|
|
Post by p2psws on Dec 12, 2023 11:23:23 GMT
Hi all,
What with the fraudulent activity of platforms that are in administration, I havnt kept myself updated on MoneyThing. Thankfully my exposure to MoneyThing is minimal (£500). I have £250 in BPF957 and BPF809.
Can someone give a brief update on whats happened to these; whats left to do to retrieve anything; and if the likely return is to be above 0%?
Thanks
|
|
|
|
Post by df on Dec 12, 2023 12:27:17 GMT
Hi all, What with the fraudulent activity of platforms that are in administration, I havnt kept myself updated on MoneyThing. Thankfully my exposure to MoneyThing is minimal (£500). I have £250 in BPF957 and BPF809. Can someone give a brief update on whats happened to these; whats left to do to retrieve anything; and if the likely return is to be above 0%? Thanks 06/12/2023 There is no update at this time. 11/07/2023 There is no update at this time. 28/11/2022 There is no update on the recovery prospects for lenders. The Administrators will continue to review the position. 03/08/2022 The Joint Administrators continue to request periodic updates on recovery action and monitor the prospects of recovery for lenders. 16/03/2022 There is nothing further to report at this time. 07/12/2021 There is nothing further to report at this time. 10/08/2021 There is nothing further to report at this time.
|
|
|
|
Post by captainconfident on Dec 18, 2023 11:51:26 GMT
According to the below, we are awaiting the results of a court case against the valuer of the property and a report of the MT appointed trustee in bankruptcy.
did we also only receive a partial repayment of funds received from the sale?
01/02/2021
A further update will be provided on receipt of feedback following the court process in regard to the PI claim.
01/12/2020
By way of a brief update, a date of the 26th January court date has been assigned with respect to the professional negligence claim.
28/09/2020
Whilst we are still waiting for a court date with respect to the professional negligence claim, our solicitors are expecting it soon as other applications to court which the solicitors submitted around the same time are now starting to be assigned court dates.
10/01/2020
The claims over the assets under the Personal Guarantee is still in progress, however there is nothing to report just yet.
Professional negligence claims are still progressing. An application to court was sent just before Christmas and we are just awaiting the court date which is expected to be provided shortly.
04/10/2019
The Trustee in Bankruptcy has been making good initial progress with respect to claims over the assets under the Personal Guarantee. These claims will take a little time to conclude, however we will update lenders as soon as we have something to report.
Professional negligence claims are still progressing, however there is nothing concrete to report as yet.< br>
20/08/2019
After a number of delays, our Trustee in Bankruptcy was successfully appointed on the 9th August. We are due to receive their initial report early next week.
16/05/2019
By way of a brief update, legal claims are still ongoing. Whilst it has taken longer than hoped, the valuer and their insurers are now engaging. In the event that at outcome in not forthcoming within the next week, the next step is that our solicitors are ready and prepared to issue a claim.
Meanwhile, the borrower has successfully been made bankrupt and the Official Receiver have appointed a Trustee in Bankruptcy (TiB). However, as the largest creditor, we wish to appoint a different TiB which is currently in progress.
Further professional negligence claims are underway and we will update lenders when there is something to report.
01/02/2019
We had hoped to be in a position to update lenders last month (January), however both the claims against the borrower and the professional negligence claims are still ongoing. As soon as we have something to report we will update lenders.
04/09/2018
Following the sale of the property for £2.101m, the solicitors have concluded their calculations and the initial distribution of funds to lenders will be £856,392. The breakdown of these figures is included in the attached document. The total amount from this distribution will be allocated to Tranche A lenders only in accordance with the priority ranking of Tranche A.
The sale price achieved is significantly below what the property was originally valued at and £973,515 of lender capital remains outstanding, as does the accrued interest to date.
03/09/2018
Distribution of Sale Proceeds
Please accept our apologies that we did not post an update Friday as promised. We note that some lenders are frustrated by the slow progress of the distribution of the sale proceeds. We share that sentiment and we are doing what we can to expedite matters.
Following the sale of the property for £2.101m, the solicitors concluded their calculations and the initial distribution of funds to MoneyThing lenders. Whilst these calculations agreed with our own and were due to be sent out last week, one of the other Broadoak lenders has challenged the distribution. We were in discussions with Broadoak and their solicitors until after 11pm on Friday and have had further calls today. We are now at a point that the solicitors are giving us an undertaking that they will distribute the amounts due to us tomorrow afternoon (4th).
02/10/2017
Please see below brief update:
“The Joint Administrators have proposed making an application to Court for an Order of Sale of the property which assuming granted (and there is no reason to suspect it won’t), will enable a purchaser to obtain clean title and should ensure that the sale price is maximised. Broadoak have given their support to the application and the Administrators will proceed accordingly. Instructions will also be given to their sales agent to commence marketing of the property.”
UPDATE 11/06/17:
Having been in discussions with the developer (borrower), regarding the delays in reaching completion, the decision was taken to appoint Administrators on Friday 9th June 2017.
The rationale behind appointing Administrators was to gain control of the property and procure greater transparency surrounding the current position. The Administrators have already appointed agents and are currently sourcing an experienced quantity surveyor, following which the costs of the outstanding works and time to completion will be established.
UPDATE 08/05/17: Progress is still being made although it remains slower than expected.
UPDATE 07/04/17: Progress is being made albeit slowly. Connection of the utilities has been paid for but the borrowers are still waiting for a date for the installation work to be confirmed. The other works are close to completion but to ensure that the borrower focuses on finishing the final steps (they are working on another project simultaneously), we have told them we will be making fortnightly visits unannounced to check progress from now on.
UPDATE 06/03/17: Work continues. The connection of utilities has been delayed, which is likely to push the expected completion date back, possibly into May.
UPDATE 04/12/16: A further 2 units have been exchanged on. A further drawdown is likely around the middle of December.
UPDATE 21/11/16: A further advance is being offered to MoneyThing lenders today. The updated valuation puts the security now at £4,850,000 giving an overall LTV of 63.3% (after Broadoak's first loss holding).
UPDATE 02/11/16: 12 of the remaining 20 apartments now been sold, with reservation fees having already been paid on 8 of these. A drawdown of c. £200,000 will be made around the middle of November.
|
|
