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Post by mrclondon on Nov 10, 2019 18:05:51 GMT
At long last this apartment is now on the market. Priced at £400k (cf loan £311.5k / VR £445k)
Links on DDC for those with access.
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averageguy
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Post by averageguy on Nov 11, 2019 17:37:17 GMT
Begs the question why has it taken so long? Was there a question over title? It’s questions like these that answers via the cc should be forthcoming
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Monetus
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Post by Monetus on Nov 12, 2019 1:14:47 GMT
Begs the question why has it taken so long? Was there a question over title? It’s questions like these that answers via the cc should be forthcoming To quote the NDA which I signed: “No aspect of the loan books (including the property schedule) should be disclosed to anyone.” so even though I know the answer I am unable to assist. However if there was a problem with the title (not saying that there is) do you think it would be wise to make that public knowledge anyway? Is that going to help you get your money back?
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averageguy
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Post by averageguy on Nov 12, 2019 9:55:56 GMT
Begs the question why has it taken so long? Was there a question over title? It’s questions like these that answers via the cc should be forthcoming To quote the NDA which I signed: “No aspect of the loan books (including the property schedule) should be disclosed to anyone.” so even though I know the answer I am unable to assist. However if there was a problem with the title (not saying that there is) do you think it would be wise to make that public knowledge anyway? Is that going to help you get your money back? fair point although my comment was not aimed at the CC ...but I’m sure you appreciate that for those not in the know like myself “it begs the question” is a very relevant point....particularly when you look at various other aspects of BDO running the show and perhaps compare that with what is happening over at Lendy
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star dust
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Post by star dust on Nov 12, 2019 12:29:23 GMT
It's certainly relevant as far as I am concerned. Here we have administrators charging investors (well who else will be footing the bill) £1000+ a day so it seems legitimate to want to understand why it has taken them in excess of 18 months to appoint receivers or get properties on the market for quite a number of loans, or take in excess of a year to value the bling, never mind dispose of it. It seems even the complaints commissioner has suggested that dissatisfaction with the process should be taken up with the CC, Administrators, and the Insolvency Service, and from where I’m sitting there seems to be a hell of a lot to be dissatisfied about.
Who knows whether that knowledge will help us "get our money back", but more detailed information may certainly help in holding the players to account.
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Monetus
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Post by Monetus on Nov 12, 2019 12:53:44 GMT
It's certainly relevant as far as I am concerned. Here we have administrators charging investors (well who else will be footing the bill) £1000+ a day so it seems legitimate to want to understand why it has taken them in excess of 18 months to appoint receivers or get properties on the market for quite a number of loans, or take in excess of a year to value the bling, never mind dispose of it. It seems even the complaints commissioner has suggested that dissatisfaction with the process should be taken up with the CC, Administrators, and the Insolvency Service, and from where I’m sitting there seems to be a hell of a lot to be dissatisfied about. Who knows whether that knowledge will help us "get our money back", but more detailed information may certainly help in holding the players to account. Welcome to insolvency.
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james21
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Post by james21 on Nov 12, 2019 13:01:38 GMT
It's certainly relevant as far as I am concerned. Here we have administrators charging investors (well who else will be footing the bill) £1000+ a day so it seems legitimate to want to understand why it has taken them in excess of 18 months to appoint receivers or get properties on the market for quite a number of loans, or take in excess of a year to value the bling, never mind dispose of it. It seems even the complaints commissioner has suggested that dissatisfaction with the process should be taken up with the CC, Administrators, and the Insolvency Service, and from where I’m sitting there seems to be a hell of a lot to be dissatisfied about. Who knows whether that knowledge will help us "get our money back", but more detailed information may certainly help in holding the players to account. Welcome to insolvency. unhelpful comment monetus; star dust is right, the administrators are a disgrace
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Monetus
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Post by Monetus on Nov 12, 2019 13:04:14 GMT
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averageguy
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Post by averageguy on Nov 12, 2019 17:48:13 GMT
What do you think or is that under a NDA? ...Joking! Just to make clear my post yesterday was not aimed at you personally but The exasperation at BDO ... highlighted by Stardust’s comments. Anyway enough from me for the mo..lets hope whoever they have appointed can flog the property quickly and at a good price PS Thanks for the links, I think i just might start the ball rolling on a complaint...lets start with something like the bling
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Monetus
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Post by Monetus on Nov 13, 2019 3:40:08 GMT
