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Post by df on May 27, 2019 19:32:58 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. You don't need to do anything at this point, just respond to BDO's communication if any requests and wait for the end of Col saga (whenever that might be).
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averageguy
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Post by averageguy on May 27, 2019 20:43:41 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. I can answer part.......its now moved into liquidation with the same bods in charge ..the same process is underway Oops didn’t see replies
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hantsowl
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Post by hantsowl on Jun 9, 2019 10:55:16 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. Monetus, when you attend the meeting please ask if BDO have approached the software company who developed the Collateral interface to obtain a copy which should be able to read the recovered database. As far as investors are concerned, the important issue is recovery of the database which would appear to be complete according to earlier updates. If the only remaining problem with determining who holds how much of each loan is with reading the data, the original designers should hold a copy of the software which should be able to read this data and produce a report. This should be much faster than the long-winded approach BDO appear to be using, and the cost of involving the developers must surely be less than the continually increasing amount BDO are being paid to drag this out. I realize there will still be delays in disposing of items and obtaining repayments from borrowers, but if we can at least verify that the database can be read and agree who holds which loans then we will finally be in a position to see progress being made.
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p2pete
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Post by p2pete on Jun 9, 2019 11:33:36 GMT
They don't need a fully functional application. Once the database was recovered it's a matter of hours/days to write queries to extract the data into the required format, even with no prior knowledge of the database schema.
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hantsowl
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Post by hantsowl on Jun 9, 2019 11:52:25 GMT
They don't need a fully functional application. Once the database was recovered it's a matter of hours/days to write queries to extract the data into the required format, even with no prior knowledge of the database schema. I agree, but for some reason this does not seem to be happening.
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p2pete
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Post by p2pete on Jun 9, 2019 13:38:16 GMT
I don't think it's on their critical path because we aren't getting any money back until all the loans are resolved anyway.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 10, 2019 8:15:29 GMT
They don't need a fully functional application. Once the database was recovered it's a matter of hours/days to write queries to extract the data into the required format, even with no prior knowledge of the database schema. I agree, but for some reason this does not seem to be happening. I've said it before, we need some sort of independent "Audit" of BDO are doing, and have done, and WHY they have done/are doing whatever it is they're doing, and have done . We're being kippered.
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Post by ss5678 on Jun 10, 2019 10:33:39 GMT
I agree, but for some reason this does not seem to be happening. I've said it before, we need some sort of independent "Audit" of BDO are doing, and have done, and WHY they have done/are doing whatever it is they're doing, and have done . We're being kippered. Good point, can be a mission of CAG.
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picnicman
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Post by picnicman on Jun 12, 2019 13:08:52 GMT
Monetus - Hi Monetus - at next week's CC meeting, can you please ask (they may not want to say/or prevent you from passing this on) what BDO's strategy is for repaying investors. Is it one of they want to recover all loans before they repay any, or do they at least plan to repay recovered loans within a certain timescale or have they not even considered the matter? Investors might not like the answer, but at least the question has been asked. As per my other question which you have previously acknowledged, just to say again if there could be a general update (or better!) without disclosing state secrets, on where we are with the chattels loans including when they are to be sold, this would be great (this is where most of my loan parts are). Thanks again Cheers P
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Monetus
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Post by Monetus on Jun 12, 2019 13:10:03 GMT
Monetus - Hi Monetus - at next week's CC meeting, can you please ask (they may not want to say/or prevent you from passing this on) what BDO's strategy is for repaying investors. Is it one of they want to recover all loans before they repay any, or do they at least plan to repay recovered loans within a certain timescale or have they not even considered the matter? Investors might not like the answer, but at least the question has been asked. As per my other question which you have previously acknowledged, just to say again if there could be a general update (or better!) without disclosing state secrets, on where we are with the chattels loans including when they are to be sold, this would be great (this is where most of my loan parts are). Thanks again Cheers P Sure thing picnicman these two are most definitely on my list.
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Post by brightspark on Jun 12, 2019 16:12:12 GMT
The fact that after a year of Administration that the question has to be asked at all reflects how badly we investors are being served. As you know investors have been more than patient over this matter. It will not be long before unrest sweeps through investor ranks. The pressure will come onto the FCA who have not exactly covered themselves with glory having obliged investors to use BDO. Perhaps this sentiment could also be conveyed.
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7d7
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Post by 7d7 on Jun 12, 2019 20:36:44 GMT
Valid point. On a number of occasions, I have attempted to ascertain why BDO was deemed suitable for the administration/liquidation of CUK. Till date, a credible response has not been provided by those responsible for this mess.
The recently appointed administrators of Lendy have commenced their work with monthly updates while the JA here expect investors to be satisfied with information on a few loans after a year or so. Interesting!
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james100
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Post by james100 on Jun 13, 2019 8:23:19 GMT
Hi Monetus apologies if this has been mentioned already, but would it also be possible to request info on the exact nature of interface between BDO and FCA during the ongoing recovery process? The FCA has been flooded with compensation claims relating to any shortfall in loan recovery by people (like me) who believe that they are financially down primarily due to having invested based on false authorization info published on the FCA website. I would therefore be surprised if the FCA was not in contact with BDO on a very regular basis to keep tabs on the size of shortfall (from asset liquidation net of fee deductions) and likely declaration date of that shortfall, given their position in the debacle. As ever, your role in supporting this process is hugely appreciated. Thank you.
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hector
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Post by hector on Jun 13, 2019 8:52:38 GMT
Monetus, I appreciate that it was agreed at the outset that you would be the COL investors representative replying to investors Q's, for which we all are grateful. Behind the scenes are you receiving full support and task sharing from the other COL investor representatives on the committee?
Hector
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Monetus
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Post by Monetus on Jun 13, 2019 8:55:05 GMT
Valid point. On a number of occasions, I have attempted to ascertain why BDO was deemed suitable for the administration/liquidation of CUK. Till date, a credible response has not been provided by those responsible for this mess. The recently appointed administrators of Lendy have commenced their work with monthly updates while the JA here expect investors to be satisfied with information on a few loans after a year or so. Interesting! It's worth remembering that the Lendy and Collateral situations are not directly comparable. Lendy is an "orderly wind down" of a business with a full set of books and records, a fully-functional IT platform, an office filled with retained staff etc. It was also fully authorised and regulated by The FCA and under their "watchful eye" via monitoring for some time. The Collateral administrators were provided with no books and records, no functional IT platform, no office, and all of the existing staff were fired before the administrators were even appointed. It was also completely unregulated. Regular updates also come with a pretty hefty financial cost as it's most definitely "billable time" charged by the administrators at some pretty extortionate rates so the cost of this would be coming out of our pockets.
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