11025
Member of DD Central
Posts: 718
Likes: 831
|
Post by 11025 on Jan 14, 2022 9:47:38 GMT
26 pages of administrator witness statement. I wonder what that's added to the bill?
Has anyone seen the submission by R-2115, made on 9th December?
I lost the will to live after about 10 minutes of reading.. but seem to recall that is not being made publicly available due to privacy concerns. Our pockets seem to be in the public domain however, sure I felt somebody taking a bit more money from it as I read. Exactly the feeling I got , another carefully constructed thrown together wind-down plan that appears to benefit everyone but the original investors. It now looks like we need legal expertise to even see what is going on.
|
|
eeyore
Member of DD Central
Posts: 747
Likes: 738
|
Post by eeyore on Jan 14, 2022 12:18:04 GMT
26 pages of administrator witness statement. I wonder what that's added to the bill?
Has anyone seen the submission by R-2115, made on 9th December?
I lost the will to live after about 10 minutes of reading.. but seem to recall that is not being made publicly available due to privacy concerns. Our pockets seem to be in the public domain however, sure I felt somebody taking a bit more money from it as I read. Sadly, it would appear that the respondent R-2115, for one, has failed to heed the advice that many of us offered on this forum last year to aim their submissions specifically to issues on which there was a realistic opportunity to make a difference. Reading the witness statement of the Administrator, it's clear to me that R-2115 feels aggrieved and wants to assuage that feeling by asking questions about all and sundry. As I predicted long ago, the administrators have welcomed any input and have been entirely amenable to answer any questions whether relevant or not because it boosts their chargeable hours! So many questions were raised by R-2115 to which the Administrator has responded not just with " that's not relevant to the issue before the court" but also " however, I've done some more research on this specific topic and here's some more evidence which shows why what we are proposing is the right way forward". The Administrator himself makes the point that the efforts of the Respondents are increasing the cost of the administration which is borne by all the lenders. I wonder if individual respondents had been solely responsible for the costs of addressing each individual submission, they might have been more careful in what they asked for. My only hope, a forlorn one of course, is that the judge will request that the Administrators, when dealing with future matters, restrict their "research" to matters which are relevant and not spend chargeable time on matters which are not relevant.
|
|
mosaic
Member of DD Central
Posts: 69
Likes: 57
|
Post by mosaic on Jan 14, 2022 12:43:55 GMT
Again, I am confused. The majority of Exhibit TS2 refers to Business Loan Network and also Thincats. Looks like it is from different administrators.
|
|
adrianc
Member of DD Central
Posts: 9,045
Likes: 4,841
|
Post by adrianc on Jan 14, 2022 12:45:15 GMT
I'm going to be blunter...
R-2115... If you're reading this (and I'm sure you are), FOR THE LOVE OF EVERYTHING PLEASE SHUT UP. Stop wasting my money on your wittering and trivia. Thank you.
|
|
agent69
Member of DD Central
Posts: 5,642
Likes: 4,214
|
Post by agent69 on Jan 14, 2022 13:24:36 GMT
Again, I am confused. The majority of Exhibit TS2 refers to Business Loan Network and also Thincats. Looks like it is from different administrators. If you go to paragraph 71 on page 17 of the witness statement you will see that one of the complaints from R-2115 is that other platforms in administration are being run down in a more efficient maner. The contents of TS2 includes documents used to refute this claim (examples relate to BLN, FS & Ly), as detailed in paragraphs 71 - 84.
I think this is another of the 'not relevant, but I'll answer it anyway' questions that have helped to inflate the bill.
|
|
huxs
Member of DD Central
Posts: 300
Likes: 218
|
Post by huxs on Jan 14, 2022 13:28:18 GMT
Maybe R-2115's partner works for the administrator and this is a cunning way to get their money back, I am obviously joking just in case people take offence.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,906
Likes: 11,128
|
Post by ilmoro on Jan 14, 2022 14:47:44 GMT
Again, I am confused. The majority of Exhibit TS2 refers to Business Loan Network and also Thincats. Looks like it is from different administrators. It's an example of what has happened in similar circumstances. The admin of BLN got a court order to take 25% of trust assets to cover costs/fees of realising the loan book ... which is effectively what the admins are seeking. the other examples are Lendy & FS though these are portrayed inaccurately & incorrect at first reading.
|
|
11025
Member of DD Central
Posts: 718
Likes: 831
|
Post by 11025 on Jan 14, 2022 15:34:25 GMT
|
|
agent69
Member of DD Central
Posts: 5,642
Likes: 4,214
|
Post by agent69 on Jan 14, 2022 16:12:28 GMT
I would be amazed if any platform fully complied with this.
