Mousey
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Post by Mousey on Apr 8, 2022 10:33:54 GMT
In the last few minutes over 3,000 investors of failed P2P firm House Crowd were given a deadline of three weeks by the High Court in Manchester.
Investors must apply to the court by 29th April 2022 to be able to have their voices heard at a later further substantive hearing.
Barrister Martin Ouwehand, representing the applicant Administrators, explained todays hearing was not explicitly communicated to investors over a "concern not to unduly panic the investors". There was a "balance between giving full information and making it clear that even though they’re not parties they have the opportunity to attend and make representations" he explained.
Further details will follow. The hearing is still on-going.
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Mousey
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Post by Mousey on Apr 10, 2022 10:48:56 GMT
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agent69
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Post by agent69 on Apr 10, 2022 11:33:54 GMT
Just when you think you've heard it all .........
The Joint Administrators on appointment found a business that was characterised by incomplete books and accounting records; a patchwork of sometimes conflicting contractual agreements purporting to govern THC’s relationship with investors; significant cash at bank with indeterminate ownership status; and various other issues
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p2pfan
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Post by p2pfan on Apr 10, 2022 17:01:05 GMT
Great summary. Respects to you for your endeavours. Your persistence in calling the court eight times is laudable! As with every Administration, THC's is a farce on every level imaginable. The updates from Quantuma always make for very painful reading. I used to be like you and doggedly work on behalf of myself and other creditors. There is one Administration where I headed up the Creditors Committee and must have spent at least 2,000 hours (unpaid) on the case thusfar. However, from the start of this quarter, I've resolved to take a back seat when it comes to Administration processes for the sake of my mental health and for practical purposes. The latter I say because no matter how much one pushes the Administrators, their alpha and omega is to loot as much money as possible for themselves - it typically runs into the many millions of pounds as you know - and thereby leave lenders/investors with as little as possible. In this country where the administrators generally have the same profiles as the politicians and judiciary, nothing I do will change that.
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Mousey
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Post by Mousey on Jun 20, 2022 23:36:35 GMT
Back in court tomorrow:
At the Manchester Civil Justice Centre, 1 Bridge Street West, Manchester On 21st June 2022 In Public 11:00am CR-2021-MAN-000118 House Crowd Finance (Security Agent) Limited (In Administration) 2 hrs 30 min Application Teams
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Mousey
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Post by Mousey on Jun 21, 2022 11:51:16 GMT
There was in fact another hearing at 10.30. Same company but two different judges in two different courtrooms::
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Mousey
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Post by Mousey on Jul 2, 2022 18:32:09 GMT
It is understood the 'final hearing' will be heard on 28th July.
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Mousey
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Post by Mousey on Jul 27, 2022 15:04:40 GMT
Before His Honour Judge Pearce
Sitting as a Judge of the High Court
Sitting in Court 47
At the Manchester Civil Justice Centre, 1 Bridge Street West, Manchester
On 28th July 2022
In Public
10:30am
CR-2021-MAN-000111 The House Crowd Limited (in Administration) 1 day Trial Hybrid
any other member of the public wishing to witness a hearing being conducted remotely should contact BPC.Manchester@justice.gov.uk
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Mousey
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Post by Mousey on Jul 28, 2022 15:36:08 GMT
I did a bit of live tweeting during the hearing -
TLDR: HHJ Pearce said "those who wish to recover the benefit of their investments, I assume every investor does, must pay the appropriate costs of achieving that recovery" The court found the administrators have no other options to be reimbursed "The administrators seek an order permitting their renumeration and the payment of expenses through Berkley Applegate relief up to, from net sums, up to an amount equivalent to 11% as and when they are recovered." - Application approved
My application for court documents was approved so expect a fuller write-up at some point.
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p2pfan
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Post by p2pfan on Jul 28, 2022 15:42:06 GMT
I did a bit of live tweeting during the hearing - TLDR: HHJ Pearce said "those who wish to recover the benefit of their investments, I assume every investor does, must pay the appropriate costs of achieving that recovery" The court found the administrators have no other options to be reimbursed "The administrators seek an order permitting their renumeration and the payment of expenses through Berkley Applegate relief up to, from net sums, up to an amount equivalent to 11% as and when they are recovered." - Application approved My application for court documents was approved so expect a fuller write-up at some point. Thanks! All very interesting. I see in your notes that the "up to an amount equivalent to 11% as and when they are recovered." has been approved. So does this mean the crooked Administrators, who are milking this for everything they can plunder, will only get a fixed 11% of the amounts recovered for THC lenders/investors? Will that be in addition to or in replacement of their gargantuan hourly rate billing which will go into the millions of pounds by the time the Administration is closed?
