation. The charges faced by Peter and Andrew Currie are fraud by false representation, contrary to sections 1 and 2 of the Fraud Act 2006; fraud by abuse of position, contrary to sections 1 and 4 of the Fraud Act 2006; and converting criminal property, contrary to section 329 of the Proceeds of Crime Act 2000.
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star dust
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Post by star dust on Mar 30, 2022 16:33:27 GMT
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star dust
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Post by star dust on May 25, 2022 10:26:07 GMT
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star dust
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Post by star dust on Jun 30, 2022 19:01:49 GMT
Received into my inbox at 17:56 on the 30th June, an email from BDO - INVESTORCOLLATERAL@bdo.co.uk - the following plus two attachments - a generic letter entitled "Collateral - Letter to investors" and a personalised spreadsheet outlining what BDO regard as my/your investments in Collateral by
Security Number/ Loan Number/ Customer Name (borrower name) / Net exposure amount.
The "borrower" names may cause some confusion and will possibly require reference to earlier BDO reports. The text of the email is quoted below: In terms of any action required from investors (if you are in disagreement with your "position" as detailed by BDO in the spreadsheet), the relevant paragraph from the letter states that:
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star dust
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Post by star dust on Jul 21, 2022 16:25:11 GMT
Received into my inbox at 17:56 on the 30th June, an email from BDO - INVESTORCOLLATERAL@bdo.co.uk - the following plus two attachments - a generic letter entitled "Collateral - Letter to investors" and a personalised spreadsheet outlining what BDO regard as my/your investments in Collateral by
Security Number/ Loan Number/ Customer Name (borrower name) / Net exposure amount.
The "borrower" names may cause some confusion and will possibly require reference to earlier BDO reports. The text of the email is quoted below: In terms of any action required from investors (if you are in disagreement with your "position" as detailed by BDO in the spreadsheet), the relevant paragraph from the letter states that: In Edit: Edited as a re-quote to ensure more prominance. There is a further action point: Some early notifications have already elicited responses – here.
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star dust
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Post by star dust on Apr 28, 2023 17:23:06 GMT
Email received this afternoon from BDO timed into my in box at 17:39 on the 28 th April. Check your numbers and bank accounts . Not a lot after all this time, but better than nothing . A redacted version of the email is quoted below.
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star dust
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Post by star dust on Jul 7, 2023 16:34:08 GMT
Email from BDO received into my inbox at 16:37 on Friday 7 th July 2023 with the attachment " Collateral Group of Cos - Progress Report (10 May 2022 to 9 May 2023)". It doesn't appear to be on the BDO Collateral Investors website yet, but I presume it will appear there at some point - www.bdo.co.uk/en-gb/collateral-companies-in-liquidation-investor-informationThere finally seems to be an indication of the scale of the chattels loss. It looks like less than 3% recovered (excluding fees) from approximate loanbook figures. Also a list of unsold loans including the sizable Bolton one. Seems the administrators are dong alright though .
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star dust
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Post by star dust on Jul 8, 2023 22:22:29 GMT
I’ve just had some clarification on the loan book figure that I used to calculate a chattel recovery rate of less than 3%, in the post above. There is an error which means the rate is in fact around 4.4%. This is of course before any administrators fees are taken, and to all intents and purposes is a wipe-out whichever figure we end up with or way you look at it. duck provides more information in his post here, and there is a list of the chattel loans provided by dan1 in DDC (for those with access) here, together with further information here.
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star dust
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Post by star dust on Jul 26, 2023 17:12:11 GMT
Received from the FCA into my inbox at 15:14 on 26th July "RE: FCA investigation - Collateral UK Ltd. - Investigation outcome". I believe this should have gone to all Collateral investors identified by the FCA back in 2018 - the so called 'Op Denton Investors' group, full text quoted below. Nothing new just the official FCA communication to investors.
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