Mousey
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Post by Mousey on Nov 21, 2023 12:03:51 GMT
FundingSecure administrators to remain neutral on £500k claim against “innocent investors”A disgruntled creditor of the failed peer-to-peer lending firm FundingSecure has launched a high court claim alleging its £500k investment was misappropriated and should be returned. Read more here (including access to the court documents)
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agent69
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Post by agent69 on Nov 21, 2023 13:02:19 GMT
FundingSecure administrators to remain neutral on £500k claim against “innocent investors”A disgruntled creditor of the failed peer-to-peer lending firm FundingSecure has launched a high court claim alleging its £500k investment was misappropriated and should be returned. Read more here (including access to the court documents) Must be wonderful to be an administrator. No financial interest in the result, so you just sit there and say we're neutral and happy to go with whatever the court decides.
Is there £500k in a pot somewhere that could be used to pay a sucessful claim? If not where does the money come from?
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Mousey
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Post by Mousey on Nov 21, 2023 13:20:09 GMT
Is there £500k in a pot somewhere that could be used to pay a sucessful claim? If not where does the money come from?
Yeah - the client account which contains money held by investors
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aj
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Post by aj on Nov 21, 2023 14:20:00 GMT
Despite providing the claimant with my details and asking to be joined to the claim, I have not heard from their lawyers. I expect this is what they are applying to the court for directions to guide them on.
The administrators 'neutrality' is just a cop out so they don't have to involve themselves in funding another legal defence (Though they managed it fine when looking to deduct extra fees...)
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Post by overthehill on Nov 21, 2023 14:31:30 GMT
So if the administrators are staying neutral who is the defence ? Once it is established where this 500k went i.e which loans was it used on if any , I don't see what possible claim there is on investors' money in other loans i.e. none of it belongs to Fundingsecure.
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adrian77
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Post by adrian77 on Nov 21, 2023 15:18:52 GMT
This is a joke !
Mr *arring clearly lives an interesting life with music, Chinese women, upmarket nightclubs ,dissolved companies etc!
Are we supposed to believe this rubbish - who the hell hands over £500K to a company without a legal document
unless it was something a bit "sensitive" - anybody wanting to put £500K into my business without said legal cover please send me a PM!
This is clearly tied into the Manchester land agreement and for whatever reason I don't think it was put on the FS loanbook?
As I see it if this creditor has no written evidence then he has no chance whatsoever of getting a penny back
I hope these dealings come to light and a criminal prosecution is bought should there be enough evidence
I need a metaphoric cat to kick!
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adrian77
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Post by adrian77 on Nov 21, 2023 15:56:59 GMT
thanks - well this is interesting - cue legal beagles earning a fortune - can the claimant sue against a bankrupt company for his money back - guess it all
depends on the agreement and the security taken - if this was my £500K I would not be holding my breath!
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rocky1
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Post by rocky1 on Nov 21, 2023 16:39:18 GMT
the tower block money is their backup here. plus their fees and whatever else they can take out. they will find a way to justify their actions and use our money. i hope i am proved wrong.
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Post by brightspark on Nov 21, 2023 17:33:00 GMT
Presumably the lender of the £500,000 must prove that 1) The sum of money was actually lent 2)The purpose and conditions attached to the loan for which the money was lent is defined. If 1 and 2 are satisfied presumably the lender then has to prove his entitlement to be at the head of the queue for anything left in the pot. Seems like a tall order to me.
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Mousey
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Post by Mousey on Feb 5, 2024 17:35:16 GMT
FUNDINGSECURE - "INNOCENT INVESTORS" GIVEN MARCH DEADLINE IN 500K QUISTCLOSE CLAIMA judge has approved directions in a High Court claim after a disgruntled creditor of the failed peer-to-peer lending firm FundingSecure alleged its £500k investment was misappropriated and should be returned. Read more
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Feb 5, 2024 21:54:21 GMT
FUNDINGSECURE - "INNOCENT INVESTORS" GIVEN MARCH DEADLINE IN 500K QUISTCLOSE CLAIMA judge has approved directions in a High Court claim after a disgruntled creditor of the failed peer-to-peer lending firm FundingSecure alleged its £500k investment was misappropriated and should be returned. Read more The Court Order only talks of 63 persons who will be contacted in writing. Presumably these are the lenders whose money was frozen nearly 3 years ago by the administrator. More recently the administrator has withheld 7.5% of all recent recoveries as an indemnity, presumably against Quistclose. Therefore, I would think all lenders should be included although it's not clear how the 7.5% will be used. I would like to make a statement to the Court if the 7.5% is at risk due to Quistclose, but I'm not one of the 63.
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adrian77
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Post by adrian77 on Feb 6, 2024 10:26:54 GMT
Thanks Mousey -great work
If this "investment" had say earnt them a killing on a building land deal then I doubt if they would want their money
back and the deal cancelled!
I really don't get this - strikes me as complete horlicks and a legal bodge to play for time - also FS never told we lenders what has happening
If you lend money to a company then surely you are either taking a risk as shares or the loan is supportedby a charge?
What we have here seems to be a load of whataboutery based on some mystical report of an unofficial agreement
Or as we learned legal counsel say - total b*llocks!
There is one big time winner here and it is not the FS investors...
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Mousey
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Post by Mousey on Feb 26, 2024 22:05:22 GMT
FUNDINGSECURE - "INNOCENT INVESTORS" GIVEN MARCH DEADLINE IN 500K QUISTCLOSE CLAIMA judge has approved directions in a High Court claim after a disgruntled creditor of the failed peer-to-peer lending firm FundingSecure alleged its £500k investment was misappropriated and should be returned. Read more
It's understood that a hearing has been listed for 19th April 2024 at 10:30am.
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adrian77
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Post by adrian77 on Feb 26, 2024 23:18:47 GMT
Great work Mousey - hopefully this nonsense is thrown out of court
As I said before I don't see what this has to do with loan investors - if this clown has a claim against FS
then surely it should come out of their assets - as their assets is zero then they get nothing - tough but that is business
Who the hell is paying for this legal action - I bloody wonder...
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Feb 27, 2024 0:22:23 GMT
Great work Mousey - hopefully this nonsense is thrown out of court As I said before I don't see what this has to do with loan investors - if this clown has a claim against FS then surely it should come out of their assets - as their assets is zero then they get nothing - tough but that is business Who the hell is paying for this legal action - I bloody wonder... Just read the claim form provided by mousey ... its pretty clear why it has to do with lenders ... some of the money has been reportedly used to repay funds misappropriated from lenders by FS (FS do apparently keep changing their story). The claim is against the client account, which is where the money should be, not FS. Who pays will depend on the outcome as the claimant is seeking costs ... that would likely come from the general estate
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