grumpsimus
Member of DD Central
Posts: 141
Likes: 122
|
Post by grumpsimus on Apr 20, 2024 10:50:09 GMT
I find it odd that people are concerned about apathy. Alblrate has been moribund for well over a year, with DBW decamping to Dubai. Activity on this board has followed this.
I think many lenders have already written-off any chance of the recovery of funds, so why waste time and effort on it.
Quantuma have been brought in to read the 'last rites'. It does not help that Quantuma are extremely poor at communication with creditors/lenders, certainly the worst I have come across from any administrator. They will probably be lucky to recover enough money to pay their fees
|
|
|
Post by bracknellboy on Apr 20, 2024 11:32:41 GMT
..... Your point is valid, but I suspect lots of lenders are likely to have been caught up in Collateral, Lendy, FundingSecure, the list goes on. N ow Ablrate. Not sure its apathy, more sheer resignation! .... So whilst this thread is about Abl can I simply suggest that whatever platforms you are caught up in you support those who are fighting for you.^ This But also ^^This I am very grateful for those that are fighting, and would be happy to do bits and pieces in support if I have any value to give. I have only small sums - less than £3k - in each of FS, Lendy, AC (not yet strictly 'failed') and Abl itself. With the exception of AC, thankfully I got into all those platforms "late" due to my natural caution/cynicism*. With MT I have ROM £5k in there: I didn't feel as cautious about it as I did with both FS and Lendy in particular. More's the pity ThinCats/BLN I have probably around £12k 'stuck' in there. The uncertainty as the exact amount comes from an over time acquired lack of interest in keeping track: whatever it is, the sum has long since become a purely nominal one. Given that a chunk of that was with one lender, I had a significant interest in recoveries but suspect it may now have been entirely written off by BLN, (actually I think it has, but I haven't updated my spreadsheet). In short, I long ago ceased to consider any P2P money as part of my assets, and my time is better spent worrying about other things I have some control over, except if there was a meaningful chance of recovery on a particular loan which is of significance to me. *FS and Lendy (SS) in particular I almost certainly would never have actually got into if I hadn't been housebound and bored during recovery from surgery. I should have just found another good book to read. Or started online gambling.
|
|
GreenZero
Member of DD Central
The early bird may get the worm, but it's the second mouse who gets the cheese
Posts: 221
Likes: 314
|
Post by GreenZero on Apr 20, 2024 14:57:03 GMT
I'm extremely grateful to those exposing what is and what has been going on, especially Observer.
The way I feel is one of resignation. The time to put any pressure on Abl has long gone. That was back when DBW was still around, but he had backers on and off this forum and there didn't seem to be any appetite to hold him to account, his nonsensical updates were swallowed.
The sheer length of time that passed kicking the can down the road allowed DBW to ensure the Abl cupboard was bare and in order, whilst the likes of AF and MC shuffled around their company directorships, PSC and shareholding.
It was no surprise there is no money to pay Quantuma. We all know their fees are horrendous. I think they will mop up any low hanging fruit loans and do a deal with the likes of AF to cover the rest of what they are owed, they will not want to be too much out of pocket. A few stern paragraphs will be written about the certain loans with missing assets and comments about the lack of due diligence and that will be the end of it.
I hope I am wrong.
|
|
brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
Posts: 387
Likes: 388
|
Post by brianlom1 on Apr 26, 2024 14:12:06 GMT
Just loaded to Companies House: "26 Apr 2024 Result of meeting of creditors
This document is being processed and will be available in 10 days."
|
|
brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
Posts: 387
Likes: 388
|
Post by brianlom1 on Apr 26, 2024 16:34:12 GMT
Is there any point in joining an informal creditor committee?
|
|
gmitz
Posts: 71
Likes: 22
|
Post by gmitz on Apr 26, 2024 18:58:44 GMT
I had a small amount sitting uninvested since September last year, not part of any of the loans. I made a withdrawal on 01/01/2024 but just saw the money back on the platform realising the withdrawal was never approved. Surely, if the money are not part of any of the loans, the administrators can't have a claim on it. Anyone else with in the same situation?
|
|
brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
Posts: 387
Likes: 388
|
Post by brianlom1 on Apr 29, 2024 11:07:00 GMT
I had a small amount sitting uninvested since September last year, not part of any of the loans. I made a withdrawal on 01/01/2024 but just saw the money back on the platform realising the withdrawal was never approved. Surely, if the money are not part of any of the loans, the administrators can't have a claim on it. Anyone else with in the same situation? The administrator will regard that as money "held on trust for loan investors" In the Statement of Administrator's proposal, that amounted to £553,430.12 and the administrator is relying on Berkeley Applegate orders to use that to fund the administration, as the court allows. There are opportunities to challenge that, both in principle (hard) and in quantum (less hard) through the courts. Does the joining of the Ablrate Assets Ltd case by a third party include such a challenge? Would an individual lender make such a challenge? Would a group of lenders make such a challenge? Considering this touches on the question by brianlom1 - is it worth joining the lenders committee? The administrator has already indicated it will spend £450k in efforts to recover the loan book, which stood at £21,484,607.61. The lenders committee could gain some insight into how much of the loan book the administrator believes it can recover and what particular actions the £450k is expected to fund. That information might cause some lender(s) to consider making an intervention in an attempt to change the way in which the loan book is dealt with. Keep in mind that public information shows that some of the borrowers are subject to recovery processes from other creditors. Some of those processes are much further advanced than this one. One case that involves a single loan larger than the whole ablrate loan book has been going on since at least August 2021 and involves cadres of lawyers, administrators and the courts in multiple jurisdictions. I expect £450k has been spent on that case quite a few times over by now and, so far, nothing has been recovered. I'm in a similar situation to gmitz - interest from loan 1000171 was paid into my account on 29 December 2023 and withdrawal was requested on the same day. For whatever reason, the withdrawal wasn't processed and on 18 April 2024 the withdrawal request was cancelled. This is pure theft.
