Monetus
Member of DD Central
Posts: 1,179
Likes: 2,961
|
Post by Monetus on Nov 16, 2018 15:13:41 GMT
The next Creditors Committee meeting has been set for the 12th December.
Just prior to the BDO meeting, I will also be meeting with other Committee members to discuss a few aspects of the administration - with the main topic of discussion being BDO's fees that we have all been asked to approve.
|
|
picnicman
Member of DD Central
Posts: 238
Likes: 215
|
Post by picnicman on Nov 16, 2018 15:34:19 GMT
The next Creditors Committee meeting has been set for the 12th December. Just prior to the BDO meeting, I will also be meeting with other Committee members to discuss a few aspects of the administration - with the main topic of discussion being BDO's fees that we have all been asked to approve. Monetus - thanks for this Adam - I believe we are due a six month report from BDO on or around the 27th November. I guess all of us will have to wait and see what that says and take it from there? Sorry to bang the drum, but it is all well and good for them getting their fees approved without repaying a penny to investors so far!! Anyway thanks again for what you are doing - Cheers P
|
|
GeorgeT
Member of DD Central
Posts: 1,321
Likes: 1,575
|
Post by GeorgeT on Nov 16, 2018 17:19:48 GMT
The next Creditors Committee meeting has been set for the 12th December. Just prior to the BDO meeting, I will also be meeting with other Committee members to discuss a few aspects of the administration - with the main topic of discussion being BDO's fees that we have all been asked to approve. Sadly this is how it nearly always works. The priority task for BDO is to get their own fees approved before talking to the committee about the state of the recovery process. Unfortunately it appears to me there are some tame members of the committee who have close connections who will wave it all through.
|
|
michaelc
Member of DD Central
Posts: 4,855
Likes: 2,760
|
Post by michaelc on Nov 16, 2018 19:53:51 GMT
The next Creditors Committee meeting has been set for the 12th December. Just prior to the BDO meeting, I will also be meeting with other Committee members to discuss a few aspects of the administration - with the main topic of discussion being BDO's fees that we have all been asked to approve. What happens if you don't approve them?
|
|
averageguy
Member of DD Central
Posts: 1,165
Likes: 841
|
Post by averageguy on Nov 16, 2018 20:02:38 GMT
The next Creditors Committee meeting has been set for the 12th December. Just prior to the BDO meeting, I will also be meeting with other Committee members to discuss a few aspects of the administration - with the main topic of discussion being BDO's fees that we have all been asked to approve. What happens if you don't approve them? No biscuits and coffee
|
|
Monetus
Member of DD Central
Posts: 1,179
Likes: 2,961
|
Post by Monetus on Nov 16, 2018 20:18:23 GMT
The next Creditors Committee meeting has been set for the 12th December. Just prior to the BDO meeting, I will also be meeting with other Committee members to discuss a few aspects of the administration - with the main topic of discussion being BDO's fees that we have all been asked to approve. What happens if you don't approve them? The administrators will have the right to take the matter to court and the level of renumeration will be decided by a judge based on their submitted evidence of work carried out.
|
|
|
Post by Badly Drawn Stickman on Nov 16, 2018 20:57:04 GMT
What happens if you don't approve them? The administrators will have the right to take the matter to court and the level of renumeration will be decided by a judge based on their submitted evidence of work carried out. I don't share GeorgeT 's rather unkind view of the Committee members, their interests are closely aligned with our own and I am sure will get as fair a deal as possible. Just out of idle curiosity though, I wonder who would pay the costs if the Administrators needed to get a judgment?
|
|
11025
Member of DD Central
Posts: 718
Likes: 829
|
Post by 11025 on Nov 16, 2018 21:39:44 GMT
The next Creditors Committee meeting has been set for the 12th December. Just prior to the BDO meeting, I will also be meeting with other Committee members to discuss a few aspects of the administration - with the main topic of discussion being BDO's fees that we have all been asked to approve. I hope that depends on what results you have seen to justify their fees thus far thanks for your efforts to date .
|
|
hendragon
Member of DD Central
Posts: 631
Likes: 619
|
Post by hendragon on Nov 16, 2018 22:21:38 GMT
Monetus if the forthcomming update does not indicate a timescale could you please ask for some sort of indication of a timescale for at least a partial recovery? Not asking for exact dates and times but I really would like some idea of a probable endpoint.
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
|
Post by ozboy on Nov 16, 2018 23:45:30 GMT
What happens if you don't approve them? The administrators will have the right to take the matter to court and the level of renumeration will be decided by a judge based on their submitted evidence of work carried out.And I do sincerely hope, and I have no confidence whatsoever, that the Judge can tell the difference between quality and quantity. One is beneficial to Lenders, the other is beneficial to BDO. I wonder which will win the day in the eyes of the non professionally trained nor qualified in accountancy Judge?
|
|
elliotn
Member of DD Central
Posts: 3,063
Likes: 2,681
|
Post by elliotn on Nov 17, 2018 2:41:02 GMT
Unfortunately the directors closing up shop and leaving no records has perforce massively increased the quantity before we could even consider the quality . Hopefully there might be some fair apportioning of those costs in the final reckoning (although that element might be some way off yet).
|
|
|
Post by elephantrosie on Nov 17, 2018 7:56:22 GMT
almost a year since this col saga started.
|
|
7d7
Member of DD Central
Posts: 134
Likes: 205
|
Post by 7d7 on Nov 17, 2018 11:31:57 GMT
What happens if you don't approve them? The administrators will have the right to take the matter to court and the level of renumeration will be decided by a judge based on their submitted evidence of work carried out. To date, has the High Court or FCA received reports confirming works completed by BDO? If not, have such reports been requested? Perhaps you mean the evidence the administrator will present to the High Court if the matter reaches that stage. Please clarify. I share the concerns above and trust the Creditors Committee accept the recommendation in my earlier post. Anything else seems like crossing the red line. Cheers
|
|
Monetus
Member of DD Central
Posts: 1,179
Likes: 2,961
|
Post by Monetus on Nov 17, 2018 12:21:44 GMT
The administrators will have the right to take the matter to court and the level of renumeration will be decided by a judge based on their submitted evidence of work carried out. Perhaps you mean the evidence the administrator will present to the High Court if the matter reaches that stage. Please clarify. This.
|
|
Monetus
Member of DD Central
Posts: 1,179
Likes: 2,961
|
Post by Monetus on Nov 17, 2018 12:40:57 GMT
Monetus if the forthcomming update does not indicate a timescale could you please ask for some sort of indication of a timescale for at least a partial recovery? Not asking for exact dates and times but I really would like some idea of a probable endpoint. I think I can speak for everyone when I say that we'd all like to know this. This question was asked in the first meeting and I have no doubt it will be asked again in this next one. However, having seen a line-by-line breakdown of the loan book (covered by NDA) in the first meeting, I think it's absolutely impossible to make an accurate prediction at this stage and I would be very surprised if BDO offer up any kind of timescale. We've all seen how long it's taking the likes of Lendy, MT, FS etc to achieve repayments for their overdue loans (we're still waiting for many) and these platforms are fully authorised and operational so why would it be any different for Collateral? I am sure if you asked Lendy for an indication of when they think they'll have all of their overdue loans wrapped up you wouldn't get much of an answer either.
|
|