Monetus
Member of DD Central
Posts: 1,179
Likes: 2,961
|
Post by Monetus on Jan 22, 2019 1:19:56 GMT
Received from BDO today:
"We are happy to advise that we have received responses approving the ‘Lender Resolution’ from approximately 86% of investors, in terms of value of investments. This has certainly been an encouraging response. Whilst we would expect that this translates as approval to proceed with enforcement in respect of the majority of the loans, it will of course be necessary to calculate what percentage of value this represents for each specific loan."
FYI - the required threshold as per the Collateral platform terms is that 75% of investors in a loan must agree to take enforcement action.
A few other updates:
- The next Creditors Committee meeting is confirmed for the 12th of March.
- Good progress is being made on data recovery: "we are now at the stage where a significant majority of investors’ detailed portfolio analysis as extracted from the database reconciles with the information initially provided to us by Refresh Recovery"
- BDO will shortly be uploading a note on their website informing investors that a tax statement for 2017/2018 isn't available which you may forward to HMRC when submitting your tax returns. BDO are unable to offer any specific tax advice.
- Taking into account various factors, information regarding progress on recoveries will be kept to the standard reporting schedule rather than details being uploaded to the BDO website.
|
|
m2btj
Member of DD Central
Posts: 626
Likes: 749
|
Post by m2btj on Jan 22, 2019 9:00:34 GMT
Sounds like the FCA created this mess to generate some revenue for their mates at BDO. I see no evidence that BDO has commenced any type of recovery action as yet. Once they do, we’ve seen from other platforms that there’s many avenues open to borrowers to dispute liability, dig their heels in and at the very least delay the recovery process for years. All this is music to BDO’s ears as they keep turning the wheels and collecting their astronomical fees. End result, a very nice little earner for BDO and a total non-tax-deductible loss for investors. Careful Charlie." created this mess to generate some revenue for their mates at BDO." Has no evidence and you may be on slightly dodgy legal grounds Maybe on slightly dodgy legal grounds but maybe not too far from the truth! The FCA truly had the eye off the ball with Collateral & were at best inept.
|
|
adrianc
Member of DD Central
Posts: 8,988
Likes: 4,813
Member is Online
|
Post by adrianc on Jan 22, 2019 9:00:38 GMT
- BDO will shortly be uploading a note on their website informing investors that a tax statement for 2017/2018 isn't available which you may forward to HMRC when submitting your tax returns. It's definitely going to have to be "shortly", since tax returns have to be done by next Thursday at the very latest...
|
|
ding
Member of DD Central
Posts: 238
Likes: 132
|
Post by ding on Jan 22, 2019 13:08:36 GMT
Received from BDO today: "We are happy to advise that we have received responses approving the ‘Lender Resolution’ from approximately 86% of investors, in terms of value of investments. This has certainly been an encouraging response. Whilst we would expect that this translates as approval to proceed with enforcement in respect of the majority of the loans, it will of course be necessary to calculate what percentage of value this represents for each specific loan."
FYI - the required threshold as per the Collateral platform terms is that 75% of investors in a loan must agree to take enforcement action. A few other updates: - The next Creditors Committee meeting is confirmed for the 12th of March. - Good progress is being made on data recovery: "we are now at the stage where a significant majority of investors’ detailed portfolio analysis as extracted from the database reconciles with the information initially provided to us by Refresh Recovery"- BDO will shortly be uploading a note on their website informing investors that a tax statement for 2017/2018 isn't available which you may forward to HMRC when submitting your tax returns. BDO are unable to offer any specific tax advice. - Taking into account various factors, information regarding progress on recoveries will be kept to the standard reporting schedule rather than details being uploaded to the BDO website.
Was this sent to all investors, as I didn't receive an email? Thanks for update.
|
|
TenKay
Member of DD Central
Posts: 144
Likes: 117
|
Post by TenKay on Jan 23, 2019 17:55:45 GMT
are BDO also behind the brexit deal ?
|
|
xtab
Posts: 41
Likes: 34
|
Post by xtab on Jan 23, 2019 18:33:59 GMT
Received from BDO today: "We are happy to advise that we have received responses approving the ‘Lender Resolution’ from approximately 86% of investors, in terms of value of investments. This has certainly been an encouraging response. Whilst we would expect that this translates as approval to proceed with enforcement in respect of the majority of the loans, it will of course be necessary to calculate what percentage of value this represents for each specific loan."
FYI - the required threshold as per the Collateral platform terms is that 75% of investors in a loan must agree to take enforcement action. A few other updates: - The next Creditors Committee meeting is confirmed for the 12th of March. - Good progress is being made on data recovery: "we are now at the stage where a significant majority of investors’ detailed portfolio analysis as extracted from the database reconciles with the information initially provided to us by Refresh Recovery"- BDO will shortly be uploading a note on their website informing investors that a tax statement for 2017/2018 isn't available which you may forward to HMRC when submitting your tax returns. BDO are unable to offer any specific tax advice. - Taking into account various factors, information regarding progress on recoveries will be kept to the standard reporting schedule rather than details being uploaded to the BDO website. Thanks for this update.
|
|
kermie
Member of DD Central
Posts: 689
Likes: 462
|
Post by kermie on Jan 23, 2019 20:18:01 GMT
- BDO will shortly be uploading a note on their website informing investors that a tax statement for 2017/2018 isn't available which you may forward to HMRC when submitting your tax returns. Now available.
|
|
|
Post by stevem on Jan 23, 2019 22:12:33 GMT
Was this sent to all investors, as I didn't receive an email? Thanks for update.
