ozboy
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Post by ozboy on Feb 19, 2019 10:07:31 GMT
Anyone know if it's possible to bring in an independent third party and Audit what BDO have done and are doing? If an Administrator hasn't been Audited before surely it's possible and we could set a precedent? I refuse to get striped up, especially when after nearly a year of extortionately expensive "Administration" we are virtually none the wiser and know Football Association about what happened, let alone w t f is going on.  [ EDIT / PS: It should be very easy to identify reputable rival firms who would be only too eager to Audit BDO's "work"?!  ] |
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Nomad
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Post by Nomad on Feb 19, 2019 10:22:06 GMT
Anyone know if it's possible to bring in an independent third party and Audit what BDO have done and are doing? If an Administrator hasn't been Audited before surely it's possible and we could set a precedent? I refuse to get striped up, especially when after nearly a year of extortionately expensive "Administration" we are virtually none the wiser and know Football Association about what happened, let alone w t f is going on. [ EDIT / PS: It should be very easy to identify reputable rival firms who would be only too eager to Audit BDO's "work"?! ] Or maybe administrators are like lawyers and all club together? I have twice had issues with lawyers (who wouldn't pay me MY money) and both times struggled to find another lawyer willing to take the matter on.
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Greenwood2
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Post by Greenwood2 on Feb 19, 2019 10:29:38 GMT
Anyone know if it's possible to bring in an independent third party and Audit what BDO have done and are doing? If an Administrator hasn't been Audited before surely it's possible and we could set a precedent? I refuse to get striped up, especially when after nearly a year of extortionately expensive "Administration" we are virtually none the wiser and know Football Association about what happened, let alone w t f is going on. [ EDIT / PS: It should be very easy to identify reputable rival firms who would be only too eager to Audit BDO's "work"?! ] How much would they charge?
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ozboy
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Post by ozboy on Feb 19, 2019 11:19:18 GMT
Initial Consultations are nearly always No Fee, obvs you just don't go and see them if they want to Charge for the first exploratory meeting, at which you get an idea of Charges, time estimates etc.
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Post by Butch Cassidy on Feb 19, 2019 11:53:45 GMT
Anyone know if it's possible to bring in an independent third party and Audit what BDO have done and are doing? If an Administrator hasn't been Audited before surely it's possible and we could set a precedent? I refuse to get striped up, especially when after nearly a year of extortionately expensive "Administration" we are virtually none the wiser and know Football Association about what happened, let alone w t f is going on. [ EDIT / PS: It should be very easy to identify reputable rival firms who would be only too eager to Audit BDO's "work"?! ] I assumed that would form part of the CC job but as they have been gagged by NDA's it rather defeats their whole purpose!! Just safer to assume BDO will be paid extremely lavishly, investors will get shafted & FCA won't give a s**t.
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james100
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Post by james100 on Feb 19, 2019 12:02:30 GMT
Anyone know if it's possible to bring in an independent third party and Audit what BDO have done and are doing? If an Administrator hasn't been Audited before surely it's possible and we could set a precedent? I refuse to get striped up, especially when after nearly a year of extortionately expensive "Administration" we are virtually none the wiser and know Football Association about what happened, let alone w t f is going on. [ EDIT / PS: It should be very easy to identify reputable rival firms who would be only too eager to Audit BDO's "work"?! ] I assumed that would form part of the CC job but as they have been gagged by NDA's it rather defeats their whole purpose!! Just safer to assume BDO will be paid extremely lavishly, investors will get shafted & FCA won't give a s**t. Also thought this was part of CC role...additionally had in back of my mind that fca had watchful eyes in place to restrict admin fees getting out of control. I'd assumed that latter point was because they could be arguably liable for any shortfall in capital returned as a result of their maladministration of register and premature wind-up of loans as a result of shambolic correction procedure (inc. admin costs not covered by spice boys). Even reading these sentences though, I just dreamt it all up, probably.
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ozboy
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Post by ozboy on Feb 19, 2019 12:10:47 GMT
The CC knows Jack S about the real details of the arcane BDO "work" going on and whether or not it is reasonable/effective, and The FCA couldn't care less about BDO's Fees.
I have today spoken to someone in the know regarding "Administrators" and YES, what you suspect and your worse fears does happen.
In fact, my learned informer says you can guarantee it happens.
So sit back and do nothing and watch your money vaporise, or do something about it.
