|
|
Post by cj on Dec 1, 2021 16:14:02 GMT
Hi,
Anyone know when this Quistclose Trust issue will be resolved and FS can continue returning capital to us?
Referencing the below notice on fundingsecure.com front page...
"
NOTE
The administrators have received a claim from a creditor relating to monies paid into the Company’s client account prior to the administration, including an assertion that the said monies are subject to what is termed a “Quistclose Trust”. The administrators are currently investigating this claim and also taking legal advice on the same. However, pending proper investigation of the claim and its resolution, the administrators have no alternative but to suspend further payments to the investors by way of distribution from the client account/platform until further notice.
"
|
|
aj
Member of DD Central
Posts: 345 
Likes: 452
|
Post by aj on Dec 7, 2021 9:02:42 GMT
FundingSecure Update
Further to our announcement in May 2021, regarding the freezing of the e-wallet account, the Joint Administrators can advise that they have been liaising with the creditor claimant’s solicitors and have provided various documents and information as requested by the solicitors. The claimant is continuing to assert that they have a claim against these investor funds.
The Joint Administrators’ solicitor continues to liaise with the claimant’s solicitors and in the meantime the Joint Administrators are meeting with a number of key investors to discuss the next steps.
FundingSecure Limited - in Administration
It's nice to see the term 'investor funds' used here as these are what they are. I feel sorry for the claimant that FS has robbed them, but they do not have a valid claim over other peoples cash.
Who are these 'key investors' that the administrators are meeting with? Surely we should all be party to this discussion as we are all affected?
|
|
|
|
Post by overthehill on Dec 7, 2021 10:53:39 GMT
FundingSecure Update
Further to our announcement in May 2021, regarding the freezing of the e-wallet account, the Joint Administrators can advise that they have been liaising with the creditor claimant’s solicitors and have provided various documents and information as requested by the solicitors. The claimant is continuing to assert that they have a claim against these investor funds.
The Joint Administrators’ solicitor continues to liaise with the claimant’s solicitors and in the meantime the Joint Administrators are meeting with a number of key investors to discuss the next steps.
FundingSecure Limited - in AdministrationIt's nice to see the term 'investor funds' used here as these are what they are. I feel sorry for the claimant that FS has robbed them, but they do not have a valid claim over other peoples cash. Who are these 'key investors' that the administrators are meeting with? Surely we should all be party to this discussion as we are all affected?
It's time the power players in P2P got together and squashed this nonsense.
If investors already risking significant capital losses in any administration eventuality are being told by the high court that their own money in personal contracts between them and the borrower is now fair game for any company creditor then the P2P industry is dead overnight. No P2P company would be worth the risk of further capital losses in administration by burned and opportunistic creditors going to the courts to recoup their investment. Come on.
|
|
sundown
Member of DD Central
Posts: 80
Likes: 103
|
Post by sundown on Dec 7, 2021 11:41:17 GMT
Could FSAG please comment on this? Investors really do seem to be in the dark about what is happening here.
|
|
taffy
Posts: 148
Likes: 359
|
Post by taffy on Dec 7, 2021 11:53:28 GMT
FundingSecure Update
Further to our announcement in May 2021, regarding the freezing of the e-wallet account, the Joint Administrators can advise that they have been liaising with the creditor claimant’s solicitors and have provided various documents and information as requested by the solicitors. The claimant is continuing to assert that they have a claim against these investor funds.
The Joint Administrators’ solicitor continues to liaise with the claimant’s solicitors and in the meantime the Joint Administrators are meeting with a number of key investors to discuss the next steps.
FundingSecure Limited - in AdministrationIt's nice to see the term 'investor funds' used here as these are what they are. I feel sorry for the claimant that FS has robbed them, but they do not have a valid claim over other peoples cash. Who are these 'key investors' that the administrators are meeting with? Surely we should all be party to this discussion as we are all affected?
It's time the power players in P2P got together and squashed this nonsense.
If investors already risking significant capital losses in any administration eventuality are now being told by the high court that their own money in personal contracts between them and the borrower is now fair game for any company creditor then the P2P industry is dead overnight. No P2P company would be worth the risk of further capital losses in administration by burned and opportunistic creditors going to the courts to recoup their investment. Come on.
I wonder who is being referred to in this update received today.
After 16 years of peer-to-peer consumer investments at Zopa, we’ve taken the difficult decision to close this part of our business.
Sadly, over the last few years, customer trust in P2P investing has been damaged by a small number of businesses whose approach led to material losses for customers investing in those platforms.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Dec 7, 2021 12:13:22 GMT
Is the FSAG website now obsolete or mothballed ?...I thought it was set up for those that didn't use, or didn't want to use FB. Last post seems to be early September. If it is defunct, for reasons of time required or additional workload needed that could be better spent elsewhere, that[s fine and wholly understandable but a definitive statement to that effect would be appreciated. Mucho P2P |
|
michaelc
Member of DD Central
Posts: 4,891
Likes: 2,767
|
Post by michaelc on Dec 7, 2021 12:34:58 GMT
FundingSecure Update
Further to our announcement in May 2021, regarding the freezing of the e-wallet account, the Joint Administrators can advise that they have been liaising with the creditor claimant’s solicitors and have provided various documents and information as requested by the solicitors. The claimant is continuing to assert that they have a claim against these investor funds.