|
|
Joss
Posts: 18
Likes: 14
|
Post by Joss on Apr 29, 2024 13:13:31 GMT
I'm in a similar situation to gmitz - interest from loan 1000171 was paid into my account on 29 December 2023 and withdrawal was requested on the same day. For whatever reason, the withdrawal wasn't processed and on 18 April 2024 the withdrawal request was cancelled. This is pure theft. I think it is possible to make the case that any withdrawal request made before 15 Jan 2024 (when the administrator was appointed) should have been honoured. That said, I also think it is possible to make the case that the cut off should have been 22 Dec 2023 (DBW's email announcing the companies were going into administration). Has anyone else raised this directly with the administrator and had a response? I did and was told the following - "Please be assured, the money is not lost, it is removed from the account balance shown on your dashboard on the platform at time of making the withdrawal request. Withdrawal requests are currently sat pending on the platform for us to process. The payment process is manual and is something we will pick up in due course. It will take us some time to get the banks working with us to move the funds and give us access to make payments. Further, we also need to undertake a review of the company’s AML procedures, to determine whether we can rely upon them or not. Please bear with us and thank you for your patience." I don't believe it though.
|
|
|
Post by overthehill on Apr 29, 2024 13:57:23 GMT
Inaccessible loan capital already repaid is as good as it gets with any administration. They simply have to make sure that all loans repaid post-admin are treated equitably and contribute equally to the vulture feast.
Loan capital and interest (ha ha) not already repaid is another story with a bad ending.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,883
Likes: 11,106
|
Post by ilmoro on Apr 29, 2024 14:14:32 GMT
Inaccessible capital already repaid from loans is as good as it gets with any administration. They simply have to make sure that all loans repaid post-admin are treated equitably and contribute equally to the vulture feast.
Capital not already repaid from loans is another story with a bad ending.
Do you think there is a difference if a withdrawal request had been made prior to the administrator being appointed? Difficult but the FCA guidance on regulated company administrators includes a distinction should be made between pre & post admin client funds. The pooling event takes place at the date of admin which may be relevant.
|
|
|
Post by overthehill on Apr 29, 2024 14:19:51 GMT
Inaccessible capital already repaid from loans is as good as it gets with any administration. They simply have to make sure that all loans repaid post-admin are treated equitably and contribute equally to the vulture feast.
Capital not already repaid from loans is another story with a bad ending.
Do you think there is a difference if a withdrawal request had been made prior to the administrator being appointed?
Wrong person to ask but IMO loans (not just registered withdrawals) repaid before administration started should be honoured and returned to investors. Seems fair legally and morally.
I'm sure this happened with Fundingsecure but would need to check.
|
|
Joss
Posts: 18
Likes: 14
|
Post by Joss on Apr 29, 2024 15:05:31 GMT
I did and was told the following - "Please be assured, the money is not lost, it is removed from the account balance shown on your dashboard on the platform at time of making the withdrawal request. Withdrawal requests are currently sat pending on the platform for us to process. The payment process is manual and is something we will pick up in due course. It will take us some time to get the banks working with us to move the funds and give us access to make payments. Further, we also need to undertake a review of the company’s AML procedures, to determine whether we can rely upon them or not. Please bear with us and thank you for your patience." I don't believe it though. Was the response you received from the administrator before or after 18 April 2024? brianlom1 states that a withdrawal requested on 29 Dec 2023 was cancelled on 18 April 2024. The response I had from Quantuma was before April. It was on 1st Feb after a withdrawal I attempted around new year time.
|
|
duck
Member of DD Central
Posts: 2,594
Likes: 5,787
|
Post by duck on May 7, 2024 8:26:34 GMT
|
|
|
Post by overthehill on May 8, 2024 16:00:42 GMT
Why are we waiting ?
Is anything happening that will benefit lenders/creditors or are quantuma still planning their strategy to maximize revenue by figuratively raiding portfolios and wallets ?
|
|
observer
Member of DD Central
Posts: 626
Likes: 1,084
Member is Online
|
Post by observer on May 8, 2024 17:00:33 GMT
Why are we waiting ?
Is anything happening that will benefit lenders/creditors or are quantuma still planning their strategy to maximize revenue by figuratively raiding portfolios and wallets ?
My interpretation (could be wrong). Creditors voting against the basis of the administrators' fees and the approval of the pre-administration costs has caused a delay. The creditors that voted against knew this would be the outcome if the vote went their way. Look at the biggest creditors and consider if they would prefer the administration to proceed faster, or slower... Next thing to be announced should be to do with the formation of the informal committee of Loan Investors. Nominations closed on 3 May. An updated FAQ is expected to be published by the end of this week. Whatever that means.
|
|