I decided to stop posting my personal opinion regarding this administration a while ago as unfortunately a small minority on the forums seem to feel the need to passively/aggressively pick apart every word and I have been blamed in the past when "Monetus said X but actually Y happened" so I’ve decided not to comment with any further personal opinion from now on as it’s often misinterpreted. I guess it’s probably the same reason that a lot of platform reps don't really engage with this forum that much anymore and it’s likely that I will also be taking a step back myself. However I’ve posted a few things about Collateral lately: p2pindependentforum.com/post/353040/threadp2pindependentforum.com/post/352992/threadp2pindependentforum.com/post/354088/threadMy final thoughts on the subject.... There are legitimate reasons for the delay in disposing of the property and chattel assets but they cannot be disclosed so unfortunately you’ll have to use your imagination. This is as frustrating for me as it is for you but it is also unrealistic for either myself or BDO to release information publically that could affect recoveries and result in a poorer outcome for investors. This includes true valuations of assets, estimated outcomes, whether there are any legal issues in certain loans or why it's taking so long to dispose of certain assets. It is not the role of the creditors committee to act as a communications mouthpiece for the administrators providing a blow-by-blow account of the administration (which isn’t possible anyway due to NDA) or also to come on here to support/defend/attack them. I can assure you that BDO are being monitored and scrutinised by the five representatives on the Committee. Our role is to hold BDO accountable, act as a general sounding board and assist them with their function of achieving the best outcome for creditors/investors during committee meetings. I am of the personal belief that these functions are being achieved and unless I have judged the sentiment of committee meetings totally incorrectly I'm not seeing the other four committee members clamouring for BDO to be replaced or to act much differently than they are currently given the circumstances they are facing. The fact that RSM have finally chucked investors a few quid from a loan repayment that’s been sat in their bank account for over six months and sent various “announcements of announcements” via email which probably cost a couple of grand each to put together also seems to have raised expectations that BDO should somehow be doing the same by now. Once again - the two situations aren't in any way comparable and just because you haven't got any money back yet isn't necessarily down to the performance of the administrators. Collateral is also a much smaller platform so the cost of more regular and frequent updates would be deducted from capital and result in a significant financial hit to investors when funds are eventually returned to them. I can confirm however that progress is being made. As we all know P2P recoveries can sometimes move at a glacial pace (see Lendy, MT, FS, AC for countless examples). There are various loans live on other platforms which aren't even in administration (both chattel and property) that have taken longer than eighteen months to resolve and you can be certain that the administrators are facing the same issues with borrowers and assets that are encountered on other platforms. Administration doesn't change that. The issues with the database have also caused a lot of issues so I am pleased that they are now resolved and I am hoping that progress with accelerate accordingly from here on in. In regards to other matters I have been assisting some other investors with the FCA/regulatory side of things and will continue to do so as I am determined to get as much of our money back as possible in any way that we can. If you are truly unhappy about BDO’s communication or have another issue with them by all means take it up with them and I am also happy to take feedback back to meetings. Several major questions from this forum were asked at the previous meeting. As previously mentioned there is also a complaints process you can follow here: www.gov.uk/complain-about-insolvency-practitioner however please be aware that BDO are carrying out all of their statutory reporting functions under the Insolvency Act (initially every six months and now every twelve) so any information received over and above this should be treated as a "bonus" in all honesty. I believe the next report is due at the end of April 2020. |
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metoo
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Post by metoo on Nov 13, 2019 6:35:29 GMT
Personally as a Collateral lender I see no benefit in complaining about BDO at this time, and plenty of downside. I would prefer the highest recovery rather than the fastest. Where receivers are marketing properties, I can’t see the cost being much lower if the process is rushed, but the recovered value would probably be lower. I doubt BDO has much ongoing costs while receivers are doing the work. I imagine many of the challenges of getting to grips with the exceptional case of Collateral, such as the missing data, have been overcome by now. I accept that there are many things that we legitimately can’t be told for now. The existence of the Creditors' Committee means BDO's work is being scrutinised by lenders.
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tommytaylor
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Post by tommytaylor on Nov 13, 2019 9:31:29 GMT
It's certainly relevant as far as I am concerned. Here we have administrators charging investors (well who else will be footing the bill) £1000+ a day so it seems legitimate to want to understand why it has taken them in excess of 18 months to appoint receivers or get properties on the market for quite a number of loans, or take in excess of a year to value the bling, never mind dispose of it. It seems even the complaints commissioner has suggested that dissatisfaction with the process should be taken up with the CC, Administrators, and the Insolvency Service, and from where I’m sitting there seems to be a hell of a lot to be dissatisfied about. Who knows whether that knowledge will help us "get our money back", but more detailed information may certainly help in holding the players to account. I think the answer is in your question there Stardust Because its £1000+ a day.
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boundah
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Post by boundah on Nov 13, 2019 23:25:20 GMT
Monetus I for one am very grateful for the time you have put into this on our behalf. Some people seem to think you are a mouthpiece for BDO or even their employee.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Nov 13, 2019 23:48:35 GMT
Which, of course, he is most definitely NOT.At some stage you have to endow trust, and I would much rather trust Monetus (as one of US) than anyone else in this black comedy, including the FCA. |
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averageguy
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Post by averageguy on Nov 14, 2019 13:40:59 GMT
Which, of course, he is most definitely NOT.At some stage you have to endow trust, and I would much rather trust Monetus (as one of US) than anyone else in this black comedy, including the FCA. Agreed ..although it doesn’t mean you can’t pass comment or raise an eyebrow ..in a polite way that is
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