The Joint Administrators’ solicitor continues to liaise with the claimant’s solicitors and in the meantime the Joint Administrators are meeting with a number of key investors to discuss the next steps.
FundingSecure Limited - in AdministrationIt's nice to see the term 'investor funds' used here as these are what they are. I feel sorry for the claimant that FS has robbed them, but they do not have a valid claim over other peoples cash. Who are these 'key investors' that the administrators are meeting with? Surely we should all be party to this discussion as we are all affected?
It's time the power players in P2P got together and squashed this nonsense.
If investors already risking significant capital losses in any administration eventuality are now being told by the high court that their own money in personal contracts between them and the borrower is now fair game for any company creditor then the P2P industry is dead overnight. No P2P company would be worth the risk of further capital losses in administration by burned and opportunistic creditors going to the courts to recoup their investment. Come on.
The problem is are there any power p2p players left ?
|
|
sundown
Member of DD Central
Posts: 80
Likes: 103
|
Post by sundown on Dec 7, 2021 16:14:50 GMT
Is the FSAG website now obsolete or mothballed ?...I thought it was set up for those that didn't use, or didn't want to use FB. Last post seems to be early September. If it is defunct, for reasons of time required or additional workload needed that could be better spent elsewhere, that[s fine and wholly understandable but a definitive statement to that effect would be appreciated. Mucho P2P Is it worth joining the FSAG Facebook group? Is there any useful information on there that is not on here?
|
|
squid
Member of DD Central
Posts: 141
Likes: 204
|
Post by squid on Dec 7, 2021 17:16:31 GMT
Anyone know what key investors are?
|
|
|
|
Post by overthehill on Dec 7, 2021 17:39:46 GMT
Anyone know what key investors are?
Only people with access to the loan book will know who but what means investors with the most money still locked in the unresolved loans, about 85, according to the administrators report.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Dec 7, 2021 17:55:22 GMT
Is the FSAG website now obsolete or mothballed ?...I thought it was set up for those that didn't use, or didn't want to use FB. Last post seems to be early September. If it is defunct, for reasons of time required or additional workload needed that could be better spent elsewhere, that[s fine and wholly understandable but a definitive statement to that effect would be appreciated. Mucho P2P Is it worth joining the FSAG Facebook group? Is there any useful information on there that is not on here? Well quite..my point precisely. I speak for myself only in saying I loathe FB more than I hate that pompous squirt Macron and that really is saying something but it seems 'announcements' on there seem to take more precedence than in this place. I did join FB initially against my better judgement (though my losses to date and seemingly yet to follow, suggest my judgement was carp anyway) But then I didn't expect to be dealing with a bunch of low life crooks sanctioned by the FCA at the outset either. It's what comes with FB that I hate.. The only reason I brought this up is because I got an email saying one of the CC had made a post on FB (not the first time by any means)...and as I don't spend every minute of the day with my face glued to a mobile phone wanting to know what the world is up to, I was wondering why this 'official' site doesn't seem to garner the same attention.
|
|
r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
|
Post by r1200gs on Dec 8, 2021 13:31:58 GMT
I'm no FB fan either but it's the place to be if you want to keep your finger on the pulse. At least now I have a better understanding of this Quistclose bull and of course it is indeed somebody fighting to get their hands on my returned capital and interest by claiming they have more right to it than I do.
Don't know what I am surprised really, nobody has any incentive to return money to lenders and all the incentive in the world to make sure it goes elsewhere.
|
|
Mucho P2P
Member of DD Central
Posts: 945
Likes: 1,632
|
Post by Mucho P2P on Dec 13, 2021 17:30:27 GMT
Is the FSAG website now obsolete or mothballed ?...I thought it was set up for those that didn't use, or didn't want to use FB. Last post seems to be early September. If it is defunct, for reasons of time required or additional workload needed that could be better spent elsewhere, that[s fine and wholly understandable but a definitive statement to that effect would be appreciated. Mucho P2P Its not mothballed, and can still be used. The administrators are particularly quiet with the CC due to the quistclose issue, which is being worked upon, hence we cant say much at all!!! Thats why it looks like we have been quiet. There are plans brewing in the background from FSAG for when the quistclose issue is resolved.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Dec 13, 2021 22:42:15 GMT
Is the FSAG website now obsolete or mothballed ?...I thought it was set up for those that didn't use, or didn't want to use FB. Last post seems to be early September. If it is defunct, for reasons of time required or additional workload needed that could be better spent elsewhere, that[s fine and wholly understandable but a definitive statement to that effect would be appreciated. Mucho P2P Its not mothballed, and can still be used. The administrators are particularly quiet with the CC due to the quistclose issue, which is being worked upon, hence we cant say much at all!!! Thats why it looks like we have been quiet. There are plans brewing in the background from FSAG for when the quistclose issue is resolved. Thanks for the reply
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Dec 14, 2021 12:12:35 GMT
I'm no FB fan either but it's the place to be if you want to keep your finger on the pulse. At least now I have a better understanding of this Quistclose bull and of course it is indeed somebody fighting to get their hands on my returned capital and interest by claiming they have more right to it than I do. Don't know what I am surprised really, nobody has any incentive to return money to lenders and all the incentive in the world to make sure it goes elsewhere. After watching David Baddiel on the 'advantages' of FB last night, I think I'd rather keep my fingers firmly off the pulse thanks, if that's what comes with it.
|
|
