rogerthat
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Post by rogerthat on Mar 21, 2019 10:44:34 GMT
Iim sure everyone knows what they're doing and later, rather than sooner, a conclusion will be reached but as the length of time required to ensure due process is followed, ive written this off in my head as the cost of all this administration will surely suck the marrow out of the bones of this carcass. I suspect the only fossil discovered within this amber will be an I O U
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Post by skooldaze on Mar 26, 2019 9:12:48 GMT
Jeez - they can't even deliver an update in a timely manner
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ashtondav
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Post by ashtondav on Mar 26, 2019 9:53:26 GMT
Kinda like parliament and Brexit....
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adrian77
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Post by adrian77 on Mar 26, 2019 16:26:50 GMT
Kinda like parliament and Brexit.... as Harry Hill would say "I like parliament but I also like Brexit - which is better? - fight!"
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ptr120
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Post by ptr120 on Mar 26, 2019 19:44:29 GMT
I suspect that the administrators are planning to lodge this with CH just before they join their colleagues from FC for salsa dancing on Friday afternoon. Does anyone who understands the administration process better than I know how / to who I can report the administrator for failing to post their updated report as per their legal obligations?
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ptr120
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Post by ptr120 on Mar 28, 2019 15:00:22 GMT
Notification from CH that the administrators progress report has been submitted and is being processed. Given that FC will have seen this already, how long do we thing they will take before they post a loan comment (we already know that it'll be fairly meaningless anyway).
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ptr120
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Post by ptr120 on Mar 31, 2019 18:12:13 GMT
Well the administrators report is now available. Cleverly times to become available over a weekend so that FC can give us at least 24 hours to calm down before hitting the phones on Monday. We now learn that there was a court case relating to the purported lease on the 15 and 16 October 2018. which resulted in a settlement providing for a payment to be made by 31 Dec 2018. The payment was not made (surprise!) and lawyers are now taking action to declare the nenancy is a sham (I think we all knew this many months ago).
Term of administration extended for a further 18 months.
Administrator fees were initially estimated as £47,300 then £59,840 then £107,140. Current incurred costs are £106K and therefore the fourth fee estimate is now being prepared.
What an absolute shocker!
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Post by skooldaze on Apr 1, 2019 6:45:49 GMT
Another piece of evidence logged on FC failing i.e. not updating in March as promised.
Collected for the legal case
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adrian77
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Post by adrian77 on Apr 1, 2019 12:02:54 GMT
If I did not know better I would think this was an April fools' joke - at this rate the administrator is going to rake in over £200K - nice work if you can get it...
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lucky
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Post by lucky on Apr 1, 2019 18:40:29 GMT
I might be mistaken but it would appear that in excess of £120,000.00 has been spent on solicitors so far.
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Post by danielbird193 on Apr 3, 2019 8:44:43 GMT
I agree that this whole situation is frustrating, but in my opinion the key paragraph from the latest update report is as follows:
Yes, FC were negligent in allowing the loan to proceed without taking adequate security. Yes, the administrators and lawyers are charging significant fees for their work on this complex case. But at least we now know that something is happening, and there is some progress towards a resolution. This is a complex and difficult insolvency and litigation is always slow, expensive (and risky - FC may not win!). However we have to accept this for what it is and be assured that the legal system will do what it has to do, albeit slowly.
I still hold out hope of seeing some realisation on this loan - albeit pennies on the pound, and perhaps many months in the future.
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Post by brightspark on Apr 3, 2019 10:28:16 GMT
I think you are missing the point here. FC were misled by the borrowers into offering a series of defective loans. FC are now sheltering behind the administrative process. Lending is a risky business and investors are sanguine about it but this situation had been avoidable with due diligence. FC should come clean. They should provide restitution to the lenders from their own pockets so that all can move on.
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Post by skooldaze on Apr 4, 2019 17:25:16 GMT
and 5 days late on the update then promised.
Pathetic
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Post by Badly Drawn Stickman on Apr 4, 2019 17:57:36 GMT
and 5 days late on the update then promised. Pathetic skooldaze congratulations you may be the only poster ever to have reached qualification to DDc with posts only on one thread. A post of yours was moved there a while back, I would suggest you join and become reunited with it, You may find it useful in the future if you have material not suitable to post on the main forum. There is a link to apply below Link Here
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Post by skooldaze on Apr 6, 2019 16:47:39 GMT
Thanks a consolidation prize
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