hazellend
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Post by hazellend on May 10, 2019 11:06:54 GMT
I received an alert today from Companies house stating that Collateral has moved from administration to voluntary liquidation. What does this mean..? For investors - not very much. It's just a notice to advise that BDO don't see the point in keeping Collateral actively trading so it is being wound down. The main difference for us is that the frequency of the official BDO updates will increase from every 6 months to every 12 months. Decrease you mean?
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Monetus
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Post by Monetus on May 10, 2019 11:09:37 GMT
Yes - decrease sorry. I originally wrote them the other way around and then forgot to update the statement.
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amanda373
Anyone downloaded the full transcript of the Court Session with the FCA. .?
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Post by amanda373 on May 10, 2019 15:32:01 GMT
Does anyone have any idea how long this will,go on for before we get any returns?
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agent69
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Post by agent69 on May 10, 2019 15:36:00 GMT
Does anyone have any idea how long this will,go on for before we get any returns? For the vast majority of people the answer is no. Those who do have an inkling cannot disclose because of NDA's.
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radar
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Post by radar on May 11, 2019 7:18:32 GMT
Does anyone have any idea how long this will,go on for before we get any returns? Yes till the money runs out!
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tx
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Post by tx on May 13, 2019 17:45:32 GMT
I am one of those lenders that has invested in the last two loans that yet to draw down. I still cannot see ANY information about the two loans so far, not in previous reports not in the latest report. Were they drawn down, and if not where are the money? Did I miss any thing? Can any one be kind enough and point me to some direction?
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on May 14, 2019 0:39:51 GMT
I still can’t see the legality of keeping money from investments that were fully repaid in line with the contract. These should be repaid and closed. That money should not be lumped into the cesspit of delinquency as the contractual obligations would have been met. The only money the company/BDO get is the fees/interest due and paid by the compliant borrowers.
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ptr120
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Post by ptr120 on May 14, 2019 7:46:03 GMT
Monetus in liquidation they only have to update us every 12 months, but they can update us more frequently. Do you know what their intentions are?
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Monetus
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Post by Monetus on May 14, 2019 11:56:45 GMT
Monetus in liquidation they only have to update us every 12 months, but they can update us more frequently. Do you know what their intentions are? I will ask at the next meeting in June.
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sjg
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Post by sjg on May 14, 2019 15:20:52 GMT
Monetus in liquidation they only have to update us every 12 months, but they can update us more frequently. Do you know what their intentions are? Well I for one hope much before 12 months with notification that we will be getting some money back.. Certainly don't want to be typing this again in a years time (Disclaimer for some I'm well aware the liquidation will take as long as it takes and anything I post on here will not get it sorted any quicker). Saying that good to have somewhere to vent occasionally.
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Monetus
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Post by Monetus on May 25, 2019 16:53:57 GMT
Next Committee Meeting date has been set for 18th of June. Monetus - Thank you for this. Please, please, please can you ask for/we have an update (from the administrator and even before the meeting) on the chattels loans (this is where most of my loan parts are) we are seemingly still some way off any repayments even though the one year term of the administrator ends soon, but at least if we could have something on the chattels- the last update in (I think) December was that all chattels except one were in possession of the Administrator and they were in the process of being valued - something must have happened since then? I will leave it with your good auspices. Thanks and cheers P I will do my very best to emphasis this point at the next meeting picnicman as I totally understand it's frustrating to not know what's going on. I want to warn you in advance however that it's unlikely I will be able to provide a specific update on this matter following the meeting on 18th June as the specifics of the loan book are all under NDA sadly.
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Monetus
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Post by Monetus on May 25, 2019 17:00:20 GMT
Can we get a list of loans which have/haven't repaid? I'm not expecting the amounts recovered as obviously this info could jeopardise recoveries of other loans, but just to get a view of what's still being pursued, and also clear up the status of loans "in funding" at time of collapse and whether the cash is with BDO or elsewhere! star dust made a very useful post here which covers the property side of things with the current status of each loan: p2pindependentforum.com/post/325075
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Monetus
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Post by Monetus on May 25, 2019 17:11:03 GMT
Monetus - further to my post above re chattels, can I also please add a request to the Administrators to advise on what their repayment to lenders strategy is please? I do not believe this gives away anything which is prejudicial to recoveries. They must have been giving this some consideration and whilst we investors may be unhappy with anything they divulge, at least we will know rather than sitting in the dark until at least 18th June. For example are they planning to recover the whole loan book as far as possible first (could be years off) or are they planning some sort of interim process or say paying back chattels loans first as they are more likely to be resolved first in most cases. I appreciate that they are still sorting/reconciling investor holdings, but hopefully that will be concluded soon? I totally understand that you are in the same position as the rest of us and want the same questions answered. - if you do not ask you do not get principle. Once again thanks for all your hard work on the CC. Cheers P I think we'd all like to know this one. It's been asked a few times already when things were at an earlier stage (so almost impossible to estimate). I am sure it will be mentioned again at the next meeting and I'll see if there's anything to report back (although no guarantees of course).
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glend
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Post by glend on May 27, 2019 18:30:21 GMT
Firstly I apologise if this has been covered already. I've seen on the BDO website the administrators final report. Can somebody please tell me if BDO are no longer acting as the administrator? also reading the document I struggle to understand al the terms and types of creditors mentioned. As an investor have I got to do anything at this point? Thank you in advance for any help.
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Greenwood2
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Post by Greenwood2 on May 27, 2019 19:22:05 GMT
Firstly I apologise if this has been covered already. I've seen on the BDO website the administrators final report. Can somebody please tell me if BDO are no longer acting as the administrator? also reading the document I struggle to understand al the terms and types of creditors mentioned. As an investor have I got to do anything at this point? Thank you in advance for any help. It's in liquidation now but BDO are still in charge, no change really.
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