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Post by brightspark on Oct 29, 2019 9:39:27 GMT
There are slight differences relating to the gradual progress of the Administration. The more fundamental issue is that FC will not acknowledge its own basic mistakes in the original offering which exposed investors to the shenanigans of the borrower.
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Post by skooldaze on Nov 3, 2019 14:55:51 GMT
And they never will.
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adrianc
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Post by adrianc on Nov 18, 2019 18:00:18 GMT
Not being funny but I can't really see any actual difference in the updates? October update We have received a further progress report from the Administrator for the period 21 February 2019 to 20 August 2019. The document has been prepared independently by the Administrator to update creditors on the progress that has been made since the last update. The report has been filed at Companies House, and is available to download from their website. The report explains that the Administrator continues to work towards marketing and realising the property for the best possible price. To help achieve this, the Administrator continues their investigations into a number of matters, including managing litigation proceedings in relation to the purported tenants of the property. The report provides that the litigation in relation to the purported tenants of the property was settled by way of a Tomlin Order during the course of a two day trial period set down to hear the matter on 15 and 16 October 2018. This settlement provided for the payment of a sum of money on or before 31 December 2018. That payment was not made and so the Administrator instructed its solicitors to make an application to lift the stay and enter judgement on the litigation proceedings in their favour declaring that the purported tenancy was a sham. The application is currently proceeding and the hearing of that application has been set to take place by the end of January 2020, being the earliest available date for a hearing. The report states that the Administrators are unable to provide an accurate estimate of either the quantum and timing of a return to Funding Circle due to the ongoing litigation. The Administrator has also applied to Court to extend the term of the Administrator's appointment an d the court granted an order extending the term to August 2020. The next update will be when the Administrator submits a further progress report 6 months from now, which will be in March. The RAG rating on this loan remains Amber. April Update 04 Apr 2019 We have received a further progress report from the Administrator for the period 21 August 2018 to 20 February 2019. The document has been prepared independently by the Administrator to update creditors on the progress that has been made since the last update. The report has been filed at Companies House, and is available to download from their website. The report explains that the Administrator continues to work towards marketing and realising the property for the best possible price. To help achieve this, the Administrator continues their investigations into a number of matters, including managing litigation proceedings in relation to the purported tenants of the property. The report provides that the litigation in relation to the purported tenants of the property was settled by way of a Tomlin Order during the course of a two day trial period set down to hear the matter on 15 and 16 October 2018. This settlement provided for the payment of a sum of money on or before 31 December 2018. That payment was not made and so the Administrator instructed its solicitors to make an application to lift the stay and enter judgement on the litigation proceedings in their favour declaring that the purported tenancy was a sham. The application is currently proceeding and it is anticipated that a hearing of the application will take place prior to the next progress report. The report states that the Administrators are unable to provide an accurate estimate of either the quantum and timing of a return to Funding Circle due to the ongoing litigation. The next update will be when the Administrator submits a further progress report 6 months from now, which will be in October. The RAG rating on this loan remains Amber. There's a court date at the end of January for lifting the stay and deciding whether the tenancy was a sham. Also, they've applied to extend the administration to August 2020.
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sussexlender
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Cheat seeking missile
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Post by sussexlender on Dec 24, 2019 11:06:05 GMT
Investors have now reached the Fourth Christmas with nothing repaid by this lot of dishonest borrowers (from 16/17 onwards) and no apology from the bloated fat cats running FC.
Last year it was hoped that FC would show some guts / moral fibre and admit their DD was lacking and pay investors back the capital that they had clearly been misled into putting into FC and this "8 month short term loan".
I started using FC in order to obtain some interest on cash which would otherwise be earning almost nothing. Except for this scandalous loan, the interest has been placed in charity donations for a local children's hospital and various animal welfare organisations. Meanwhile, these cheating borrowers have taken our cash and continue to live in the flat above the London Hotel whilst continuing to operate the Eastbourne Congress aparthotel purchased with our cash.
