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Post by red on Jan 5, 2019 14:54:20 GMT
If the Joint Administrators do not receive a positive response from a sufficient majority of investors, it will be necessary for them to make a court application as a prelude to enforcement action. Any court application will add additional cost and delay to the enforcement process, most likely resulting in a slower and reduced return of funds to investors. Other platforms hold investor votes on a loan by loan basis when they need investors permission/input in how to progress. They send the emails out with a set time frame to vote. Why can't this be done for any loan that might heading for default/recovery? Further, any need to begin litigation as a result of a borrower defaulting with be accompanied by an application for costs, no? I fail to see the need for a blanket approval. If there is a need, why hasn't that need been clearly detailed for investors? Asking us to approve actions that have been taken that we have no idea what they are and with no intention of ever telling us what they are is just a slap in the face. Instead of shilling for BDO and pushing for us to agree blindly to anything BDO ask, perhaps more effort should be put into pushing for BDO to share information about what is happening with investors money a year later. With more details we'd be better positioned to make informed choices about our significant investments.
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Godanubis
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Post by Godanubis on Jan 5, 2019 15:21:49 GMT
I can see no reason not to distribut funds from completed loans to relavent investors and return unallocated cash to the owners as this never was the company money,
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Steerpike
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Post by Steerpike on Jan 7, 2019 16:32:52 GMT
Just a reminder that the deadline for submission of the Resolution return looms large. The pertinent para from BDO communication My bold. I couldn't think of a reason not to provide a positive response and so I just replied to the email as requested. If you are in agreement with the above resolution, please respond to this email, saying “I agree to the Lender Resolution sent to investors on 21 December 2018” (or words to that effect).
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jonno
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nil satis nisi optimum
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Post by jonno on Jan 7, 2019 16:34:57 GMT
I can see no reason not to distribut funds from completed loans to relavent investors and return unallocated cash to the owners as this never was the company money, It's bloody annoying, but until the data base is fully re-constituted, they don't know who the "relevant investors" are.
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jonno
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Post by jonno on Jan 7, 2019 16:38:07 GMT
Monetus; is there any way of finding out the proportion of positive responses received so far?
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Godanubis
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Post by Godanubis on Jan 7, 2019 16:40:50 GMT
@monetus; is there any way of finding out the proportion of positive responses received so far? Ask the folk on here that predict the collapse of everything they seem to think they know the future ergo they must know the present state of play On less flippant note pay as the data is reconstructed. I have every email detailing my investments into particular loans.
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adrianc
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Post by adrianc on Jan 8, 2019 9:09:43 GMT
I have every email detailing my investments into particular loans. The problem on relying on that information provided by investors is that it would be very simple for somebody to say "I've got every email", while only submitting ones from purchases in reconstituted and/or repaid loans, strategically omitting ones from sales. And, as far as the lost db is concerned, let's not forget in our hurry to abuse BDO that if RR had actually started off doing their job properly, it would not have been lost in the first place.
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11025
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Post by 11025 on Jan 8, 2019 9:20:02 GMT
I have every email detailing my investments into particular loans. The problem on relying on that information provided by investors is that it would be very simple for somebody to say "I've got every email", while only submitting ones from purchases in reconstituted and/or repaid loans, strategically omitting ones from sales. And, as far as the lost db is concerned, let's not forget in our hurry to abuse BDO that if RR had actually started off doing their job properly, it would not have been lost in the first place. I agree , but lets not forget the FCA should have had the foresight to deal with the whole situation properly and with the care it deserved in the first place , then this whole debacle could have been avoided .
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adrianc
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Post by adrianc on Jan 8, 2019 9:23:00 GMT
...but lets not forget the FCA should have had the foresight to deal with the whole situation properly and with the care it deserved in the first place How else should the FCA deal with a financial firm trading without the required approval? There was contributory failings on the FCA's part, sure, which lead to us believing they had the approval they didn't, but ultimately there's only one entity to blame - the management of COL who simply and outright lied to investors.