Requirements include:
• holding sufficient collateral in a segregated account to cover the cost of management and administration while the loan book is wound down • entering into an arrangement for another firm to act as guarantor for the P2P agreements which includes a legally enforceable arrangement to meet the costs of the wind-down in full • managing the loan book in a way that ensures income from P2P agreements facilitated by the firm is sufficient to cover the costs of managing and administering those agreements during the winding down process, taking into account the reduction of the loan pool and fee income from it
Clearly a document written by somebody who doesn't have to worry about complying with it!
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,906
Likes: 11,128
|
Post by ilmoro on Jan 14, 2022 18:07:07 GMT
I would be amazed if any platform fully complied with this.
Requirements include:
• holding sufficient collateral in a segregated account to cover the cost of management and administration while the loan book is wound down • entering into an arrangement for another firm to act as guarantor for the P2P agreements which includes a legally enforceable arrangement to meet the costs of the wind-down in full • managing the loan book in a way that ensures income from P2P agreements facilitated by the firm is sufficient to cover the costs of managing and administering those agreements during the winding down process, taking into account the reduction of the loan pool and fee income from it
Clearly a document written by somebody who doesn't have to worry about complying with it!
Platforms clearly didnt, despite it being a regulatory requirement form Dec 19, as the FCA issued a follow up letter in May 21 giving platforms 3 weeks to provide evidence they did comply. Whether the FCA has been able to ensure compliance is probably the real question ...
|
|
Greenwood2
Member of DD Central
Posts: 4,253
Likes: 2,695
|
Post by Greenwood2 on Jan 14, 2022 18:22:11 GMT
I would be amazed if any platform fully complied with this.
Requirements include:
• holding sufficient collateral in a segregated account to cover the cost of management and administration while the loan book is wound down • entering into an arrangement for another firm to act as guarantor for the P2P agreements which includes a legally enforceable arrangement to meet the costs of the wind-down in full • managing the loan book in a way that ensures income from P2P agreements facilitated by the firm is sufficient to cover the costs of managing and administering those agreements during the winding down process, taking into account the reduction of the loan pool and fee income from it
Clearly a document written by somebody who doesn't have to worry about complying with it!
Platforms clearly didnt, despite it being a regulatory requirement form Dec 19, as the FCA issued a follow up letter in May 21 giving platforms 3 weeks to provide evidence they did comply. Whether the FCA has been able to ensure compliance is probably the real question ... An orderly wind down isn't the same as administration of the P2P company and it seems the FCA didn't consider the administration scenario.
|
|
agent69
Member of DD Central
Posts: 5,642
Likes: 4,214
|
Post by agent69 on Feb 7, 2022 23:00:09 GMT
Another notification of filing, including exibit JW3 (157 pages, of which 126 pages relate to FS and Ly).
Yet more expense.
|
|
dh1
Member of DD Central
Posts: 373
Likes: 383
|
Post by dh1 on Feb 16, 2022 14:32:45 GMT
Please note that the MT Court hearing scheduled for tomorrow (17th February) in Manchester will now apparently be held virtually using Microsoft Teams. Anyone wanting to check the arrangements should call the Court on 0161 240 5307.
|
|
Mousey
Member of DD Central
Posts: 1,573
Likes: 6,586
Member is Online
|
Post by Mousey on Feb 16, 2022 18:10:39 GMT
Daily Cause List
In the High Court of Justice
Business and Property Courts in Manchester
Insolvency and Companies (ChD)
Before His Honour Judge Cawson QC
Sitting as a Judge of the High Court
Members of the public wishing to witness a hearing being conducted remotely should contact manchester.chancery@justice.gov.uk for information on how to be joined into the hearing.
Sitting in Court 41
At the Manchester Civil Justice Centre, 1 Bridge Street West, Manchester
On 17th February 2022
In Public
10:30am CR-2020-MAN-001030 Moneything (Security Trustee) Limited (In Administration)
1 day directions Teams
|
|
dh1
Member of DD Central
Posts: 373
Likes: 383
|
Post by dh1 on Feb 17, 2022 17:10:40 GMT
Looks like the administration can now proceed (hopefully) apace. The Court approved the various applications although we should wait for the Court Order which I think will be served via the MT platform.
|
|