It would be no surprise to read that in January the High court will be informed that the borrowers have disappeared abroad / changed their surnames again / changed the company name again etc - but before hand they have created yet another sham lease, but this time on the flat above the hotel.
FC have sat back and shrugged their weak but smug shoulders in the process of counting their vast financial gains from the public floatation.
Shame on you FC. I just hope that less people are now being drawn into chucking cash into your mystery black box of tricks.
They failed to protect the existing loyal customers / investors in this loan; true they killed off their useless property team but who knows where they all went and if they are now being as ineffectual in their DD at other P2P platforms?
Time to say sorry FC. Time to pay us back the Capital at least.
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adrian77
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Post by adrian77 on Dec 26, 2019 16:29:25 GMT
Clearly that would be the moral thing to do but no chance of that as some of them have already cleaned-up and moved on. What I would say to FC is don't get too smug your money is not clean and I believe in karma so don't laugh too much as you don't know what is around the corner...
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sussexlender
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Post by sussexlender on Jan 18, 2020 20:17:14 GMT
If you didn't laugh (see thread above on loan 61545) which refers to the obvious failure by FC's brilliant due diligence team to carry out sufficient checks and how they missed the alleged false claims and concealed facts before dumping investors cash to a very suspect loan.
Some might think that it looks as if the much missed but incompetent "highly experienced property team" (responsible for this Hotel scandal- and many others) were not given the boot after all but may have been absorbed into the bowels of FC towers (next to the salsa dancing floor and table tennis table ?) to oversee loans to be approved for their "pig in a poke" box of magic tricks investment scheme.
No news yet on the promised hearing date this month to evict these fraudsters.
The Eastbourne Cong*** Aparthotel is still operating and the flat above the London hotel is still occupied.
Place your best for nothing to happen in January except further vast fees to be generated by the administrator and all the FC lawyers.
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kielbasa
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Post by kielbasa on Jan 29, 2020 17:40:15 GMT
Court hearing, Rolls Building, tomorrow at noon. Be there or be square!
ROLLS BUILDING
COURT 14
Before DEPUTY INSOLVENCY AND COMPANIES COURT JUDGE B******
Thursday 30 January 2020
Robed
At 12:00 PM
Trial
<redacted by mod>
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pickles
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Post by pickles on Jan 29, 2020 18:50:57 GMT
Srsly? Is there public access? I am nearby tomorrow, might drop in for lolz
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Jan 29, 2020 23:52:46 GMT
Think our chance of getting anything back will rely on kidnapping the defendants and selling their organs on the black market
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kielbasa
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Post by kielbasa on Jan 30, 2020 11:41:45 GMT
Srsly? Is there public access? I am nearby tomorrow, might drop in for lolz I believe Court hearings are generally open to the public.
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keitha
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Post by keitha on Jan 30, 2020 19:49:44 GMT
Any News ?
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Post by skooldaze on Mar 6, 2020 0:06:14 GMT
Ooooh it's March
Anyone for a bet that the update will be right at the end of March with 95% of the same text as last time?
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keitha
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Post by keitha on Mar 6, 2020 9:38:24 GMT
I bid 97% the same !
( if you ignore any part about next update )
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Post by brightspark on Mar 6, 2020 9:45:41 GMT
Nice to see that this short term loan is once again alive and kicking. No wonder that the FC share price keeps tanking whilst issues such as this one rumble on - how long is it now - it must be 5 years and not a whisper of an apology from FC or a gesture in the right direction.
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sussexlender
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Post by sussexlender on Mar 7, 2020 14:03:33 GMT
Hello FC
What happened at the court hearing of the 30th January? It is over 6 week ago and nothing from the fat cats at FC.
It is about time you had the guts to own up to promoting this clearly dishonest borrower and then doing nothing thus allowing this mess to develop.
Why anyone continues to put cash into your "you get what we give you" black box of loans is beyond me.
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