GeorgeT
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Post by GeorgeT on Aug 8, 2023 21:20:21 GMT
Sorry if I'm missing something or misunderstand the issue, but I received the annual report by email on 7th July 2023. It's 27 pages long.
The report is headed -
"Collateral (UK) Limited Collateral Sales Limited Collateral Security Trustee Limited All In Creditors’ Voluntary Liquidation Joint Liquidators’ progress report from 10 May 2022 to 9 May 2023"
However I can see it hasn't been uploaded to the BDO Collateral webpage.
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GeorgeT
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Post by GeorgeT on May 23, 2023 20:50:19 GMT
I spoke to BDO today, they hope the next batch of payments will be in May, but it may drop over into the start of June. Aiming to pay anyone who did not get anything in the original distribution who has a confirmed bank account. Thanks. Any explanation as to why some people with confirmed bank details didn't get a payment while some others did ?
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GeorgeT
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Post by GeorgeT on May 11, 2023 20:52:52 GMT
Are these payments coming directly into our bank accounts ? Yes. Some people received payments directly into their bank accounts about 2 weeks ago, but others didn't, despite having confirmed their bank details when asked and being due a payment. I'm one of those who hasn't had a payment and I've heard nothing further.
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GeorgeT
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Post by GeorgeT on May 3, 2023 22:13:35 GMT
I'm expecting 21.5% of my exposure mainly from uninvested cash. They (Jack) acknowledged receipt of my bank details back in August but I've received nothing as yet. I think we can assume that they are well and truly snowed under. I'll give them another week or so to sort themselves out. In a similar position. Due a decent 4 figure sum according to their figures and last week's email with the percentages on, confirmed my bank details last year and had confirmation back (also from Jack) but have received no payment. Emailed them about it yesterday but no reply. Even a brief acknowledgement would be reassuring. Slightly worrying but will give it till end of week before escalating.
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GeorgeT
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Post by GeorgeT on Apr 28, 2023 21:04:53 GMT
I confirmed my bank details when asked and received confirmation back yet have received nothing despite the details showing I'm due a quite substantial sum based on my loans and the percentages. Has anyone else in this position had no payment yet ? Think I'll send them an email as seems most have had a payment today. They do say payments might take a few days and some banks can be slow. Might be worth waiting until after the BH given that there wont be anyone in the office anyway and if the money does appear early next week saves the cost of them replying needlessly. Thanks, yes, I'll keep the email in my drafts for now. Very frustrating as it's a lot of money to me and I've had same account with big High St bank for 40 years and payments usually appear almost instantly.
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GeorgeT
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Post by GeorgeT on Apr 28, 2023 20:25:30 GMT
I confirmed my bank details when asked and received confirmation back yet have received nothing despite the details showing I'm due a quite substantial sum based on my loans and the percentages. Has anyone else in this position had no payment yet ? Think I'll send them an email as seems most have had a payment today.
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GeorgeT
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Post by GeorgeT on Apr 28, 2023 18:27:10 GMT
Got the email but no money received by me yet. :-(
On the bright side I can have an evening working out what I can expect based on the table and my investments.
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GeorgeT
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Post by GeorgeT on Mar 31, 2023 12:22:43 GMT
I assume that as I haven't just had an email from BDO, they are happy with the details I gave them back in July 2022. They did email me at the time & say they'd updated their records (not that they needed to, as it's the same account we used to invest in collateral in the first place) Yes, no email here either. I responded to the request for up-to-date bank details last summer (and, again, my bank account details have not changed) and also had confirmation from them in July. So it seems the emails are chasers and only being sent to people who, for some reason, didn't respond to the request for bank details from last summer.
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GeorgeT
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Post by GeorgeT on Mar 2, 2023 17:38:13 GMT
Last report published in CH. The Administration is finished and moving into Dissolution. Funds are with MT. Should this mean we will now get some of our money back ?
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GeorgeT
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Post by GeorgeT on Jul 9, 2021 20:42:24 GMT
The freehold interest is up for sale by auction later this month. I've put details in DD central.
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GeorgeT
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Post by GeorgeT on Apr 17, 2021 0:12:58 GMT
Sorry for slow response. In the interest of my mental wellbeing I check into the forum less often than I used to.
The warning notice has been on both the RBS and NatWest online and mobile banking platforms this month (I believe they are the same apart from the branding).
Notices like that just stick in the throat a bit. I still find it hard to get my head around the fact the FCA register was wrong.
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GeorgeT
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Post by GeorgeT on Apr 6, 2021 22:27:44 GMT
I just logged into my online banking and was greeted by a new message which I had to acknowledge, as follows -
.."Is someone you don't know offering you an unexpected investment opportunity? Always use the FCA Register to check the firm is authorised to provide investments.."
I thought immediately of Collateral.
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GeorgeT
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Post by GeorgeT on Feb 22, 2021 17:52:43 GMT
So they are aware there is a perceived conflict of interest but will safeguard against it so have satisfied themselves there isn't a conflict of interest.... Hmmm.
Even a perceived conflict of interest erodes trust in the process and, in my view, makes the appointment inappropriate.
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GeorgeT
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Post by GeorgeT on Feb 2, 2021 0:09:56 GMT
On the face of it, it would seem to require a degree of incompetence to achieve this state of affairs and obliterate value to this extent. I hope I'm wrong.
In my experience, given all the unknowns and inevitably rising costs, build out rarely achieves a better outcome than early sale and it has the consequence of keeping various fee earners in business for much longer.
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GeorgeT
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Post by GeorgeT on Feb 1, 2021 23:49:49 GMT
The COL debacle will shortly be entering its 4th year with investors having not received even a morsel back despite many of the property assets having been sold yonks ago for more than the loan amounts (many of the COL property loans were pretty sound from a loan security/valuation angle).
Why has there not, it appears, been a cc meeting for well over a year? I'd have thought holding such meetings via Zoom or similar platform ought to be easy. What's the point of forming a committee if it doesn't meet.
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