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11025
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Post by 11025 on Jan 8, 2019 9:28:45 GMT
...but lets not forget the FCA should have had the foresight to deal with the whole situation properly and with the care it deserved in the first place How else should the FCA deal with a financial firm trading without the required approval? There was contributory failings on the FCA's part, sure, which lead to us believing they had the approval they didn't, but ultimately there's only one entity to blame - the management of COL who simply and outright lied to investors. You may be correct with your assumptions but I don't know the full facts regarding the situation , In my opinion the actions of the FCA exacerbated the problem , once they had stared to act against the company they should have exerted control over the company and it's records.
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adrianc
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Post by adrianc on Jan 8, 2019 9:51:16 GMT
In my opinion the actions of the FCA exacerbated the problem , once they had stared to act against the company they should have exerted control over the company and it's records. The FCA don't - never have, never will - manage an administration directly. That's delegated to the administrators appointed over the company. And that's why the FCA insist on approved administrators... which BDO are, and RR weren't. RR's failings in securing the investor data - whether deliberately or through incompetence - show why that's needed. The court case was to replace the company-appointed non-FCA-approved administrators (RR) with FCA-approved ones (BDO). If RR's failure was deliberate, the question has to be why. What will be revealed when the database is recovered?
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11025
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Post by 11025 on Jan 8, 2019 9:56:29 GMT
In my opinion the actions of the FCA exacerbated the problem , once they had stared to act against the company they should have exerted control over the company and it's records. The FCA don't - never have, never will - manage an administration directly. That's delegated to the administrators appointed over the company. And that's why the FCA insist on approved administrators... which BDO are, and RR weren't. RR's failings in securing the investor data - whether deliberately or through incompetence - show why that's needed. The court case was to replace the company-appointed non-FCA-approved administrators (RR) with FCA-approved ones (BDO). If RR's failure was deliberate, the question has to be why. What will be revealed when the database is recovered? I am obviously aware of that . I think you are missing the point I am making , the FCA should have been aware something like this would happen and put safeguards in place , they weren't aware or had the foresight which is another failing on their behalf.
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adrianc
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Post by adrianc on Jan 8, 2019 10:04:17 GMT
The FCA don't - never have, never will - manage an administration directly. That's delegated to the administrators appointed over the company. And that's why the FCA insist on approved administrators... which BDO are, and RR weren't. RR's failings in securing the investor data - whether deliberately or through incompetence - show why that's needed. The court case was to replace the company-appointed non-FCA-approved administrators (RR) with FCA-approved ones (BDO). If RR's failure was deliberate, the question has to be why. What will be revealed when the database is recovered? I am obviously aware of that . I think you are missing the point I am making Actually, I think it's the direct opposite... You're working backwards from a predetermined conclusion - it must be the FCA's fault - and trying to make everything fit that. They had the "foresight" and "safeguards". They had the procedures for what to happen when those failed, and as soon as they became "aware", they were put into place. Anybody trading as a financial firm without the required approval cannot continue, and is put into administration, managed by an FCA-approved administrator, as soon as that comes to light. Let's turn it around a bit - what more do you want the FCA to have done, and when?
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11025
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Post by 11025 on Jan 8, 2019 10:09:02 GMT
I am obviously aware of that . I think you are missing the point I am making Actually, I think it's the direct opposite... You're working backwards from a predetermined conclusion - it must be the FCA's fault - and trying to make everything fit that. They had the "foresight" and "safeguards". They had the procedures for what to happen when those failed, and as soon as they became "aware", they were put into place. Anybody trading as a financial firm without the required approval cannot continue, and is put into administration, managed by an FCA-approved administrator, as soon as that comes to light. Let's turn it around a bit - what more do you want the FCA to have done, and when? You appear to have more information than me regarding the FCA's behaviour in this and appear to be happy with the way the FCA have behaved , I for one am not . I am not going to bother listing all my thoughts on this but there are plenty and they have been passed on to the relevant parties.
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adrianc
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Post by adrianc on Jan 8, 2019 10:12:42 GMT
Let's turn it around a bit - what more do you want the FCA to have done, and when? You appear to have more information than me regarding the FCA's behaviour in this No, I only know what's public here and through the BDO direct information. Perhaps you should re-read what I've written above. Still, good to read your constructive thoughts on what should have happened...
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