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Mousey
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Post by Mousey on Jul 28, 2022 15:51:11 GMT
Thanks! All very interesting. I see in your notes that the "up to an amount equivalent to 11% as and when they are recovered." has been approved. So does this mean the crooked Administrators, who are milking this for everything they can plunder, will only get a fixed 11% of the amounts recovered for THC lenders/investors? Will that be in addition to or in replacement of their gargantuan hourly rate billing which will go into the millions of pounds by the time the Administration is closed? Well I didn't hear anything about crooked administrators although the judge did conclude "The expenses are large in the context of a large fund that needs to be administered." The fees will be taken out of the 11%. The court heard that the T+C's allow for 10% in any event. The Administrators have the ability to request higher amount from the court.
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ilmoro
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Post by ilmoro on Jul 28, 2022 16:02:14 GMT
I did a bit of live tweeting during the hearing - TLDR: HHJ Pearce said "those who wish to recover the benefit of their investments, I assume every investor does, must pay the appropriate costs of achieving that recovery" The court found the administrators have no other options to be reimbursed "The administrators seek an order permitting their renumeration and the payment of expenses through Berkley Applegate relief up to, from net sums, up to an amount equivalent to 11% as and when they are recovered." - Application approved My application for court documents was approved so expect a fuller write-up at some point. Thanks! All very interesting. I see in your notes that the "up to an amount equivalent to 11% as and when they are recovered." has been approved. So does this mean the Administrators, who are milking this for everything they can plunder, will only get a fixed 11% of the amounts recovered for THC lenders/investors? Will that be in addition to or in replacement of their gargantuan hourly rate billing which will go into the millions of pounds by the time the Administration is closed? Not sure crooked is an appropriate term (leaving aside the libel) ... actually seem to be relatively cheap, didnt even rack up £100k fees after a year. I would expect the order will be similar to that granted for BLN ... fees/costs for recovery of trust assets are capped at 11%
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p2pfan
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Post by p2pfan on Jul 28, 2022 16:44:29 GMT
Thanks! All very interesting. I see in your notes that the "up to an amount equivalent to 11% as and when they are recovered." has been approved. So does this mean the Administrators, who are milking this for everything they can plunder, will only get a fixed 11% of the amounts recovered for THC lenders/investors? Will that be in addition to or in replacement of their gargantuan hourly rate billing which will go into the millions of pounds by the time the Administration is closed? Not sure crooked is an appropriate term (leaving aside the libel) ... actually seem to be relatively cheap, didnt even rack up £100k fees after a year. I would expect the order will be similar to that granted for BLN ... fees/costs for recovery of trust assets are capped at 11% Thank you to ilmoro and @mousey for your input. Are we referring to the same figures for THC administrator's fees or different ones? For instance, in this article on P2P Independent News, of 29 September 2021, it refers to the administrators having "incurred £421,995 from 1,366 hours of work since the platform collapsed in February 2021." So that's nearly half a million pounds in six months! Furthermore, "It is estimated that a further £447,532 of time costs will be charged in continuing the administration process and finalising the outstanding matters." The sum will undoubtedly be massively higher by the time the administration process runs its course.
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ilmoro
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Post by ilmoro on Jul 28, 2022 17:22:19 GMT
Not sure crooked is an appropriate term (leaving aside the libel) ... actually seem to be relatively cheap, didnt even rack up £100k fees after a year. I would expect the order will be similar to that granted for BLN ... fees/costs for recovery of trust assets are capped at 11% Thank you to ilmoro and @mousey for your input. Are we referring to the same figures for THC administrator's fees or different ones? For instance, in this article on P2P Independent News, of 29 September 2021, it refers to the administrators having "incurred £421,995 from 1,366 hours of work since the platform collapsed in February 2021." So that's nearly half a million pounds in six months! Furthermore, "It is estimated that a further £447,532 of time costs will be charged in continuing the administration process and finalising the outstanding matters." The sum will undoubtedly be massively higher by the time the administration process runs its course. No, youre right I was looking at the wrong company. Still towards the bottom end of the spectrum £299 per hour blended rate as opposed to MT £432, Lendy £396
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Mousey
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Post by Mousey on Jul 28, 2022 17:53:11 GMT
I understand the amount of fees being discussed was in the region of £4m. "We reserve the right to come back and ask for more in due course."
HHJ Pearce explained the current position of time costs as of 31st May was: THCL - £642,254 THC Security Agent - £1,370,822 THC Finance - £74,561
The court heard that less than 10% of the total amount related to matters other than recover of loans.
I will be able to provide further clarification when I receive certain documents.
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