No email for me either
|
|
Monetus
Member of DD Central
Posts: 1,179
Likes: 2,961
|
Post by Monetus on Jan 24, 2019 3:43:54 GMT
Was this sent to all investors, as I didn't receive an email? Thanks for update.
No email for me either To clarify - these matters I shared were covered in an email response from BDO to several questions raised by members of the Creditors Committee. This was not an official BDO communication to all investors which is why you haven't received an email.
|
|
|
Post by stevem on Jan 24, 2019 9:41:47 GMT
No email for me either To clarify - these matters I shared were covered in an email response from BDO to several questions raised by members of the Creditors Committee. This was not an official BDO communication to all investors which is why you haven't received an email. Oh, OK thanks, that sort of explains it. But I also see mention of a note explaining the tax return position, I know it's not down to you but surely that should have been communicated to all investors.
I did email them yesterday but nothing received back as yet.
|
|
archie
Posts: 1,838
Likes: 1,842
Member is Online
|
Post by archie on Jan 24, 2019 9:46:02 GMT
The tax statement is here.
|
|
Monetus
Member of DD Central
Posts: 1,179
Likes: 2,961
|
Post by Monetus on Jan 24, 2019 9:47:29 GMT
To clarify - these matters I shared were covered in an email response from BDO to several questions raised by members of the Creditors Committee. This was not an official BDO communication to all investors which is why you haven't received an email. Oh, OK thanks, that sort of explains it. But I also see mention of a note explaining the tax return position, I know it's not down to you but surely that should have been communicated to all investors.
I did email them yesterday but nothing received back as yet.
It was posted on their website on 22nd January. www.bdo.co.uk/en-gb/collateral-companies-in-administration-investor-information
|
|
chris1200
Member of DD Central
Posts: 827
Likes: 508
|
Post by chris1200 on Jan 24, 2019 9:49:09 GMT
- Good progress is being made on data recovery: "we are now at the stage where a significant majority of investors’ detailed portfolio analysis as extracted from the database reconciles with the information initially provided to us by Refresh Recovery"Sorry if this has come up before (it's been such a long process now that I'm starting to forget what I've previously read) - and you may not be able to answer this question anyway due to your CC restrictions, but if you can - does the 'detailed portfolio analysis' which BDO are in the process of recovering/have largely recovered include the specific terms of the various tranches of loans? By that I mean - for its multi-tranche development projects, Collateral often had very specific ranking terms for the different tranches, which had the effect of a first/second/third charge etc. My impression was that these 'charges' were an internal, between-Collateral-and-investor kind of thing, rather than formally registered charge rankings. I know BDO is attempting to recover enough information to make specific individual loan-based payouts (rather than a universal p/£%), but are they also recovering (/have they recovered) this ranking information, and are they planning on implementing those ranking terms for the purposes of recoveries? Thanks a lot for your continued work and updates on our behalf, Monetus.
|
|
Monetus
Member of DD Central
Posts: 1,179
Likes: 2,961
|
Post by Monetus on Jan 24, 2019 10:15:00 GMT
- Good progress is being made on data recovery: "we are now at the stage where a significant majority of investors’ detailed portfolio analysis as extracted from the database reconciles with the information initially provided to us by Refresh Recovery"Sorry if this has come up before (it's been such a long process now that I'm starting to forget what I've previously read) - and you may not be able to answer this question anyway due to your CC restrictions, but if you can - does the 'detailed portfolio analysis' which BDO are in the process of recovering/have largely recovered include the specific terms of the various tranches of loans? By that I mean - for its multi-tranche development projects, Collateral often had very specific ranking terms for the different tranches, which had the effect of a first/second/third charge etc. My impression was that these 'charges' were an internal, between-Collateral-and-investor kind of thing, rather than formally registered charge rankings. I know BDO is attempting to recover enough information to make specific individual loan-based payouts (rather than a universal p/£%), but are they also recovering (/have they recovered) this ranking information, and are they planning on implementing those ranking terms for the purposes of recoveries? To the best of my knowledge - yes. The report I received at the last meeting had separate individual tranches and I believe it's BDO's intention to honour this structure if possible following the data recovery process.
|
|
chris1200
Member of DD Central
Posts: 827
Likes: 508
|
Post by chris1200 on Jan 24, 2019 10:26:04 GMT
To the best of my knowledge - yes. The report I received at the last meeting had separate individual tranches and I believe it's BDO's intention to honour this structure if possible following the data recovery process. Awesome - that's v helpful, thanks a lot. I don't envy them (/their lawyers) having to work out how deductions are made for their expenses etc. from all this... that's not going to be an easy process given the different % recoveries for each investor.
|
|