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Post by Butch Cassidy on Feb 19, 2019 12:38:03 GMT
The CC knows Jack S about the real details of the arcane BDO "work" going on and whether or not it is reasonable/effective, and The FCA couldn't care less about BDO's Fees. I have today spoken to someone in the know regarding "Administrators" and YES, what you suspect and your worse fears does happen. In fact, my learned informer says you can guarantee it happens. So sit back and do nothing and watch your money vaporise, or do something about it. That's a bit harsh on the CC - they are VOLENTARILY trying to oversee a process that is specifically designed to strip value out of a company SOLELY for the benefit of BDO & I think they are doing a valiant job trying to protect the interests of ALL LENDERS in very difficult circumstances, so wouldn't want to criticize them. Are administrators in general self serving parasites - most definitely, was imposing NDA's & a blanket ban on any meaningful communication with investors a disgrace - ABSOLUTELY. Are the FCA largely responsible & the architects of this whole mess - well along with Col's misguided management team, most definitely.
Now whether investors can get any traction by lobbying MP's & complaining to the FCA I very much doubt but it is certainly worth a try & for the record I have lodged a complaint with the FCA myself (& would urge anyone who still hasn't to read the associated forum thread & act accordingly). What other avenues remain open to resolving this whole farce in a positive manner? I think that a legal challenge to BDO is becoming more likely as time passes but I don't think we are quite there yet.
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Greenwood2
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Post by Greenwood2 on Feb 19, 2019 12:46:34 GMT
From the '...significant information thread'
'Judge and FCA have stated courts exercise control over charges incurred. "Investors/Creditors can be assured control mechanisms are in place to control cost.'
The Judge, court or FCA seem to be the places to complain if costs are excessive.
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dovap
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Post by dovap on Feb 19, 2019 12:47:46 GMT
could we get another auditor to audit the extra auditor just to be on the safe side ?
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ozboy
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Post by ozboy on Feb 19, 2019 13:21:43 GMT
My mention of the CC has been misunderstood. Butch Cassidy. Of course we are all very grateful for what they are doing on our behalf, what I thought was clear is that they can't possibly know the intricacies, the ins and outs of the whole "data retrieval" et all saga and whether it has been done efficiently, effectively, etc. The CC is just not in a position to know everything, an "Auditor" would. |
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Post by charliebrown on Feb 23, 2019 12:24:33 GMT
I still don’t understand why the commercial model isn’t a percentage of monies recovered. If they were taking let’s say 10% of monies recovered then they’d try to recover more and they’d try to recover it faster. The charge by the hour regardless of whether you recover any money or not is not a good model for us lenders.
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ceejay
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Post by ceejay on Feb 23, 2019 15:03:03 GMT
I still don’t understand why the commercial model isn’t a percentage of monies recovered. If they were taking let’s say 10% of monies recovered then they’d try to recover more and they’d try to recover it faster. The charge by the hour regardless of whether you recover any money or not is not a good model for us lenders. Probably because, in the world of administration, there are far too many cases where a percentage model simply wouldn't pay - so no-one would take on the work, and there would be no orderly run-down of the business. Or the only people wanting to do the business would be complete cowboys, who might well take on the work in the hope that it would work out, discover later that it's not going to be a good result for them, and then dump it. Remember that in most cases you won't find out what the real outcome is going to be until you've done most of the work! The guaranteed fee model might seem like money for old rope, but the primary purpose of administration is to ensure an orderly run-down and a fair distribution of what remains. Trying to get a perfect outcome for one set of stakeholders is not the priority.
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michaelc
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Post by michaelc on Feb 23, 2019 16:32:25 GMT
Anyone recall why the CC needed to sign the NDAs as they were? What would have happened if they refused? They'd be accused (by BDO) of sapping more time?
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ceejay
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Post by ceejay on Feb 23, 2019 18:57:08 GMT
Anyone recall why the CC needed to sign the NDAs as they were? What would have happened if they refused? They'd be accused (by BDO) of sapping more time? Simple. They wouldn't have been allowed access to confidential information. This really isn't very hard, people - for BDO to do their work, including pursuing/settling/negotiating loans, they need to be able to work in private. If you want the CC to be able to see what they're doing, and thereby form a sensible view on whether BDO are being effective, they have to sign NDAs. I have to say, if the FCA are looking for reasons to limit or regulate the P2P market on the grounds that "investors" have no understanding of what they are letting themselves in for, they only have to read this thread (and, to be fair, quite a few others on these boards).
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