|
Post by u09gp5 on Sept 26, 2019 14:10:53 GMT
Sent an email maybe six months ago - no response. Tried again there after the suggestion of paul123 - no response. Cannot find an answer in this thread, in which a lot of the messages are off topic.
GSP - why would those un-loaned funds (cash in the bank) have to wait until after the remaining funds have been recovered?
|
|
duck
Member of DD Central
Posts: 2,575
Likes: 5,675
|
Post by duck on Sept 26, 2019 14:30:42 GMT
why would those un-loaned funds (cash in the bank) have to wait until after the remaining funds have been recovered? You are making a vast assumption there that accounting practices were all strictly to the book, do we know they were?
|
|
|
Post by brightspark on Sept 26, 2019 15:11:03 GMT
How is anybody going to find out? The originals of records were as I understood it 'lost'. The administrators have had to take what is available. They must follow precedents and best practice going forward. This situation of inadequate records is not unique to this business. It is high time that money in client cash accounts was handed over. 18 months on and not a penny paid out. Disgusting.
|
|
Greenwood2
Member of DD Central
Posts: 4,243
Likes: 2,686
|
Post by Greenwood2 on Sept 26, 2019 15:40:23 GMT
How is anybody going to find out? The originals of records were as I understood it 'lost'. The administrators have had to take what is available. They must follow precedents and best practice going forward. This situation of inadequate records is not unique to this business. It is high time that money in client cash accounts was handed over. 18 months on and not a penny paid out. Disgusting. Wasn't there a large shortfall in the client account funds from day one? Paying out what is left in there may not be straightforward, ie, is it possible to identify who's money is still in there or should it all be returned pro rata? Even assuming there are records of what everyone should have in there.
|
|
|
Post by brightspark on Sept 26, 2019 16:01:21 GMT
Decisions have to be made which may upset some and placate others. Administrators are being paid handsomely. In the great scheme of things what money is there has to be allocated one way or another. It is never going to be fair to all and sundry. What on earth is to be gained by waiting - will a new factory fresh set of previously lost fully authenticated accounts suddenly materialise from the ether - me thinks not. time to move on and the sooner the better as far as cash in the bank is concerned.
|
|
mary
Member of DD Central
Posts: 698
Likes: 711
|
Post by mary on Sept 26, 2019 18:09:26 GMT
Decisions have to be made which may upset some and placate others. Administrators are being paid handsomely. In the great scheme of things what money is there has to be allocated one way or another. It is never going to be fair to all and sundry. What on earth is to be gained by waiting - will a new factory fresh set of previously lost fully authenticated accounts suddenly materialise from the ether - me thinks not. time to move on and the sooner the better as far as cash in the bank is concerned. But is the cash + recoveries to date > Administrators projected fees? Anyone?
|
|
|
Post by brightspark on Sept 26, 2019 18:19:29 GMT
Administrators fees to date are billed at £119692.00. They are due to provide a new estimate for ongoing work but this will be hedged with caveats. Someone amongst us will know how much is in their piggy bank. The money should have been in a ring-fenced account but I suppose the argument will be that as they were not Regulated that doesn't/might not apply.
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
|
Post by ozboy on Sept 26, 2019 18:25:53 GMT
Administrators fees to date are billed at £ 119692.00. They are due to provide a new estimate for ongoing work but this will be hedged with caveats. Someone amongst us will know how much is in their piggy bank. The money should have been in a ring-fenced account but I suppose the argument will be that as they were not Regulated that doesn't/might not apply. Errr, I'd wager it's a tad more than that, perhaps a "1" or even a "2" is missing in front?
|
|
bulletbill
Member of DD Central
Posts: 90
Likes: 223
|
Post by bulletbill on Sept 26, 2019 19:47:35 GMT
We should be paying for outcomes, not hours. There’s been absolutely no outcome. When you pay for hours, you will always get hours. Even though I’ve got a 5-figure sum in COL I’ve written it off 100%. I just don’t want to let myself get annoyed by these parasites and incompetent agencies. If they’re happy with the contribution they’re making to mankind then so be it.
|
|
|
Post by brightspark on Sept 27, 2019 8:05:49 GMT
Administrators fees to date are billed at £ 119692.00. They are due to provide a new estimate for ongoing work but this will be hedged with caveats. Someone amongst us will know how much is in their piggy bank. The money should have been in a ring-fenced account but I suppose the argument will be that as they were not Regulated that doesn't/might not apply. Errr, I'd wager it's a tad more than that, perhaps a "1" or even a "2" is missing in front? Oops! One of my senior moments. Confused in my thinking with the costs to date of the Administration of a series of London loans on another platform. My apologies to anyone who took my figure as gospel.
|
|
james21
Member of DD Central
Posts: 651
Likes: 669
|
Post by james21 on Nov 23, 2019 12:49:42 GMT
Has anyone been in touch with BDO to ask for an indication when some kind of interim payment is likely to be made to investors? Or information from anywhere regarding this. Thanks
|
|
gc
Member of DD Central
Posts: 152
Likes: 141
|
Post by gc on Dec 7, 2019 11:02:27 GMT
Has anyone been in touch with BDO to ask for an indication when some kind of interim payment is likely to be made to investors? Or information from anywhere regarding this. Thanks Is there any news on this or is everyone still in the dark, here?
|
|
lofty
Posts: 101
Likes: 104
|
Post by lofty on Dec 7, 2019 13:56:42 GMT
I think the can is half way down the road. Unfortunately there are a lot of other cans on this road.
|
|
11025
Member of DD Central
Posts: 718
Likes: 829
|
Post by 11025 on Dec 7, 2019 15:08:24 GMT
I think the can is half way down the road. Unfortunately there are a lot of other cans on this road. This can however , is very much different in its make up and how it came to be.
|
|
travolta
Member of DD Central
Posts: 1,458
Likes: 1,167
|
Post by travolta on Dec 7, 2019 15:55:27 GMT
I think the can is half way down the road. Unfortunately there are a lot of other cans on this road. Sadly ,they are all full of worms....
|
|