p2pfan
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Post by p2pfan on Mar 20, 2024 12:55:56 GMT
We are endlessly reassured by P2P lending platforms and the FCA that all P2P platforms have meticulously-thought-out, world-class detailed wind-down plans in place.
That includes setting aside all the money and resources necessary to manage the wind-down processes.
Therefore, these platforms and the FCA state, investors are not likely to lose their money.
Where is Ablrate's wind-down plan?
How many millions of pounds did they diligently set aside to pay for their wind-down by Quantuma over the next five years?
Or are these assertions about robust, fully-costed wind-down processes by P2P platforms and the FCA merely fraudulent claims?
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iRobot
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Post by iRobot on Mar 20, 2024 13:24:31 GMT
We are endlessly reassured by P2P lending platforms and the FCA that all P2P platforms have meticulously-thought-out, world-class detailed wind-down plans in place. That includes setting aside all the money and resources necessary to manage the wind-down processes. Therefore, these platforms and the FCA state, investors are not likely to lose their money. Where is Ablrate's wind-down plan? How many millions of pounds did they diligently set aside to pay for their wind-down by Quantuma over the next five years? Or are these assertions about robust, fully-costed wind-down processes by P2P platforms and the FCA merely fraudulent claims? In practice, Administration does NOT equal Wind Down, a point Ablrate outlines in its' Ts&Cs, notably (my bold): If any platform were required to set aside capital funding to cover the full costs in eventuality of Administration, no platform would ever launch. (And let's presume such a pool of capital had been set aside... based on widely expressed sentiments, an appointed IP would simply raid that pool without providing any real value to creditors / lenders and then implement additional fees or simply walk away.) Anyone still in other platforms really should revisit those platforms' Ts&Cs and work out for themselves what the likely outcome of an Administration would be. (Hint: ugly; very, very ugly)
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duck
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Post by duck on Mar 20, 2024 14:49:10 GMT
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p2pfan
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Post by p2pfan on Mar 20, 2024 22:32:59 GMT
Thank you for sharing that observer . Your points - and those of others - are valid. It would be interesting to know if that £56,551 is still in the bank account and will be used to contribute towards the administration fees. But, ultimately, it's a drop in the ocean of the amount that Quantuma will charge. As for Ablrate's Directors working closely with Quantuma, as you state about him still not having submitted a signed Statement of Affairs it seems like that is not the case. When there is no comeback on Directors for running businesses into the ground in this culture and business failure is actually seen as a badge of honour and elicits endlessly sympathy and support from the majority of people ("poor you, how awful, your business failed because of Covid [insert any of a thousand other excuses here]!") there is no incentive for them to contribute towards an administration running less catastrophically.
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macq
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Post by macq on Mar 20, 2024 22:48:51 GMT
not sure the help/FAQ's work on the site anymore but ironically it used to say at One time that the wind down plan would be run by Huddle i believe?
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Post by Badly Drawn Stickman on Apr 17, 2024 15:29:14 GMT
I have been experimenting with Voodoo dolls and accidentally dropped a couple of early models into a bucket of water yesterday. Imagine my surprise when I switched on the news to see Dubai suffering from floods.
Once perfected I will be selling them on ebay.........
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